#3 — This is the third post in our “BlockWallet in Action” series. In this series, we explore realistic and helpful ways to use BlockWallet after the upcoming release.
In the first and second BlockWallet in Action posts, we discussed transferring funds on blockchain and how this can be a major privacy concern. In a world of ever-increasing privacy infringements, it’s becoming more important to consider your online footprint, especially when dealing with sensitive material such as your personal finances. Protecting your identity online is one of the most crucial components of safeguarding your privacy. Having your personal information be made public online is known as being doxxed.
Blockchains are public ledgers designed to be transparent by nature. Maintaining your privacy quickly becomes a burden if your personal information is linked to your data on the blockchain. When your wallet address is doxxed, you face a multitude of problems that jeopardize your privacy on blockchain.
Being Doxxed: A Critical Concern
Being doxxed can be a critical concern for serious investors. Let’s use an example, Lucas. As a firm believer in cryptocurrency and its future, he’s deeply invested in several promising projects. He’s an active member of the communities connected to his investments, and spends a lot of time engaging with these communities. As a result of Lucas’ community involvement, someone was able to link his wallet address and personal identity.
Due to the public nature of blockchain, there are many ways to explain how this could have happened. Lucas could have had his wallet doxxed by revealing too much information about the cryptocurrency he holds on online platforms, or perhaps his wallet address was leaked by someone he trusted. Doxxing is a common occurrence within the cryptocurrency sphere and remains a major fear for many.
Once Lucas has his wallet address doxxed, he faces several privacy concerns that could have a real impact on him and his finances. Being doxxed puts Lucas’ investments in jeopardy, as opportunists could seek to profit from the trades he makes. On the blockchain, it’s a simple task for interested parties to view Lucas’ portfolio and the trades he has made.
After identifying Lucas as a major investor, bad actors could even set up front-running bots to target him and his trades. If Lucas’ wallet is public in the communities he’s involved in, prying eyes could make him feel like he isn’t free to make his own financial decisions. In smaller communities, larger holders can have a big influence, and Lucas might worry about taking profits on his investments if he could be targeted and demonized for it.
Reclaim Your Privacy, Get BlockWallet
Whether you’re a major investor like Lucas or are just testing the waters with blockchain, reclaiming your privacy is fundamental. Regardless of the sums of money involved, the average person does not feel comfortable broadcasting their financial situation to the real world, and the same should apply to the world of cryptocurrency.
BlockWallet allows users to reclaim their privacy after being doxxed. With BlockWallet, Lucas could create a fresh wallet address that is not connected to his doxxed address in any way. The fresh address would start as a blank piece of paper, with no previous history. Funds deposited into the BlockWallet smart contract go through a series of privacy pools that obscure their origins and render them untraceable.
Using BlockWallet, Lucas could sever the trail of information stemming from his doxxed wallet address. With the peace of mind that his investments were no longer being targetted, he’d feel back in control of his finances and free to make beneficial decisions for himself. There are millions of people using blockchain that could benefit by reclaiming their privacy, and it starts by getting BlockWallet.
As both cryptocurrency and decentralized finance continue to flourish, it’s crucial to eliminate friction that prevents mass adoption and hinders users. BlockWallet is leading the way by offering users privacy, without compromise.
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.