In the crypto sphere, privacy is rather a relative term, but many crypto investors think that popular cryptocurrencies like Bitcoin could use greater anonymity to protect its investors. The Bitcoin protocol has not added any significant changes over the past decade, but that’s not the case with the tools used to find vulnerabilities within the protocol. These tools have gone through significant changes and added several features that could prove to be useful to find potential loopholes in the system.
To salvage some of that deteriorating privacy, open-source developers have created a slew of fungibility-boosting tools and few Bitcoin wallets have incorporated these tools into themselves. Wasabi’s privacy-focused Bitcoin wallet is one such Bitcoin wallet.
What is a Wasabi Wallet?
Wasabi is privacy-focused Bitcoin wallet for desktop. It is an open-source, non-custodial Bitcoin wallet that implements a variable coin straggling, known as Chaumian CoinJoin.Wasabi wallet allows users to store, manage and monitor every Bitcoin transaction they make through the desktop version they are using. It also supports Bitcoin trading facilities and the user gets to keep the private key of the wallet as it is completely personal.
Wasabi wallet uses a not so common type validation method to confirm the transactions that involve an anonymous communication with a central server over Tor and the BTC P2P network. Wasabi Wallet is currently available as a desktop wallet and is available for Windows, Mac, and Linux systems. They have yet to release a mobile version of the wallet.
Wasabi Wallet Privacy Features
1. CoinJoin Transaction
By far the most important feature of Wasabi wallet is CoinJoin transaction. It mixes up all the funds that you may have received either from another Bitcoin wallet or from a Bitcoin exchange with more 70 other individuals in such a way that the coins you get in your wallet have no connection with the coins that originally received either from the wallet or the exchange.thanks to its Zero Link Protocol.
2. Total Control Over Your Bitcoins
Wasabi wallet gives you total control over your Bitcoins that you store on the wallet. This means no third party will have access to your Bitcoins and hence, zero chances of freezing or losing your Bitcoins. However, this also means you are solely responsible for protecting your Bitcoins and hence, you need to keep a backup of your wallet.
3. Uses a Centralized Validation Process
Wasabi wallet primarily relies on a centralized server by default to complete a transaction, which means the third party must be fully trusted to not hide or simulate any transactions.
4. Fully Transparent
Wasabi wallet is a completely open sourced wallet and created deterministically. This means anyone in the world with sound knowledge of crypto protocol can make changes to the code and make sure the final product stays truly transparent and not hiding any secrets.
5. Enhanced Privacy
To prevent any spying on your stored Bitcoins, the wallet uses a rotating address feature to make it tougher to steal your coins. The wallet also does not reveal any sensitive details to its network peers while sending or receiving payments. You can also use the Tor network as a proxy to get prevention from attackers or disallow your Internet Service Provider to associate your transactions with your IP address.
Wasabi wallet might not be for everyone or should not be used or every instance of sending and receiving Bitcoin payments. Once you use the wallet for a few days, you will know the different ways in which you can increase your privacy. Wasabi is not the final word when it comes to Bitcoin privacy, but it is a great place to start reclaiming your deteriorated privacy.