Bitcoin Developer is everything has received a subsidy of $ 100,000 of the MAELSTOM investment firm to support the development of Payjoin, a privacy -centered tool aimed at improving the scalability and privacy of Bitcoin.
According to a May 20 advertisement with Cointelegraph, Maelstrom will finance Allen’s work in his Payjoin Devkit with Dan Gould. The system allows Bitcoin (BTC) receptors to use lots, with positive implications for scalability and privacy.
Payjoin was first proposed by Nicolas Dorier in 2019 in the proposal for improvement of Bitcoin (BIP) 78. The central principle is that the system is both sending and receivers can contribute entries to a transaction.
“That is, privacy is improved and the improved consolidation of transaction outputs is achieved, benefiting scalability,” says Maelstrom’s announcement.
A Maelstrom representative told Cointelegraph that beneficiaries are paid monthly for a total of $ 100,000 per year in Bitcoin and Allen’s subsidy will last a year. There are no concrete milestones and the subsidy is managed in an approach without a doubt:
“We believe that beneficiaries can work better with freedom to work on what they want, instead of being closely controlled by those who provide financing.”
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Payjoin: Soon in wallets near you?
Alles will work to improve Payjoin implementations, with the clear objective of making it possible for the function to be added to more wallets. He explained that the financing will allow you to work on the project full time.
The announcement indicates that the system presents challenges, and the receiver needs to be online and that the payment communication flow is more complex than normal non -interactive bitcoin transactions. Maelstrom’s investment director and Bitmex Crypto Exchange and former CEO Arthur Hayes said that “improving financial privacy in Bitcoin is extremely important.” Hey added:
“The best thing about Payjoin is that if only a small amount of adoption is achieved, it breaks a key assumption used by financial surveillance colleagues. The assumption they have is that if a Bitcoin transaction has granted the entity, all entries, tickets, tickets, entries, tickets, tickets, entries, tickets, tickets, inputs inputs, entries, entries, entries, entries, entries, entries.
A Maelstrom representative explained to Cointelegraph that the company “is interested in supporting more beneficiaries in the privacy area.” The company is active in search of candidates with solid stories in Bitcoin privacy projects.
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Enjoy the benefits, whether you use it or not
Hayes said that “the adoption of Payjoin improves the privacy of even the people who do not use it.” Everyone said that privacy is important for Bitcoin users to enjoy better experience and control their financial data when using it daily.
Allen told Cointegraph that he is “building reference points to help downstream developers to implement Payjoin in the individual wallet software, as well as expanding test coverage to guarantee a consistent and reproducible code.” He explained that encouraging his adoption “is the biggest step we can take to simplify the experience and encourage Payjoin’s adoption by removing the user’s complexities.”
Maelstrom’s representative told Cointelegraph that “a key metric for Payjoin’s success would be the adoption of popular Bitcoin open source wallets.” “In particular, if the Bitcoincore wallet once adopts it, that would be a great sign of success,” they added.
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