19. Juli 2024

A Japanese company introduces a new privacy feature for Bitcoin wallets

The Japanese crypt coin company, Freessets, has announced new technology to improve the privacy of the Bitcoin wallet (BTC).

According to a June 8 announcement, Freessets has that allows wallets to request Bitcoin balances from their addresses, without disclosing them within the servers from which balances or transaction histories are requested.

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The statement says that conventional Bitcoin wallets explicitly ask the servers for the balance of their addresses, this links the balance, transactions and addresses, however, „using the technology that Fressets has developed, it is mathematically proven that the servers cannot learn anything from the query made by the user“.

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The importance of evolution

Adam Ficsor, CTO of Wasabi, a Bitcoin wallet focused on improving privacy, told Cointelegraph that he is excited about the evolution, his company’s wallet has a similar feature, but he believes that the implementation of Freessets requires less bandwidth and is more suitable for mobile devices.

„Any improvement in making privacy more efficient is important and necessary,“ he said, but he said it also has some drawbacks. Ficsor expects the company’s approach will also mean losing transaction history when retrieving pre-existing wallets, and he said he is not comfortable with Freessets‘ decision to develop proprietary technologies.