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Frederick Munawa is a Technology Reporter for Coindesk. He covers blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks.
Featured SpeakerAlex Thorn
Head of Firmwide ResearchGalaxy
Hear Alex Thorn share his take on “Bitcoin and Inflation: It’s Complicated” at Consensus 2023.
Crypto hardware wallet company Trezor has collaborated with Bitcoin privacy firm zkSNACKs to introduce “CoinJoin” to its Model T device. CoinJoin is a way of combining multiple bitcoin transactions to enhance privacy.
Trezor says the Model T is the first and only hardware wallet to enable CoinJoin transactions for Bitcoin. Several software or “hot” wallets like zkSNACKs’ Wasabi wallet already have CoinJoin. The feature will be rolled out to Trezor’s Model One devices at a future date, according to the company.
Most transactions on the Bitcoin blockchain are publicly available. A basic tool like a block explorer – a piece of software for analyzing cryptocurrency transactions – is all it takes to tie those transactions to real life identities and violate users’ financial privacy.
CoinJoin attempts to reinstate privacy by combining multiple bitcoin payments from multiple spenders to produce a single transaction whose history and ownership are obfuscated.
CoinJoin can be done through decentralized coinjoin marketplaces such as JoinMarket, or through wallets like Trezor’s Model T or zkSNACKs’ Wasabi wallet. Both Model T and Wasabi use zkSNACKs’ CoinJoin service that charges a coordination fee – 0.3% of the coinjoined amount according to Trezor.
Per Trezor’s release: “Users simply click on the ‘anonymize’ button. Users then choose the number of CoinJoin rounds — with every round increasing the level of privacy — confirm their choices on the Trezor device, and the rest of the coinjoin process is automated and requires no active user participation.”
Trezor’s other privacy features include Tor, coin control, and Shamir backup.
“Trezor values privacy as an individual’s most important asset,” said Matěj Žák, CEO of Trezor. “Consequently, we’re delighted that we’ve found a way for our community to keep their bitcoin history private.”
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Frederick Munawa is a Technology Reporter for Coindesk. He covers blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks.
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Frederick Munawa is a Technology Reporter for Coindesk. He covers blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks.
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Cryptocurrency hardware wallet provider Trezor, a subsidiary of SatoshiLabs, recently announced a major upgrade to its flagship product, the Trezor Model T, with a new feature called CoinJoin. The aim of the upgrade is to improve the privacy of Bitcoin transactions.
CoinJoin is a type of Bitcoin transaction in which several users combine their coins into a single transaction, making it difficult for a third party to trace the origins and destinations of funds. This lack of transactional mapping hides the amounts that the users sent and the addresses of the users involved. As a result, any information contained in the transaction is indistinguishable from that of other users who are transacting at the same time.
The Trezor Model T is a major step up from the company’s previous product, the Trezor One. It adds an ever-growing suite of features, including support for additional cryptocurrencies, a touchscreen, and an improved user interface. The CoinJoin feature is one of the latest additions, and it comes built-in to the device’s firmware.
Importantly, Trezor is in the process of testing CoinJoin on its devices to ensure it both provides the intended privacy benefits and works reliably. This is part of Trezor’s emphasis on security and a commitment to keeping users’ cryptocurrencies safe.
With this upgrade, the Trezor Model T has taken a step forward in helping users to keep their Bitcoin transactions as private as possible. It’s a significant innovation that could give users more control over their financial privacy when using Bitcoin.
