Wasabi-Wallet promises more privacy

Posted on Wednesday , 2018-09-26 , 10:01 PM | Bitcoin

The zksnacks company released the beta version of a long-announced project on September 24: the so-called wasabi wallet. This is the first Bitcoin desktop wallet with privacy features whose core function is encrypting transactions. According to its own statements, the company's goal is to make transactions for outsiders as unapproachable as bank transfers. By an open-source code one wants to protect the users even "before the Wallet itself".

The Wallet is platform independent and should run on Windows, Mac and Linux.

It is downloaded automatically through the Tor anonymity network, without which it does not work. Numerous tests should be preceded by the publication and it should be on many levels an improvement of the previous "Hidden Wallet".

The company is thus trying to satisfy the increasing demand for cryptocurrency anonymity for Bitcoin as well.

The problems are in the fine print
So far so good. But the Wallet also has drawbacks: it only works with a specific SegWit address format called "bech32", so it can not receive all Bitcoin transactions or send them to all Wallets Coins. In addition, currently only totals over 0.01 Bitcoin can be sent anonymously. This is because Wallet itself carries out the anonymisation process through a turn-based mixing process. Only when a certain transaction volume has been reached does the respective "round" start and the transaction takes place. How long this takes depends on the number of anonymous transactions.