Freessets Increases the Privacy of BTC Wallets

Judy Rubio

Japanese cryptographic company Freessets has presented novel tools to increase the privacy of aBTC e-wallet.

In line with the 8 June statement, the firm from Japan made public novel confidentiality characteristics for Bitcoin wallets.

Freessets has produced a system, which lets wallets ask BTC holders their address’s balances with no disclosure to special servers where they ask balances from or operations history.

The announcement says that regular BTC wallets openly request network servers to stabilize the addresses that connect the addresses, account balance, and operations. Nevertheless, "utilizing equipment designed by Fressets firm, it is arithmetically verified that those servers indeed are not able to learn any information from a user's application."

The importance of the improvement 

Adam Ficsor, chief technology officer of BTC e-wallet Wasabi, which has a privacy-improving feature, stated that he is passionate about the advancement. His company's e-wallet has a comparable function, yet he considers that applying the service necessitates a reduced amount of bandwidth as well as it is more appropriate for mobile gadgets.

"Anyadvancement in turning confidentiality to more effective is essential," he stated, yet noted he likewise has some hesitations. Ficsor anticipates the company's tactic will similarly denote misplacing transaction records when restoring present e-wallets, and it said it doesn't like Freessets' choice to improve its expertise in a trademarked way.

Japan's prominent consulting company unveiled an index of cryptocurrency

Back in 2019 January, Japan’s Research Institute named Nomura together with the Intelligence Unit, which is a provider of investment solutions released a novel product, denominated in yen and dollars. The NRI/IU index focused on five digital currencies: ETH, BTC, XRP, Litecoin, and BTC Cash.

Japan has the first cryptocurrency index for institution-based financiers. Japan’s largest consulting company, Nomura Research Institute, along with Intelligence Unit and MV Index Solutions launched it.

“We will connect the sphere of conventional Finance and the globe of cryptocurrencies by offering institutional — level reference data to further strengthen the cryptocurrencies status, " said Intelligence Unit director, Akihiro Niimi.

Investors can choose from two indices: one denominated in US dollars and one denominated in Japanese yen. Rebalancing will occur on a monthly basis.

Earlier, the Finance exchange entered into a partnership with a subsidiary of Yahoo Japan to create a separate trading platform in the country. Prior to this, Binance said that it would gradually stop providing services to residents of Japan.

Bank of Japan: there is no need to use cryptocurrency

Central Bank Governor Haruhiko Kuroda noted that currently the country's banking system does not need digital money, but the government is exploring the possibility of using it in the prospect

Currently, there is no need to introduce virtual currency into the country's banking system, said Haruhiko Kuroda, the Bank of Japan head. He noted that the government is studying the possibility of using blockchain technology in case such a need arises, reports Reuters.

Kuroda noted that digital tokens with a fixed rate should not be issued if the system lacks a sufficient base to guarantee control and risk managing. As said by the Bank’s head, stablecoins can pose a threat to the financial system of the state.

"If stablecoins supported by businesses with a large client base are released worldwide, this could affect budgetary policy and the stability of the financial scheme," Kuroda explained.

Japan’s Central Bank of Japan has already raised the issue of using cryptocurrencies. In July of this year, the Deputy Head of the financial regulator, Masayoshi Amamiya said that the country's government is not going to issue digital currencies because of the possible negative impact on the banking system. According to Amamiya, cryptocurrencies can become a substitute for private deposits, which will lead to a drop in demand for credit offers from commercial banks and will have a negative impact on the economy.