It’s all about security and privacy: Why DeFi needs $BLANK!
There’s a common saying: Necessity is the mother of invention. This saying has been proven to be true over and over again throughout millennia. From print media to the internet, to blockchain technology itself, these inventions have solved countless problems in multiple industries and have improved the lives of millions and billions of people.
The same can be said for Blank Wallet and countless privacy-centric projects before it. However, the Blank wallet saw an abysmal gap between previous privacy blockchains and lack of convenience and this has led us to create the Blank Wallet and the $BLANK token. Both of which are fully compliant products with very distinct functions.
What sets $BLANK apart from previous privacy projects
When we set out to create the Blank Wallet project we have three very specific goals in mind:
To provide users with privacy when navigating the DeFi world, an imperative feature that is currently missing from this blossoming sector. There are many reasons why DeFi needs privacy and we’ll get to them further down this blog post.
Creating a community through the issuance of a token can have several use cases within the Blank wallet ecosystem. These include discounts on privacy elements, access to exclusive new features, and much more. Further details about these use-cases and advantages can be read here.
Lastly, we wanted to make sure we learn from past mistakes and ensure that this token is fully compliant with current and future regulations. To do so, we ensure that the token itself has no privacy-related features but will instead provide benefits and discounts to the privacy features within the Blank Wallet. Learn more about why privacy-centric tokens are not currently viable in our previous blog post here.
Why DeFi needs privacy
In this post, we want to address a very important topic and do away with any misconceptions regarding financial privacy and anonymity, especially in the DeFi sector. Some may see projects like Blank wallet as a way to evade taxes or circumvent regulation but that is not what Blank is about.
Blank wallet wants to bring financial privacy for a multitude of reasons but most importantly, security and safety. Ethereum is not anonymous. It is pseudonymous and through blockchain forensics, it is possible to trace addresses to identities and this can be extremely dangerous for people interacting with DeFi.
While some prefer to keep their funds on centralized exchanges, this also comes with a great deal of risk. Centralized exchanges can and have been hacked and this can lead to permanent loss of funds and while the funds cannot be tracked on the blockchain, they are previous to wealth identification.
It is also worth mentioning that concealing the origins of your wealth may be important. Why? The Ethereum ecosystem has opened up the world for whole new ways to generate wealth. These include gambling, selling or auctioning NFTs, liquidity provision, yield farming, speculation with controversial tokens, and so forth. In most cases, one may not want to disclose it to the public world.
The bottom line is that it is your personal right to disclose the information that you feel comfortable with and nothing more. Blank believes that unconnected parties shouldn’t know more about you than necessary.
Security is imperative
Whales and influential people can be targeted by hackers. This is especially true in Decentralized Finance where open-source projects can interact with each other, creating profitable strategies for DeFi users but also opening up multiple attack vectors for malicious actors to exploit.
Hackers are dangerous and there have been several exploits both to DeFi protocols, token smart contracts, and even specific people, including DeFi-related projects. Social hacks are also possible, where a certain person can be targeted by others pretending to be partners. friends or team members and are able to extract funds from unwary people.
That’s not all. Unfortunately, some people involved with cryptocurrency and blockchain projects have been physically targeted. This includes physical threats that have escalated to violence and robberies. Blank can help avoid all of these issues by keeping user’s funds, transactions, and profits completely private.
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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