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5 months ago

Possibly Largest ‘CoinJoin’ Transaction Ever Performed by 100 Bitcoin Users

Wasabi Wallet, a privacy-centric bitcoin app with the efforts of the community behind it brought together 100 people to collectively execute a “CoinJoin” transaction on bitcoin. This has been regarded as the first of its kind. Wasabi Wallet was launched last year to make CoinJoin transactions easier to use.

The ‘bitcoin’ has been right from time, a product of the blockchain. The blockchain in its sense was made to be public hence the transactions therein are seen by all. A long-standing technology was first proposed in 2013 by long-time bitcoin idea man and cryptographer Greg Maxwell. He propounded ‘CoinJoin’ phenomenon in an effort to afford greater privacy to transactions. The CoinJoin application fostered privacy in the sense that a number of different transactions are jumbling together (rendering them too many at once to be seen individually) and then redistributing them. The Wasabi Wallet website explains in this regard “However, ‘anonymity loves company’ the more participants there are, the better your privacy is, and the faster the CoinJoin rounds are,”.

Adam Fiscor zkSNACKS CTO said in an interview that “There wasn’t any service created to do such large CoinJoins,” and he also added a clause that it’s “possible” that Blockchain’s SharedCoin has done one as large, “but I’m not sure if it’s relevant.” He expressed that some of the built-in restrictions on the bitcoin network, such as the limit on the amount of data that can be included in a single transaction block, almost guarantees that no transaction can be larger than this one already done. Another notable limit is that it is almost impractical to get so many people to transact together at once. Fiscor remarked: “The third caveat is that it’s pretty damn hard to coordinate 100 people over the Tor network,”

Reportedly, the community tried unsuccessfully for a while to organize a 100 person CoinJoin, on the Wasabi Wallet reddit. The transaction took a while to execute, 94, 97, 92, and even 99 participants were first reached before the goal of 100 was attained.

“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,” Fiscor said. As much it seems like there is too much hassle put in to pull this off, Fiscor sees it as the future because the more transactions in one, the more efficient it is, too.

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Credits - Alyssa Hertig

Anita O.

Lover of tech and blockchain.

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