Blank Wallet features beyond basic privacy (#3): Proof of funds compliance keys
This post is the third part of a series in which we will explore and delve into the Blank Wallet’s upcoming features that go far beyond basic privacy.
Many people associate privacy with lack of compliance, tax evasion, and so forth. However, the Blank team and many other people in and outside of crypto have a completely different vision. Since blockchain technology is based on a pseudonymous, public ledger, privacy has become an extremely important element in order to ensure that users’ financial privacy and security is achieved.
As we’ve previously explained in our “Blank features beyond basic privacy (#2): Protecting your IP in DeFi” post, there are many ways people can associate wallet addresses to identities and that can come with a heavy toll for those whose privacy is compromised. As so, it is important to ensure that there is a way to hide your transactions and wallet addresses from prying eyes.
Staying compliant while private
While we believe that privacy should be something everyone can opt-out from, we also want to provide ways for users to say compliant and share their information as they desire. This is extremely important when tax season comes around for example. That’s why one of our most important upcoming features is: Proof-of-funds compliance key.
Proof-of-funds compliance keys allow users to choose who to share their private information with. This means that financial information can stay hidden from the public (as it would still appear hidden on the blockchain level), but the report could still be shared with authorized parties.
Put simply, this feature allows you to choose who you provide your transparency to. Providing a compliance key of specific withdrawal addresses would reveal the origins of the deposit which means you can share your information with specific parties on demand. As so, you can retain your financial privacy while staying compliant with tax and regulation laws. You can read more about this upcoming feature in our whitepaper.
More information about our upcoming features beyond basic privacy are coming, along with other updates so keep your eyes peeled for those!
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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