BlockWallet in Action (#1): Private Transfers
#1 — This is the first post in our “BlockWallet in Action” series. In this series, we will explore realistic and helpful ways to use BlockWallet after the upcoming release.
Picture two friends. James and Diego. They’ve been good friends over the internet for a number of years. James has a birthday coming up, and Diego is more than willing to send his friend some money as a gift. It is often cumbersome to make international fiat transfers and as avid supporters of decentralized finance, the friends are happy to make the transfer using a cryptocurrency such as $ETH or $DAI. This is an excellent way for the friends to make a fast and simple transfer across borders, without the need of a third party. Or is it?
A Major Caveat: Privacy
The transfer comes with one major caveat. After completing the transfer, both parties’ privacy is forfeit. Blockchain is transparent by design and with knowledge of each other’s wallet addresses, the friends are forced to reveal information that they are not comfortable sharing. With each other’s wallet addresses, it’s a simple process for the friends to look inside each other’s wallets. Diego doesn’t want to reveal the total value of his portfolio, the exact tokens he holds, or the transfers he has made in the past.
Personal finance is not something often discussed between friends, and Diego feels he shouldn’t have to divulge such information in order to make a simple and well-intended transfer. He wouldn’t feel comfortable sharing all of his financial information when sending fiat currency and thinks the same principle should extend to blockchain. As a result, the friends have doubts about an initially innocuous idea.
Cryptocurrency is quickly evolving from a speculative asset to cutting-edge technology that has real solutions for real-world problems. If cryptocurrency and decentralized finance is to see continued adoption, then it’s crucial to eliminate friction that hinders users and jeopardizes their privacy. The vast majority of people wouldn’t feel comfortable sharing the entirety of their traditional banking history, and we believe the same applies to blockchain. This issue creates a barrier to entry for newcomers to decentralized finance. Mainstream adoption of blockchain offers a brighter and fairer future so eliminating friction where possible is an essential task.
The Solution: Going Private
Enter BlockWallet. Users attain privacy by mixing transfers with the pool of funds within the BlockWallet smart contract. You are able to see, access, and manage your funds every step of the way yet they remain anonymous and untraceable to others. zkSnark technology guarantees that your wealth and its origin remain hidden.
When you want to make a deposit or withdrawal, you start on a blank piece of paper with the amount of cryptocurrency requested. BlockWallet allows you to deposit crypto into a fresh address that is in no way linked to your portfolio or any previous transactions. Privacy shouldn’t be a hindrance, therefore BlockWallet provides it by not compromising on functionality. We’ve knocked down all of the obstacles so that you don’t have to.
In a world of ever-increasing overwatch from governments and big tech, there is a growing demand for privacy. BlockWallet empowers users by offering them the chance to take back control of their finances seamlessly.
BlockWallet is the most private, non-custodial browser extension wallet, where users can store funds and interact with their favorite blockchain applications privately.
As crypto sees mainstream adoption, blockchain’s lack of privacy poses real security risks for newcomers and enthusiasts alike. BlockWallet is here to ensure that on-chain privacy does not lag behind. The wallet provides a set of advanced privacy tools wrapped in a familiar and user-friendly wallet experience, eliminating the friction faced by millions of users and making privacy accessible for everyone, everywhere.
Blockwallet uses battle-tested privacy-enhancing technology to protect your financial data. When you make transactions or interact with blockchain applications, the requests are sent through Privacy Proxies by default, concealing the IP address and other metadata, which can be used to identify the user. You can also use the Privacy Pools feature, powered by zk-SNARKs technology, to deposit and mix funds in a smart contract. This allows transferring funds without links to your history and identity on the blockchain, effectively rendering them untraceable.
Anyone can easily install BlockWallet and start reaping the benefits. Besides full privacy functionality, BlockWallet comes packed with an array of features that go beyond privacy for a seamless user experience. With full Web 3.0 support, the wallet allows you to connect to any dApp and harness the power of the decentralized web.
Reclaim your financial privacy on blockchain. Get BlockWallet.