Freessets Rolls Out Privacy Feature for Bitcoin Wallets
Freessets, a cryptocurrency firm headquartered in Japan, has created a unique technology to improve privacy of Bitcoin (BTC) wallet.
The system created by Freessets facilitates wallets to ask their respective addresses to disclose Bitcoin balances without passing any info to the servers from where the request for balances or transaction history originates.
Traditional Bitcoin wallets openly request servers for the balance in their addresses, a process linking transactions, addresses and the balance.
Nevertheless, “using the technology Fressets has developed, it is mathematically proven that the servers cannot learn anything from the user’s query.”
Adam Ficsor, chief technical officer at Wasabi, which offers a Bitcoin wallet with improved privacy, stated that he is excited about the breakthrough. Wasabi offers similar features, but Ficsor believes that Freessets’ adoption necessitates minimum bandwidth and is more appropriate for mobile gadgets.
Ficsor further stated that “Any improvement on making privacy more efficient is significant and needed.”
He also listed out few concerns. Ficsor anticipates that the firm’s strategy also implies losing transaction data while regaining access to already-existing wallets and he stated that he is not happy with Freessets’ intention to create technologies in proprietary manner.