The community behind the privacy-centric bitcoin app Wasabi Wallet recently brought together 100 people to collectively execute a “CoinJoin” transaction on bitcoin in what might be the biggest event of its kind.
Some context: bitcoin itself is far from private, as users can, via the blockchain, see where coins are being transferred to and from. One effort to afford greater privacy to transactions is CoinJoin, a long-standing technology first proposed in 2013 by long-time bitcoin idea man and cryptographer Greg Maxwell. The idea is that transactions can be made more private by jumbling a number of different transactions together and then redistributing them.
At 100 transactions, Wasabi Wallet’s effort might be the biggest, but it’s certainly an advancement for the privacy tech as a whole.
“There wasn’t any service created to do such large CoinJoins,” zkSNACKS CTO Adam Fiscor told CoinDesk, which launched Wasabi Wallet last year to make CoinJoin transactions easier to use. Fiscor did add one small caveat that it’s “possible” that Blockchain’s SharedCoin has done one as large, “but I’m not sure if it’s relevant.”
As Fiscor explained to CoinDesk, the event represented “the largest practical CoinJoin that can be done on the bitcoin network.” That’s because of some of the built-in restrictions on the bitcoin network, such as the limit on the amount of data that can be included in a single transaction block), as well as the human practicalities of getting so many people to transact together at once.
“The third caveat is that it’s pretty damn hard to coordinate 100 people over the Tor network,” Fiscor remarked.
And indeed, the transaction took a while to execute. Partially on the Wasabi Wallet reddit, the community tried unsuccessfully for a while to organize a 100 person CoinJoin, getting 94, 97, 92, and even 99 participants before reaching their round goal of 100.The future of privacy?
Going further, Fisc...