Trezor and Wasabi to Implement a Coinjoin Mixing Scheme Into Hardware Wallets
This week, the hardware wallet manufacturer Trezor, and the non-custodial bitcoin wallet with a built-in Coinjoin mixer, Wasabi, revealed the two teams are working together to introduce Coinjoin mixing into hardware wallets. On Sunday, Wasabi tweeted “hardware wallet Coinjoins are coming next year with our friends at [Trezor].” Trezor Says Company Is ‘Working on a Coinjoin Implementation’
According to Trezor and Wasabi, a form of Coinjoin mixing is coming to hardware wallets in the near future. Coinjoin is a privacy-enhancing process that is leveraged to anonymize transfers on a blockchain. Basically, the scheme involves a number of parties transacting together and mixing their unspent transaction outputs (UTXOs) in a pool to obfuscate the origin of all the funds.
On Sunday, Wasabi’s official Twitter account tweeted about adding the privacy-enhancing scheme to hardware wallets. In the thread, someone asked Wasabi when they would release an “album,” and Trezor replied: “Hi, we’re working on a Coinjoin implementation, not an album. Thanks for understanding.”
The news follows the U.S. government sanctioning the ethereum (ETH) mixing application Tornado Cash, which also leverages a form of Coinjoin and Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARKs) for deposits and withdrawals. In March 2022, reports indicated that some bitcoin unspent transaction outputs (UTXOs) would be censored from Wasabi’s Coinjoin process.
Furthermore, at the end of February 2022, Chainalysis claimed it could deanonymize Wasabi transactions, after the journalist Laura Shin said she identified the infamous 2016 DAO hacker. Coinjoin applications have been known to have some weaknesses for quite some time and a few blockchain mixing schemes have leveraged zero-knowledge proofs like zk-SNARKs and combinatorial anonymity to make them stronger. Tags in this story Bitcoin, Bitcoin Hardware Wallet, Chainalysis, CoinJoin, Coinjoin Methods, Coinjoin Scheme, Coinjoin weaknesses, combinatorial anonymity, Crypto hardware wallet, Deanonymizing Claims, Economic Freedom, Hardware wallet, Privacy, Privacy-Enhancing, Trezor, Trezor Hardware Wallet, wasabi, Zero-Knowledge Proofs, zk-SNARKs
What do you think about Wasabi and Trezor working together to introduce Coinjoin mixing to hardware wallets? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today. The Top Privacy Coins Saw Fewer Percentage Losses Than Most Tokens This Week PRIVACY | Aug 29, 2022 Reports Say FTX Warns Customers Not to Interact With Aztec Network, CEO Sam Bankman-Fried Responds PRIVACY | Aug 21, 2022
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articlePublicly-Listed Miner Hive Plans to Transfer ETH Hashrate to Other GPU Mineable Coins Ahead of Merge Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher