Privacy technology appears to have gained its foundation. As reported by Cryptonoticias, Satoshi’s wallet would have been approved to offer a self-capacity wallet in the US without KYC. Currently, Cake Wallet Integrated Payjoin V2 is a technique that enhances the confidentiality of Bitcoin transactions.
According to Satsie’s Pocket Guide to Payjoin, the second iteration of this second Payjoin protocol, developed since 2023, has gained new relevance as it was recently incorporated into this mobile wallet. This advance, combined with the support for silent payments recently integrated into cake wallets, has placed your wallet as a handy tool to protect the privacy of the Bitcoin network.
Payjoin V2, as detailed on the official Payjoin.org site This is an evolution of Payjoin’s original conceptAlso known as Pay-to-Mendint (P2EP). This mechanism allows both payers and receivers to contribute to the entry (input) in a Bitcoin transaction, breaking common assumptions. All entries in a transaction belong to the same entity.
Payjoin V2 prevents analysis by monitoring companies as it is similar to regular payments by including tickets for both parties. In a nutshell, “Payjoin makes it much more difficult to ensure who has received how much money,” according to Payjoin.org.
Payjoin V2 helps you climb into Bitcoin transactions
In addition to improving privacy, this feature It contributes to bitcoin scalability by using lots by lots (bATCHING TRANSACTIONS).
By consolidating multiple payments in a single transaction, it reduces the number of operations registered in the chain, optimizes the use of space in the block, and reduces long-term committees. According to Satsie’s Pocket Guide, all Bitcoin users can benefit from using this tool. “The benefits are proportional to the level of recruitment. You can benefit from generalising all your pay.” Currently, only Bull Bitcoin uses Payjoin V2. Others still support V1, but this requires their own server. This is a technical barrier for new users. According to Payjoin, this version will be depreciated immediately in favor of V2.
The implementation of Payjoin V2 in Cake Wallet has been announced on the official blog, showing users practical improvements. Unlike previous versions, which require both parties to be online at the same time, Payjoin V2 eliminates this limitation and allows for asynchronous transactions. Furthermore, it does not rely on external servers, simplifies processes and reduces failure points.
Recently, Cake Wallet has integrated silent payments. This is a protocol that Cryptootics describes in detail as a major advance in Bitcoin privacy. Silent payments based on the BIP-352 standard, Allow users to receive payments using static addresses without viewing any other data.
Unlike traditional transactions that allow you to track public addresses on a network, this mechanism uses encryption to generate a unique tank for only one use. This hides the sender-receiver relationship, making transactions indistinguishable from other taproot payments in the network. That said, the implementation of silent payments in cake wallets could present a specific problem.
Developer reports errors with silent payments on cake wallets
Three months ago, Bitcoin developer Peter Todd commented after several attempts that it is impossible to use silent payments in your wallet. “Did someone else get the wallet cake to work with silent payments? Every time a silent payment scan is done and scans dozens of blocks and stops, this actually makes silent payments useless,” reflecting the fact that these payments focused on privacy are still in the experimental stage. And its use can still be limited by technical difficulties.
The same developer ratified his words on May 20, commenting that quiet payments could not be used in cake wallets.
The boom in privacy technology using Bitcoin
Cake Wallet’s Payjoin V2 and silent payment combination represents an effort to address privacy restrictions inherent to Bitcoin, a potentially trackable network, where all transactions are public, pseudo-noming, and potentially traceable network.
Payjoin V2 breaks “heuristics”, but the term used in the common property of an entry, a Payjoin document, eliminates the need to generate a new address for each private transaction.
Both technologies share objectives, although their approaches differ, that are intended to make it difficult to monitor third party funds. This is important in the environment for analytics companies such as Chainisys and Arkham Intelligence. They have perfected a way to discourage transactions.
The impact of these innovations transcends the individual experience of the users. As Payjoin.org points out, widespread adoption of Payjoin can significantly weaken the underlying assumptions of decentralized accounting monitoring tools and improve the solubility of Bitcoin.
This is particularly relevant for merchants and exchange platforms that handle large volumes of transactions, as using lot transactions reduces operational costs. According to Payjoin.org, this tool Allow Save 16% with commissions By transactions in Bitcoin.
Silent payments provide solutions for those seeking simplicity through a unique direction of several uses, although their implementation is still in the experimental stage. As reported by Cryptonotics, this solution was already implemented by the hardware wallet Bitbox02.