• Latest
Leadership Shakeup at Wasabi Wallet as Bitcoin Business Surges

Leadership Shakeup at Wasabi Wallet as Bitcoin Business Surges

September 6, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Tech

Leadership Shakeup at Wasabi Wallet as Bitcoin Business Surges

coinnewsdaily by coinnewsdaily
September 6, 2019
in Tech
0
Leadership Shakeup at Wasabi Wallet as Bitcoin Business Surges
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

One of bitcoin’s most experimental startups has grown dramatically over the past year, highlighting both the opportunities and pitfalls of open source development.

Now Adam Ficsor, co-founder of zkSNACKs – the firm behind the privacy-centric Wasabi Wallet – is stepping down from his role as CTO to focus on research as the company matures.

“I was just reviewing other people’s code and managing people, and that’s not what I’m good at. I’m good at coding and researching privacy,” Ficsor said. “It’s getting to the point of being a serious business and we have to be more conservative.”

Wasabi Wallet launched in August 2018, then garnered more than three-dozen open source contributors via GitHub. As a bootstrapped startup that strove to embody the bitcoin’s decentralized ethos, managing contributions is central to Wasabi’s development. There are now five zkSNACKs developers reviewing external submissions as part of the effort to reduce Ficsor’s cornerstone role in the project.

The move to a new CTO follows a bitter feud with Wasabi’s rival, Samourai Wallet, which published critiques of Wasabi’s trademark CoinJoin feature in August. This mixing feature collects pending bitcoin transactions then sends them out in a mixed bunch so it’s harder to identify the source of each transaction.

After the backlash sparked by Samourai’s critique, Dávid Molnár, incoming zkSNACKs CTO, told CoinDesk that Wasabi users clearly require more documentation to avoid confusion. Plus, he added, code should be written in a standardized way that is easier for people to read, regardless of its functionality.

“Adam and me have the same coding style. But when we started the Contribution Game, we also had to write documents about how to code [for Wasabi],” Molnár said, referring to a summer campaign that attracted 15 developers to review code and offer potential solutions. “I plan to continue this procedure.”

Today, the zkSNACKs staff includes nearly 20 employees, including several developers who went from being volunteer contributors to official contractors paid with bitcoin earnings from the CoinJoin feature. According to Ficsor, wallet transaction fees earned the startup 8 bitcoin in May, 10 bitcoin in June, and 14 bitcoin in July 2019, with the latter alone being worth roughly $149,000 on Sept. 4.

“The first six months were pretty painful, we had to pay everyone from our pockets and we weren’t sure we’d survive. But now we have considerable income and we don’t need to look for investors anymore,” Ficsor said, adding that the newest version of Wasabi, released in July 2019, has 13,000 downloads so far.

Industry impact

Mixing features from both Wasabi and Samourai have become increasingly popular in 2019.

Samourai’s comparable “Whirlpool” feature has seen 3,201 transactions since April 2019, according to data from the bitcoin blockchain. That’s slightly more than Wasabi’s 2,810 CoinJoins in the same time frame. (Wasabi has facilitated a total of 5,286 CoinJoin transactions since launching in August 2018. However, the latter often involves more participants per transaction.)

Still, bitcoin consultant Udi Wertheimer argued that Wasabi has set the tone for privacy features across the industry. The analytics firm Chainalysis reportedly estimated during a webinar that Wasabi alone was responsible for mixing $90 million worth of bitcoin in August 2019.

In part, Wertheimer told CoinDesk this uptick came because Wasabi offered “the first CoinJoin implementation that’s easy enough to use that a motivated non-technical user could make use of it.”

These CoinJoin transactions can combine a variety of privacy-focused techniques, depending on the user’s sophistication, which is why users are willing to pay fees of up to 5 percent per transaction.

“I think the business model for Wasabi is very unique, because they manage to generate revenue while minimizing trust,” Wertheimer said. “The Wasabi server is generating real value and has real network effect, that’s why users are willing to pay for it. It’s also where the rivalry comes from, as upstarts have to try compete with that advantage.”

While Molnár said he is focusing on fostering robust contributions and stabilizing the product, which is currently slow and glitchy, Ficsor will work on integrating bitcoin node features directly into the wallet.

“We want to bring Bitcoin Core into Wasabi [desktop] in a way that you just click a checkbox and have a full node operating from then on,” Fiscor said. “Also, as the blockchain fees go up, this way of mixing with Wasabi is not going to be economical. … We have to figure out what is the most optimal algorithm for mixing with Wasabi.”

