Monday, January 20, 2020

Wasabi Wallet: A Spicy Treat For the Privacy of Bitcoin Wallet

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Elizabeth Jamie
Jamie Elizabeth is a Mass Communication Graduate from the Philippines, knowledgeable in the field of cryptocurrencies, blockchain etc., currently enjoying freelance writing, and able to write anything under the sun.

‘Put some spice on your bitcoin wallet’. This is the main objective of the newest bitcoin wallet privacy-enhancing desktop application named Wasabi.

According to its website, Wasabi offers a 100 anonymity that proves its safe and secured feature for bitcoin wallet. The company named zkSNACKs that handles Wasabi is also the maker of HiddenWallet — another bitcoin privacy-enhancing application — lead by Adam Ficzor.

Wasabi was first introduced by Ficzor in a conference of Bitcoin 2018 — an industry conference focused on technical aspects of bitcoin — he explained then that Wasabi is a rebranding launch for HiddenWallet. However, Ficzor reiterated that Wasabi is a lot different than HiddenWallet because of its stronger features and was made from scratch that makes it more secured.

Although the graphics of the application is not that great as it presented, the security of Wasabi is as spicy as its name. With its ZeroLink-compliant wallet that uses Chaumian CoinJoin or simply it prevents blockchain snoopers from spying on your bitcoin transactions through ‘mixing’ them with other users’ wallet. Due to this, hacking or deciphering the sender and recipient of the transactions will be hard because of this mixing tactic. Unlike other applications that use ‘mixing’, Wasabi provides this without help from a centralized coordinator, proving that there is no single loophole on the transaction. Also, it is way cheaper compared to other mixing applications.

Another thing about this application is that it is a light wallet which implies that it can run without a full node.

“This is the only truly light wallet that is already deployed and that does not fail against network analysis, thus protects your privacy against network observers.” said Adam Ficzor

Although a lot of perks are presented with this application, there are also stated weaknesses of Wasabi Wallet. As said on their article, it does not provide a direct sending to bitcoin wallets thus slower in its round testing and bitcoin wallet-owners that don’t have enough coins will be prohibited to use the app.

Moreover, zkSNACKs are currently not planning to create a hardware wallet support of Wasabi yet said that they are more focused to make their application more secured rather than formulating a new one.

Privacy is a real thing that crypto-owners must accomplish thoroughly in order for safe and secured transactions. Without this, the money on your bitcoin wallets can do some miraculous and magical transactions all by itself. But still, whether users provide privacy-enhancing apps in assuring its security, self-discipline and tactics are the ones needed in its success rate.

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