According to Trezor, the maker of crypto hardware wallets, owners of the Trezor T model can now use a Coinjoin feature to preserve their privacy. Trezor had announced the imminent arrival of the Coinjoin feature to the hardware wallet seven months ago, with the feature going live on April 19.
Trezor adds Coinjoin to software suite
Owners of the Trezor T model now you can use a new combination service which was added to the device features on Wednesday. Trezor announced in September 2022 that the Coinjoin feature would be coming after the company revealed its collaboration with Wasabi wallet developers. Essentially, Coinjoin allows bitcoin users to obfuscate their UTXOs by mixing their funds with a group of other users. The technology has been available since 2013, and several other blockchains have used the scheme to mix UTXO.
Hardware wallet coinjons.
Available April 19, 2023. pic.twitter.com/cVilSYXBBO
—Trezor (@Trezor) April 12, 2023
The use of Coinjoin with the Trezor T model is optional and a Coinjoin account must be activated in the Trezor software package. Trezor encourages users to take advantage of the privacy-enhancing Tor network while using the software. In addition to the network fee, users are also required to pay a coordinator fee for the Coinjoin service. Trezor is not the only one using the Coinjoin service, as the open source bitcoin payment processor Btcpay introduced a Coinjoin plugin for merchants at the end of February.
Btcpay also collaborated with the developers of Wasabi, and merchants who activate the plugin can combine their UTXOs with other bitcoin transactions. Currently, the Coinjoin feature for Trezor is not available on Trezor Model One, but the company fixed I was testing the idea with the old Trezor device. However, not everyone is satisfied with the new Trezor release, as there is a controversy associated with the Wasabi Coinjoin process. This discussion has Following the Trezor announcement and has added review to the company’s recently added privacy feature.
Has been speculations that the blockchain analysis company Chainalysis is tracking the coordinator of Zksnacks Coinjoin. The Coinjoin function and a screenshot of Trezor’s comment about UTXOs being used for “nefarious activities” have been criticized for supposedly being contradictory to privacy. academic research has shown that Coinjoin transactions can be anonymized by pooling bitcoin addresses and mapping them to user IDs. There’s also criticism that Coinjoin coordinators or mixing services may not be trustworthy and may de-anonymize users.
What do you think about Trezor’s Coinjoin feature? Share your thoughts in the comments section below.
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