Blank: Decentralized Finance made Private
Privacy and anonymity are probably some of the most discussed topics on the internet today. It has become a priority for some and an easily exchanged commodity for others. In 1993, the classic “cypherpunk’s manifesto” was written and published to a wide audience of privacy and internet enthusiasts.
Almost 20 years later, the well-known manifesto has become a cornerstone of Internet ethics and remains as relevant as ever. Eric Hughes, American mathematician, computer programmer, and cypherpunk, wrote: “We must defend our own privacy if we expect to have any. We must come together and create systems which allow anonymous transactions to take place. “
Now, more than ever, privacy (and lack thereof) has become a highly valued commodity. One that is produced by common citizens but bought and sold by corporations with no regard on how this affects the end-user. From browsing history to financial information and general transactional history, centralized companies can buy, sell and leverage this data as they see fit, mostly without the knowledge of the individual.
Privacy in the World of Finance
Privacy within the financial sector is a nuanced and hard-to-balance topic. While keeping transactions and purchases private is highly desirable for everyday users, institutions and governments are always looking for ways to remove any forms of privacy vectors that can be harmful to the common good. They have their own obvious reasons: Tax collection, terrorist funding prevention, and anti-money laundering being the most prevalent ones.
However, the efforts taken by those seeking to remove privacy affect regular users disproportionally while doing little to tackle the illicit activity. Since necessity is the mother of invention and that is where a unique project like the Blank wallet comes in.
Privacy Coins, a Short-lived Dream
While Bitcoin has created a pseudonymous system where IBANs and account names were replaced by wallet addresses, privacy is still compromisable as transactions can be viewed and traced on the blockchain, a public ledger accessible to all, especially with companies that focus on traceability within the Bitcoin network.
This has led to the creation of fully private and anonymous cryptocurrencies like Monero, Dash, Zcash and Komodo who use different techniques to make transactions untraceable. However, using these features requires the user to interact with these assets themselves. Users looking to take advantage of Monero’s technology, the user needs to own and use Monero which has become a huge drawback when it comes to widespread adoption and regulation. With high risks for money laundering and illicit transactions, regulators are keeping an eye on privacy centric coins and mainstream exchanges like Bittrex have begun delisting these types of assets.
Companies like Chainalysis and Ciphertree have also recently partnered with exchanges like Huobi and Paxful to ensure illicit transactions are easily spotted and halted in order to ensure the best AML practices even when it comes to anonymous coins. As such, privacy coins have served as an experimental new form of internet money, an ongoing experience that has brought new useful technologies to the world of blockchain technology while helping in maintaining anonymity.
How Blank is changing Crypto Privacy
While Bitcoin and privacy-based coins have changed the way we think about money and transactions, Ethereum is doing something else altogether. The DeFi sector has shown us that financial services can be improved and made accessible to anyone in the world without the need for arbitrary middlemen that charge high fees and impose arbitrary KYC and other types of demands on users.
Access to financial services should be easily available and totally permissionless. While this is what DeFi is currently bringing to the table, privacy is still an issue in the industry. Much like Bitcoin, Ethereum is a pseudonymous blockchain network where transactions and smart contracts are linked to account numbers and can be immutability verified on the blockchain.
Moreover, most third-party wallets collect IP information about the user of the wallet making it easier to connect users to pseudonymous wallet addresses when interacting with Ethereum. This means that anyone can know where you sent transactions to and from, which tokens you have owned and swapped and what dApps you have interacted with.
This is where Blank comes in. Blank is a non-custodial Ethereum browser wallet with built-in privacy functions that allow users to interact with Ethereum in a fully private manner. Through the use of Tornado Cash private transactions, Blank can allow users to mix their Ether or Ethereum tokens in order to hide amounts and origins of cryptocurrencies held in a totally seamless and option manner.
The concept is similar to old Bitcoin mixing pools but is accomplished by using zkSnarks proofs with fully automated and audited smart contracts that involve no counterparty risks. When transactions are carried out in Blank, a smart contract pools in funds from these multiple transactions and distributes them according to the values and recipients previously established by the sender.
This makes originatic transactions untraceable. Blank benefits from a network effect where more people using the system, creates more entropy, and makes it harder for blockchain forensics to detect origins of funds. Blank already works with multiple ETH pools to hide your transactions securely from the get-go.
Privacy in DeFi: Why and How
Blank works like your typical web 3.0. Browser extension wallet so it can be easily downloaded, installed, and used by anyone familiar with these types of wallets.
Blank provides all the basic and advanced features associated with web 3.0. Ethereum wallets, charging the typical network gas fees for regular transactions and smart contract interaction. Additionally Blank allows users to activate privacy features, charging only a small operational fee when users withdraw from the Blank privacy smart contract pool.
This fee is what allows Blank to create a sustainable business model and cover gas and operational costs while putting the right to financial privacy back in the hands of the people: a clear-cut business model that is true to the crypt ethos. Your data is kept private and is not sold or shared with third parties. On the other hand, other regular transactions are absolutely free.
Installing, using, and understanding Bank is easy, but why should DeFi be so concerned about their privacy. Cryptocurrency is a nascent industry plugged with scammers that will target high-net-worth individuals in order to either scam or hack them of their hard-earned money. Don’t be this guy.
While hacks and scams are the most serious iterations, privacy can be combined for all types of reasons but that’s not up for us to decide. Blank is only here to give you the tools missing from your privacy-driven financial journey. From the Decentralized Finance sector: This is a solution that DeFi needs dearly after being highly dominated by whales whose movements can help move markets with them. Blank gives them a clean sleight to work in privacy.
The Blank Model: Privacy made viable
We’ve talked about coins like Monero and Zcash and how the privacy-based cryptocurrencies are now facing regulatory and delisting hurdles which will hinder their long-term viability. This is because platform tokens for these systems are inherently anonymous.
Blank’s model is different. While our application provides true anonymity and financial privacy, it does so for any token as to not impact its fungibility. The Blank ($BLANK) token itself is not the native token for the platform, but rather a utility token that gives holders multiple benefits in the Blank ecosystem. These include free reductions on privacy services and exclusive access to novel functionalities in the system.
Additional benefits for holders include a deflationary system based on token burn events that will see 1/3 of all used Blank tokens used for privacy bought-back and burnt. Blank will also initially grant holders a share of liquidity providing fees on the ETH/BLANK liquidity pool on Uniswap and even allows for referral and reward-based systems for token holders, giving community members a way to improve their financial freedom and privacy in one shift move.
Blank is the most private, non-custodial Ethereum browser extension wallet.
Blank allows the user to easily interact with privacy smart contracts on Ethereum to hide the amounts and the origins of cryptocurrency held, in a decentralized, non-custodial, and frictionless manner.
Blank solves the problem of privacy in crypto transactions. Each time you want to make a withdrawal, Blank will create a new wallet address for you with the amount of crypto that you requested. This address originates from the smart contract where everyone’s funds are pooled. All of this is achieved using cryptographic proofs to ensure that the user cannot be linked with the original depositing address.
With crypto transactions increasing, on-chain transaction privacy is being highly discussed to keep you safe from exposing yourself. Blank has developed a system that adds the ultimate protective layer to your crypto transactions while facilitating every function that other wallets offer.
Anyone can easily install Blank and start reaping the privacy benefits in no time at all. Besides the smart contract functionality, Blank wallet offers a higher level of privacy due to Tor integration. Upcoming functionality includes DeFi web3 integrations as well as support for Metamask Snaps Plugins to allow for seamless connectivity and usage.
Reclaim privacy on your Ethereum transfers. Go Blank.
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