Most transactions on the Bitcoin blockchain are publicly available. A basic tool such as 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.
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 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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