Since the beginning of the era, people put the privacy issue at the top of the list when it came to the list of requirements for crypto. With Wasabi Wallet, the idea is that all privacy violations are now a thing of the past. Rejoice!
The first and quite interesting feature of the new Zero-Link-compliant wallet is that it can only be used in conjunction with Tor Browser, which we have all been long fond of for its unwavering and un-materialistic support and security.
Another key feature is the usage of CoinJoin. To be brief, CoinJoin allows putting together multiple transactions so that it’s difficult for a tracking party to figure out the source.
So why do I want to know?
The Wasabi Wallet’s designation is privacy first and foremost. The idea is complete privacy, although it seems this is a rather hard-to-implement enterprise. Let’s take a look at what realistically can be done to achieve this beautiful dream.
Wasabi Wallet basically makes it impossible (or extremely difficult) for all who can view the Bitcoin transaction list to track you. Wasabi and Samourai Wallet have designed the technology, called ZeroLink, which allows mixing using CoinJoin through Chaum Blind Signature Scheme.
The technique is like so: your transaction gets mixed together with a variety of other transactions so that the people who theoretically are analyzing the network with the aim to hunt you down would be faced with a next to impossible task of finding yours, which will be no different from the others.
In case you were using a mixing agent before and trusting these people not to disappear with your money (plus enjoyed the benefits of half-heartedly made code and bad service), your life has just been made significantly easier and a lot more secure.
Wasabi’s creator explains the previous version of Wasai Wallet (Hidden Wallet), unique features, and what makes it different deom the competition:
“I am super excited of what we are delivering. I hope I was able to give some of my enthusiasm for this article. We are soon going to be able to use Bitcoin in an end-to-end, fully anonymous way….It is an HD wallet, it uses BIP84 derivation scheme, so it can only generate bech32, native segregated witness addresses.
The wallet implements a trustless Bitcoin mixing technique, called Chaumian CoinJoin and enforces a constant 100 anonymity set. This means waiting for peers may take a long time until liquidity catches up, no anonymity system used today in any cryptocurrency comes close to this number. (More on this later.)
Unlike today’s centralized mixers, in Chaumian CoinJoin, the coordinator of the mix cannot steal your coins, nor deanonymize you.
The best features of the wallet are its advanced algorithms that have been tried and tested to be true over the years plus a blend of new things like integration with the TOR networks, without which the wallet can’t function, BIP157–158, advanced coin control functions, and a bunch of other features. “
Banks are in a way better suited to protect you, given that no clerks in high places are actually after your money or complicit with conmen, but in a bank, you have no privacy whatsoever. Then there is the question of accumulation of capital, which is more complex than it might seem at first glance.
Money Vs Freedom
At some point the commercialization of Bitcoin and the underlying values was emphasized by Amir Taaki in an interview to Quartz:
“So tell me, why should I embrace these white knights coming to legitimize Bitcoin with their surveillance and censorship palming it off with their gibberish newspeak? These people are real motherfuckers and what motivates them primarily is greed at your expense.
They don’t see Bitcoin as empowerment. They see Bitcoin as a convenience and are willing to compromise the empowerment aspect for more convenience. Bitcoin will grow, but the question is in which direction…Technology embodies values. Satoshi had values.”
Now, as blockchain is picking up speed and we’re sure that, even though it’s a question with crypto, blockchain will definitely survive, and there is no denying the explosive power crypto technologies can introduce to the world.
The question is whether this power will be concentrated in the right hands – and what it will be used for. With companies like IBM, Google, Microsoft, HSBC, and countless others already putting it to good use, the trends are looking to be going in the direction of commerce.
What this means, broadly speaking is that the technology, which was always aimed at empowering the individual, is now directed at empowering corporations. Wasabi Wallet is part а the rising tidal wave of applications that will allow you to really take your life into your own hands. Whether the transactions you make will then be safe, invisible and untraceable is another question, but at least you will be granted with the potential to make your own decisions.
Ultimately, the quest for monetizing anything, taken to the extreme, will result is less than desired results, Amir Taaki states in his interview:
“There’s a lot of capital in cryptocurrency; that capital is not matched to the utility of these technologies that are being developed. Especially utility in advancing society…I don’t think the price increase necessarily matches the value of these technologies. I think there are far greater technologies with far greater value. In terms of potential value, I think there is a lot of potential value in cryptocurrency, but I don’t think it’s a given.
On our current trajectory, that potentiality is not on its way to being realized as a grand project…So if we look at the price increase, what is that price increase coming from? It’s coming from a lot of speculation that the future price is going to keep going up, but it’s not any real value underlying it, that is not going to be able to realize itself.
Bitcoin has had a very particular worldview, about what is the greatest threat to humanity, to freedom—what is the greatest cause that we need to struggle for—[bitcoiners] made that narrative their own, because I guess it gives them, like, consensus and meaning and purpose, you know like, everybody wants to think they are doing something impactful, and world-changing, and important. Unfortunately, there is a mismatch between their worldview and the actual reality. The more that they continue on without reevaluating their position, the more the gaps open and widen up, until reality is going to hit them hard in the face.”
We are all for democracy, which puts people’ values first and capitalism second. Although money is immensely important and even fundamental, what’s even more important than money is freedom. Wasabi Wallet will provide you with an opportunity to not be tied to anything or be controlled by anyone, which, in our estimation, is a value that cannot be measured in dollars. Stay safe, make intelligent decisions, and tell us what you think.
The company that created Wasabi Wallet is at https://zksnacks.com/.
Image by DC Forecasts.
- There’s Nothing Minor About Honeyminer - Sep 18, 2018
- Voyager: Next Generation No-Fee Exchange From Creators of Uber, E*Trade - Sep 17, 2018
- Wasabi Wallet Is To Finally Make You 100% Secure - Sep 12, 2018
- Huobi And Tianya’s Affiliation Could Be Indicating a 180 Degree Turn For China - Sep 1, 2018
- Coinbase CEO: A Crypto Charity For Those In Need - Jul 20, 2018
Know more than others on any Blockchain Party!
Join more than 5000 others to receive the breaking news and weekly summaries! No ICO spam, we promise.
You have Successfully Subscribed!
Tags:bitcoinBitcoin newsBlockchainBlockchain TechnologyCryptocurrenciesCryptocurrencyCryptocurrency NewsPriceRegulations