Wasabi is an open source Bitcoin wallet with no custody or privacy protection available on Windows, macOS, and Linux.
Wasabi’s marquee feature, however, is to implement the trusted CoinJoin process. CoinJoin helps Wasabi make individual Bitcoin transactions more secure by combining multiple coins from multiple people into a single transaction.
The clutter of entrances and exits allows CoinJoins to obscure identifying information, making it a popular choice for the privacy conscious. It was even used by the criminals responsible for last year’s Twitter hack who used Wasabi CoinJoins to mask their transactions.
To further disguise transactions, Wasabi, which is essentially a hot wallet, forwards them over the anonymizing Tor network, thereby hiding the users’ IP address.
A final trick is the use of the Neutrino protocol for checking transactions, which, unlike the server, delegates the task to the client and bypasses all server-related vulnerabilities.
Interface and ease of use
One of the best things about wasabi is that it implements most of the privacy techniques behind the scenes. For example, Wasabi makes its own Tor connections and automatically generates new addresses for each new transaction.
The first time you start Wasabi, a wizard will guide you to create a new wallet where you will choose a unique name and password for the wallet. The process also generates a number of recovery words that you will need in case you forget your password.
Once the wallet is generated, Wasabi will download blocks that contain your transactions (not the entire blockchain). This may take some time depending on the speed of your internet connection.
Wasabi has a four-tab interface that allows you to send and receive Bitcoin, conduct transactions with CoinJoin, and track your transactions.
An interesting feature is the ability to hide all confidential information at the push of a button to prevent someone from surfing on your shoulder. Unlike many of his colleagues, Wasabi displays the individual output of unspent transactions (UTXO) and gives you the option to choose which ones to use in a transaction.
For Wasabi users, seeing the individual UTXOs takes a bit of getting used to, but it doesn’t significantly affect the usability of the app.
To get Bitcoin, you first need to generate an address by giving it a label, e.g. For example, the name of the person you received the transaction from to identify the transaction.
You can then send the generated address to the person who wants to send you Bitcoin or show them the QR code that they can scan with their wallet. After receiving the funds, the address will no longer appear on the Receiving tab and you will need to generate a new one to receive more Bitcoin.
Once the transaction has been confirmed, the UTXOs will be displayed along with their names on the Submit tab. Wasabi has coin control features so you can select the UTXOs to send using the check box next to them. After selecting the UTXOs you want to send from, enter the recipient’s wallet address.
Wasabi users can also adjust transaction fees using a slider that shows the fee in both bitcoin and fiat currency along with the estimated time to confirm. The lower the fee, the longer the confirmation time.
Sending money using the CoinJoin feature is also similar, as Wasabi hides all of the complexities of the process. Wasabi charges a CoinJoin transaction coordinator fee, which is calculated as a percentage of the anonymity set. This corresponds to the size of the group you are shuffling your coins with.
The good thing about Wasabi is that it is very transparent about its fees and detailed the entire calculation in its extensive support documentation.
The developers suggest that new users search the Wasabi documents to orient themselves on the specifics of the wallet. The “Explaining How I’m Five” section gives you an overview of the app and a short tutorial. There are also individual chapters that go into detail on all the nuances of the wasabi wallet.
The Wasabi docs also contain a handful of Frequently Asked Questions (FAQs) that cover various aspects of the app such as installation and privacy. You can interact with the developers on Twitter or through the r / WasabiWallet subreddit.
While Wasabi’s privacy features are likely to be unrivaled, it is a hot wallet, which means it can’t be as secure as a cold wallet. The good thing, however, is that you can use Wasabi in combination with a Trezor hardware wallet for maximum security and privacy.
Unlike counterparts like Electrum, the Wasabi crypto wallet also lacks two-factor authentication functionality, and it doesn’t have a mobile app.
While it is not very difficult to use, Wasabi is not as intuitive as Exodus. It certainly has a learning curve, so we wouldn’t recommend it to cryptocurrency beginners.
And while Wasabi was only designed for Bitcoin, Exodus can process over a hundred cryptocurrencies and you can exchange them out of your wallet too. However, Exodus and Wasabi allow you to customize bitcoin transaction fees.
While wasabi is a hot wallet, we can recommend it to anyone who cares about the privacy of their Bitcoin transactions. The developers also did a great job keeping most of the complexities from affecting the user experience.
However, due to its privacy practices, Wasabi is not as intuitive to use as other crypto wallets and you will have to spend some time reading the documentation.
We’ll be keeping a close eye on the project in the future as the developers work on a wallet overhaul that introduces a new CoinJoin algorithm called WabiSabi to further improve privacy.
Source link : https://www.techradar.com/reviews/wasabi-cryptocurrency-wallet/