Trezor Announces Coinjoin Integration
Bitcoin hardware wallet pioneer, Trezor, announced today the rollout of its eagerly awaited coinjoin feature for the Trezor Model One. This announcement builds on the momentum of the successful coinjoin integration for the Trezor Model T earlier this year.
Now, all Trezor users, regardless of their device model, can bolster their bitcoin transactions with heightened privacy.
The Power of CoinJoin in the Bitcoin World
Coinjoin offers a distinctive feature: it allows users to send bitcoins in a collective transaction and receive an equivalent amount in return. This approach effectively blurs transaction histories, making it notably more difficult to trace transactions and user balances on the transparent Bitcoin blockchain.
It’s noteworthy that this leap in transactional privacy became feasible thanks to Trezor’s partnership with Wasabi Wallet, a leading privacy-centric bitcoin wallet known for its coinjoin functionality.
Matěj Žák, CEO of Trezor, said, “The Trezor Model One is the original hardware wallet and is widely used by Trezor fans in over 150 countries. Giving those users the option of making their transactions private is just as important as it is with the Trezor Model T. Our extended coinjoin availability puts control, privacy and security in the pocket of every Trezor user.”
With this move, Trezor has carved its niche as the leading hardware wallet integrating coinjoin capabilities. Beyond coinjoin, Trezor continually pioneers with a slew of features designed to enhance both security and privacy—boasting tools like Tor, coin control, and of course the Shamir backup.
What is Coinjoin?
CoinJoin is a privacy-enhancing technique designed to safeguard the anonymity of Bitcoin users during their transactions. It effectively masks the origins and destinations of BTC involved in these exchanges.
In a coinjoin transaction, several participants come together to co-sign a digital agreement, allowing their coins to be blended in a fresh Bitcoin transaction. While each participant receives an equivalent number of coins as they initially put in, the addresses are shuffled, complicating any external attempts at tracking.
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While coinjoin’s premise is straightforward in theory, implementing joined transactions in real life poses certain challenges. To ensure anonymity among participants, a connection via the Tor network is necessary. Additionally, participants should have a good grasp of coding and place a certain level of trust in one another.
Recognizing these obstacles, coinjoin developers embarked on crafting tools that could streamline the process for the majority of users. Initial efforts saw the integration of coinjoin tools directly into wallets. These platforms were designed to offer enhanced data protection for those transacting with Bitcoin.