Bitcoin developer Ben Allen received a $ 100,000 grant from the investment firm Maelstrom to support Payjoin’s development, a privacy -focused tool aimed at improving bitcoin’s scalability and privacy.
According to a May 20 announcement shared with Cointelegraph, Maelstrom will be going to Allen’s work with his Payjoin Devkit next to Dan Gould. The system allows bitcoin (Btc) Sender and recipients to use batch transactions, with positive implications for scalability and privacy.
Payjoin was first suggested by Nicolas Dorier in 2019 in the Bitcoin Improvement Profosal (BIP) 78. The basic principle behind the system is that both sender and recipients can contribute inputs to a transaction.
“Particularly privacy is enhanced and enhanced integration -with transaction outputs is achieved, benefiting the scalability,” the state of the Maelstrom announcement.
A Maelstrom representative at Cointelegraph said the grantees were paid months -for a total of $ 100,000 per year to give Bitcoin and Allen a year. There are no concrete milestones and the give is managed in a hands-off approach:
“We believe that grantees can work better with the freedom to work with what they want, rather than strictly controlled by funders.”
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Payjoin: Near the purses near you?
Allen is working on improving Payjoin implementations, with a clear purpose possible for the feature that can be added to more wallets. He explained that the fund would give him to work on the project all the time.
The announcement points out that the system presents challenges, with the recipient who needs to be online and the flow of payment communication is more complicated than normal transactions that are not interactive bitcoin. Maelstrom’s chief investment official and Bitmex Crypto Exchange co-founder and former CEO Arthur Hayes said “Bitcoin financial privacy improvement is very important.” He added:
“The good thing about Payjoin is that if only a small amount of adoption is achieved, it destroys a major assumption that financial monitoring companies use. Thinking they have it if a bitcoin transaction has a lot of inputs, all inputs must be all in the same creature.”
A Maelstrom representative explained to Cointelegraph that the firm “is diligently supporting more grants in the privacy area.” The company is actively looking for candidates with strong track records on bitcoin privacy projects.
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Enjoy the benefits whether you use it or not
Hayes noted that “Payjoin Adoption improves the privacy of even people who do not use it.” Allen said he believes that privacy is important for bitcoin users to enjoy a better experience and control their financial data when using it every day.
Allen told Cointelegraph that he was “building benchmarks to help the stream developers implement Payjoin in individual purse software as well as expanding the test range to ensure the same and may be copied code.” He explained that persuading its adoption “is the biggest step we can take for the ease of experience and encourages Payjoin adoption by moving complexity away from the user.”
Maelstrom’s representative in cointelegraph said “a major measure for Payjoin’s success is the adoption of popular open source Bitcoin wallets.” “In particular if the Bitcoincore purse has adopted it, that is a huge sign of success,” they added.
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