Cryptocurrency has come a long way since bitcoin’s initial release in 2009. The continued development of blockchain technology has sparked innovation that was unimaginable when crypto was synonymous with the BTC blockchain. Today, the top cryptocurrencies such as bitcoin and Ethereum are known as decentralized currencies that run on immutable and highly transparent blockchains, but was this always the case?
Cryptocurrency was invented with privacy in mind, yet the current level of privacy on blockchain leaves a lot to be desired. The future lies in bringing privacy up to speed with other advances in the space. Blank Wallet can play a key role in making on-chain privacy a top priority once more.
Privacy Has Been Left Behind
It is apparent from Satoshi Nakamoto’s writings that he was a privacy-minded individual. Physical cash is private, so it stands to reason that electronic cash would be too. Bitcoin’s famous whitepaper demonstrates that the currency was originally envisioned as a peer-to-peer electronic cash system that could facilitate anonymous transfers:
“The traditional banking model achieves a level of privacy by limiting access to information to the parties involved and the trusted third party. The necessity to announce all transactions publicly precludes this method, but privacy can still be maintained by breaking the flow of information in another place: by keeping public keys anonymous. The public can see that someone is sending an amount to someone else, but without information linking the transaction to anyone. This is similar to the level of information released by stock exchanges, where the time and size of individual trades, the “tape”, is made public, but without telling who the parties were.” — Satoshi
Satoshi Nakamoto was clearly aware of the public nature of blockchain transactions. In most cases, a blockchain is a public ledger that is transparent by design. Transactions are logged on the blockchain and connected to the wallet address that made them, making them traceable. Nakamoto addressed these privacy limitations in a post and offered workarounds:
“For greater privacy, it’s best to use bitcoin addresses only once.” — Satoshi
Sadly, privacy solutions of the past were often unreliable, complicated, and even dangerous for users. This has resulted in privacy being neglected by the wider blockchain space as it developed into a multi-trillion-dollar industry. The popular myth in mainstream consciousness that cryptocurrencies are private has also not helped shine a light on this issue.
Privacy is valued by every individual and an important cornerstone of many spheres of life. Handing someone a $20 banknote means that the transaction is only known to the participants, who cannot look into each other’s bank accounts. The same cannot be said about mainstream blockchain technology, despite Satoshi Nakamoto’s original intentions. Rapid advances in other areas of the blockchain space have left privacy by the wayside.
Take Back Your Privacy, Go Blank
Significant advances have been made in the realms of innovation, security, decentralization, and scalability. Now privacy is returning to the forefront with the application of cutting-edge privacy-preserving technologies such as Blank Wallet. As an on-chain privacy solution, Blank Wallet lets users benefit from the recent advances in the blockchain space without sacrificing privacy.
Blank Wallet gives the average user easy access to privacy-enhancing smart contracts. Cryptographic proofs (zK-SNARKs) allow users to make deposits and withdrawals using smart contracts that render funds untraceable. Blank Wallet lets users transfer funds to a fresh address with no links to their history on the blockchain, evoking Satoshi Nakamoto’s early recommendation to use new addresses for maximum privacy.
Innovations such as DeFi continue to add value to the blockchain space. By bringing privacy back in focus, users can enjoy the full range of benefits offered by this burgeoning world. Without privacy, cryptocurrency loses one of its foundations. Privacy can no longer be neglected, and the future lies in making it as accessible and cutting-edge as possible. In addition to a smooth user experience, privacy solutions must educate users and offer them a clear vision of the future. Blank Wallet can lead the way in keeping blockchains open, private, and decentralized.
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.