Centralized Exchanges & Privacy
Traders in the burgeoning world of cryptocurrency have to choose between centralized exchanges (CEXs) and decentralized exchanges (DEXs). CEXs are custodial entities that facilitate trades with an order book, while DEXs use smart contracts to handle transactions in a decentralized manner.
Although blockchain technology is itself decentralized, CEXs enjoy the lion’s share of cryptocurrency trading volume. Both mediums of exchange have their pros and cons, yet the majority of cryptocurrency enthusiasts are firmly on the side of DEXs. The custodial nature of CEXs subjects users to an array of privacy infringements, whereas Blank Wallet serves as a privacy-preserving gateway to the decentralized web.
Privacy Concerns With CEXs
Some of the privacy risks surrounding CEXs stem from centralization. To use a CEX, users must hand over their personal information to an entity that has custody of their funds. In the simplest terms, users need to trust that a CEX will safeguard their cryptocurrency while ensuring their data isn’t leaked. A single mishap can lead to the downfall of a particular CEX as a viable service.
The infamous hack of Mt. Gox, then the world’s largest CEX, demonstrated the pitfalls in putting too much trust in a centralized entity. CEX custody was called into further question when Binance suffered a data breach, resulting in a massive breach of privacy. Leaked data is often sold on the black market for nefarious purposes, making it a major concern for those affected. These examples echo the disadvantages of the traditional financial system, with CEXs like Binance and Coinbase supplanting older institutions. Traditional finance itself has rallied against cryptocurrency, with certain segments blocking transfers to CEXs.
Many of these examples run contrary to blockchain’s original aim of a decentralized world. This world lies on the opposite end of the spectrum.
Unlock The Decentralized World
The widespread adoption of DEXs has completely revolutionized the way that cryptocurrency is bought and sold. What makes DEXs desirable is the ability to buy and sell cryptocurrency without the need for a custodial entity. This gives users a much greater degree of control over their funds while preserving privacy.
Blank Wallet gives users the freedom to explore cryptocurrency as it was intended. As a non-custodial wallet that collects no data whatsoever, it’s perfectly positioned to be your gateway to the decentralized web. This thriving world is full of innovation that makes trusting centralized entities a risk that users must evaluate. Full Web 3.0 support lets users truly unlock blockchain’s potential. The wallet can connect to a wide range of decentralized applications that can’t be accessed from a CEX. These decentralized applications are often more effective than their centralized counterparts. dYdX, an up-and-coming DEX, was even proven to be more liquid than CEXs.
Activity on decentralized blockchains is recorded on public ledgers, which is a great foundation for an open financial system, but a concern for privacy-minded individuals. Blank Wallet’s built-in privacy-preserving technology addresses these concerns and protects users from big data hoarders. The wallet uses smart contracts to achieve full financial privacy, eliminating the need for trust.
Using a non-custodial wallet comes with additional responsibility, yet users stand to benefit from privacy, freedom, and control of their funds. Blank Wallet is the perfect solution for individuals who value these concepts and seek to unlock the decentralized web.
About Blank Wallet
Blank Wallet is the most private, non-custodial crypto wallet.
Blank Wallet is the ultimate browser extension wallet for full financial privacy, without compromise. Unlock the full potential of Web 3.0 with privacy-enhancing smart contracts at your fingertips.
As crypto sees further adoption, on-chain privacy is quickly becoming a sought-after commodity. For newcomers and enthusiasts alike, blockchain’s lack of privacy poses a real security risk that stems the growth of cryptocurrency. Blank Wallet eliminates the friction faced by millions of users by making privacy accessible for everyone, everywhere.
The wallet uses battle-tested privacy-enhancing technology to protect your financial data. Cryptographic proofs allow users to deposit and mix their funds in a smart contract that renders them untraceable. When you want to make a withdrawal, Blank Wallet creates a fresh wallet address with no links to your history on the blockchain.
Anyone can easily install Blank Wallet and start reaping the benefits. Besides full privacy functionality, Blank Wallet 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. GoBlank.