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The community behind the Bitcoin privacy-centric application Wasabi Wallet recently brought together 100 people to collectively execute a "CoinJoin" transaction on Bitcoin as part of what could be the biggest event of its kind.
Some contexts: bitcoin is far from private, because users can, through the blockchain, see where the parts are transferred. CoinJoin, a long-standing technology first introduced in 2013 by long-time bitcoin and cryptographer Greg Maxwell, is an effort to increase transaction confidentiality. The idea is that transactions can be made more private by mixing several different transactions and then redistributing them.
With 100 transactions, Wasabi Wallet's effort could bigger, but it's certainly a breakthrough for privacy protection technology as a whole.
"There was no service created to make such important parts," said Adam Fiscor, CTO of zkSNACKS, who launched Wasabi Wallet last year to make it easier to use CoinJoin transactions. Fiscor added a small caveat that it is "possible" that Blockchain's SharedCoin has made it so big, "but I'm not sure it's relevant."
As Fiscor explained at CoinDesk, the event was "the biggest practical CoinJoin you can do on the Bitcoin network." This is because of some of the restrictions embedded in the Bitcoin network, such as being included in a single transaction block), as well as the practicalities of making so many people conduct transactions simultaneously.
"The third caveat is that it's very difficult to coordinate 100 people on the Tor network," Fiscor said.
And indeed, the transaction took a while to execute. Partly on the Wasabi Wallet Reddit, the community has been trying for a while to organize a 100-person CoinJoin, bringing together 94, 97, 92 and even 99 participants before reaching its 100-round goal.
The future of privacy?
To go further, Fiscor hopes that this big CoinJoin transaction will showcase the standard for the future use of Bitcoin.
In short, the larger the number of transactions in a CoinJoin, the greater the confidentiality, because with more users, it becomes more difficult to unravel all the transactions initially performed.
"However," anonymity loves the company, "the more participants there are, the better the confidentiality and the faster the CoinJoin rounds are," says the Wasabi Portfolio website.
Gathering 100 people for a transaction may seem excessive, but Fiscor sees it as a future, because the more transactions in a transaction, the more effective it is.
"In the long run, the bitcoin mix will either be billed out of the blockchain, or upgraded to be as profitable as possible. The more participants there are, the more profitability you can gain, "said Fiscor.
And this is particularly the case for future technologies that could be added to Bitcoin – if everyone agrees to implement them, that's right.
There is "Schnorr", for example, a technology that could incorporate features in bitcoin to merge transaction signatures.
"For example, the aggregation of Schnorr input signatures is much more efficient with 100 people than with [two], "Fiscor said, adding," Ditto for Bulletproofs. Or just tinker on the optimal mix outputs with a set of inputs. "
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