Blank Wallet features beyond basic privacy (#1): Tackling Frontrunning bots
This post is the first part of a series in which we will explore and detail the upcoming features of the Blank Wallet which go far beyond basic privacy.
Blank Wallet is often seen solely as a privacy-centric project. While basic privacy functionalities can be seen as our unique selling proposition (USP), there is much more to Blank wallet and, in this series, we want to make this as clear as possible: The Blank wallet is much more than a simple wallet with integrated mixing capabilities for Decentralized Finance (DeFi).
The first post in this series will focus on one of the biggest problems currently seen in the DeFi ecosystem. One that has been experienced by many DeFi traders and token holders.
The problem: Frontrunning bots
One of the biggest issues currently experienced in the DeFi ecosystem is the exploitation of DeFi users by frontrunning bots. When users create a trade on a decentralized exchange (DEX), the intended transaction gets added to a pool of unconfirmed transactions known as the mempool.
Here, these bots are able to scan and look for DEX transactions to exploit. By spotting a particular transaction before it is confirmed, a bot can broadcast the same pair DEX transaction with a higher gas price to ensure that his transaction is confirmed before the exploited user.
Once the exploited user’s transaction has been confirmed, the bot will then sell his tokens, capitalizing on the price increase created by the exploited user’s transaction. This usually occurs when slippage tolerance is high (meaning you are comfortable with high price fluctuations before the trade is confirmed).
There is, however, another way. A simple and infallible method that is sure to leave bots in the dark while protecting the common DeFi user.
Blank Wallet: A simple solution
While the problem described above is a complex one, we have a simple and straightforward solution. One of the many features planned for upcoming releases of the Blank Wallet is the ability to broadcast “silent” transactions.
These transactions are sent directly to the miner and do not appear in the mempool. This means that these transactions cannot be exploited by bots since they cannot see the transaction until it has been confirmed by the miner.
This feature matches Blank’s vision to become a user-centric wallet, rather than just a “privacy-centric” wallet, one that focuses on issues that are most important to the users.
About Blank Wallet
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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