Bitcoin developer Ben Alan has received a grant of $ 100,000 from the investment firm Malestome to support the development of a privacy-centered tools, pages, aimed at improving the scalability and privacy of bitcoin.
According to the May 20 announcement shared with cointelegraph, Maelstrom will finance Allen’s work on his pageoin Devkit with Dan Gold. The system allows bitcoin (BTC) Sender and receiver to use batch transactions with positive implications for scalability and privacy.
Payjoin was earlier Proposed In 2019, Bitcoin Improvement Proposal (BIP) 78 by Nicholas Doorier. The main principle behind the system is that both sectors and receiver can contribute to inputs in transactions.
“That is, confidentiality is increased and the consolidation of the transaction output is improved, benefiting scalability,” the malestrom declaration states.
A representative of the MAELSTROM told cointelegraph that the bitcoin is paid monthly to the grant for a total of $ 100,000 per year and the grant of Allen will last for one year. There are no solid milestones and the grant is managed on hand -closed approaches:
“We believe that the grantmen did a better job with the freedom to work on them, which they want to be tightly controlled by those who provide funding.”
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Payjoin: Soon you have purse?
Alan would be working on improving pageoin implementation, in which it is possible to add the feature to more wallets. He said that funding will enable him to work on the project throughout the time.
The announcement suggests that the system presents challenges, the receiver needs to be online and payment communication flow is more complicated than the normal non-intercitative bitcoin transactions. MALSTROM’s Chief Investment Officer and Bitmex Crypto Exchange co-founder and former CEO Arthur Hes said that “it is extremely important to improve financial privacy in bitcoin.” He said:
“The great thing about pageoin is that if only a little adoption is obtained, it breaks a significant perception used by the financial monitoring companies. They have the perception that if there are many inputs in bitcoin transactions, all inputs should all belong to the same unit.”
A maelstrom representative explained cointelegraph that the firm is “eager to support more grants in the privacy field.” The company is actively looking for candidates with strong track records in bitcoin privacy projects.
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Enjoy the benefit whether you use it or not
Hayes said that “Pajoin adoption improves the confidentiality of those who do not use it.” Allen said that he believes that privacy is important for bitcoin users to enjoy a better experience and control your financial data when using daily.
Alan told cointelegraph that he is manufacturing benchmarks to help the downstream developers apply pages in individual wallet software and also expand the test coverage to ensure frequent and copy -reprimandable codes. ” He explained that encouraging its adoption is “the biggest step that we can take to simplify the experience and encourage pages to adopt pages by carrying forward complications away from the user.”
The MAELSTROM representative told cointelegraph that “Payjoin will be adopted by a major metric popular open source bitcoin wallet for success.” He said, “Especially if Bitkoncore wallet ever adopts it, it would be a big sign of success,” he said.
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