Image: zkSNACKs founders (left to right) Lucas Ontivero, Balint Harmat, Gergely Hajdu and Adam Ficsor. Courtesy of zkSNACKs

Credit: Source link

Tags: Crypto Tech
Share76Tweet48
Previous Post

Messaging Giant LINE Wins Japan License for Crypto Exchange Business

Next Post

Price Analysis 06/09: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building
Bitcoin

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
green gaming
Business

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
axie infinity: what are the minimum android phone requirements to play on mobile
Alt Coin

Axie Infinity: What Are the Minimum Android Phone Requirements to Play on Mobile

April 21, 2022
Load More
Next Post
Price Analysis 06/09: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM

Price Analysis 06/09: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$23,530.00-1.26%
  • ethereumEthereum(ETH)$1,643.35-1.55%
  • tetherTether(USDT)$1.00-0.23%
  • binancecoinBNB(BNB)$323.21-2.06%
  • rippleXRP(XRP)$0.411736-0.37%
  • cardanoCardano(ADA)$0.401270-0.37%
  • dogecoinDogecoin(DOGE)$0.091978-1.76%
  • matic-networkPolygon(MATIC)$1.18-4.01%
  • okbOKB(OKB)$39.65-1.01%
  • solanaSolana(SOL)$24.39-2.12%
  • polkadotPolkadot(DOT)$6.702.77%
  • shiba-inuShiba Inu(SHIB)$0.0000123.37%
  • litecoinLitecoin(LTC)$98.84-1.61%
  • tronTRON(TRX)$0.0646131.66%
  • daiDai(DAI)$1.00-0.19%
  • cosmosCosmos Hub(ATOM)$14.69-1.15%
  • chainlinkChainlink(LINK)$7.11-2.25%
  • ethereum-classicEthereum Classic(ETC)$23.232.75%
  • moneroMonero(XMR)$173.21-3.17%
  • leo-tokenLEO Token(LEO)$3.36-0.15%
  • bitcoin-cashBitcoin Cash(BCH)$137.50-0.38%
  • stellarStellar(XLM)$0.092575-0.69%
  • filecoinFilecoin(FIL)$5.50-3.80%
  • crypto-com-chainCronos(CRO)$0.080460-0.88%
  • algorandAlgorand(ALGO)$0.255070-0.28%
  • vechainVeChain(VET)$0.024683-0.80%
  • internet-computerInternet Computer(ICP)$5.79-3.59%
  • aaveAave(AAVE)$88.63-3.23%
  • eosEOS(EOS)$1.090.59%
  • elrond-erd-2MultiversX(EGLD)$45.181.97%
  • theta-tokenTheta Network(THETA)$1.090.27%
  • tezosTezos(XTZ)$1.110.61%
  • huobi-tokenHuobi(HT)$5.8611.38%
  • paxos-standardPax Dollar(USDP)$1.000.08%
  • bitcoin-cash-svBitcoin SV(BSV)$42.91-1.68%
  • havvenSynthetix Network(SNX)$2.51-4.92%
  • pancakeswap-tokenPancakeSwap(CAKE)$4.11-3.71%
  • dashDash(DASH)$61.58-2.16%
  • iotaIOTA(MIOTA)$0.234740-0.07%
  • neoNEO(NEO)$8.893.27%
  • makerMaker(MKR)$672.21-1.53%
  • zcashZcash(ZEC)$46.14-3.21%
  • zilliqaZilliqa(ZIL)$0.0287620.40%
  • basic-attention-tokenBasic Attention(BAT)$0.268810-1.30%
  • compound-governance-tokenCompound(COMP)$53.56-5.11%
  • nemNEM(XEM)$0.0401081.03%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • kusamaKusama(KSM)$37.170.76%
  • bitcoin-goldBitcoin Gold(BTG)$17.02-2.43%
  • sushiSushi(SUSHI)$1.516.28%
  • qtumQtum(QTUM)$2.75-0.99%
  • wavesWaves(WAVES)$2.60-0.99%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • yearn-financeyearn.finance(YFI)$7,708.720.08%
  • golemGolem(GLM)$0.2517632.42%
  • omisegoOMG Network(OMG)$1.511.58%
  • ontologyOntology(ONT)$0.2167340.08%
  • digibyteDigiByte(DGB)$0.010905-2.71%
  • umaUMA(UMA)$2.09-0.93%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%