Largest Coin Join to take place with an amalgamation of 100 BTC users
Wasabi Wallet, a privacy-centric bitcoin app has plans to execute the largest Coin Join transaction by bitcoin. It will be one of the biggest events of its kind.
Bitcoin is something that is open to everyone where one can see every coin being transferred from where to whom. The afford a greater privacy on transaction CoinJoin came in. It is a long introduced technology way back in the year 2013 by cryptographer Greg Maxwell. The idea noted was that transactions could be more private when a number of different transactions are jumbled together and later redistributing them.
According to, zkSNACKS CTO, Adam Fiscor said:
“There wasn’t any service created to do such large CoinJoins.”
Fiscor is also founded Wasabi Wallet last year to undertake easier CoinJoin transaction. He further said that it is possible that SharedCoin by Blockchain has done it at large but was not sure if it was relevant or not.
Fiscor explained that with the event in place it is “the largest practical CoinJoin that can be done on the bitcoin network.” There are some built in restrictions on bitcoin network as there are limits in the amount of transaction data to be included in a single block. The other reason was the large number of people on board and getting them transacting at once is also hard.
With CoinJoin the more transactions take place on the network there are chances of more privacy for the users. As there are more transactions in the network it is hard to untangle all transactions initially done.
As per the website of Wasabi Wallet:
“However, ‘anonymity loves company’ the more participants there are, the better your privacy is, and the faster the CoinJoin rounds are.”
Fiscor further adds:
“In the long term bitcoin mixing will be either priced out from the blockchain or improve to be as cost efficient as possible. The more participants there are, the more cost efficiency can be gained.”
There is a company named, Schnorr, which provides technology which builds functionality into bitcoin and meld transaction signature together.
With the above context Fiscor said:
“For example Schnorr input signature aggregation is way more efficient with 100 people than with [two],” Fiscor said, adding: “Same goes for Bulletproofs. Or just simply tinkering on the optimal mix outputs given a set of inputs.”