Trezor, a highly trusted crypto wallet, has just announced a major upgrade to its Trezor Model T device. The new upgrade includes a privacy feature known as CoinJoin, designed to enhance the security of Bitcoin transactions. CoinJoin combines Bitcoin transactions from multiple users to enhance privacy.
According to Trezor, its Model T hardware wallet is now the first and only device supporting Bitcoin CoinJoin transactions. This feature is already available in software or hot wallets like the Wasabi wallet. The company plans to add this feature to its Model One devices.
The majority of transactions on the Bitcoin blockchain are accessible to the public. A public tool like block explorer can link these transactions to real-life identities and violate users’ financial privacy. CoinJoin on the other hand aims to enhance privacy on the Bitcoin blockchain by consolidating several Bitcoin payments from multiple spenders into a single transaction, making it more difficult to trace the transaction’s history and ownership.
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.”
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