BlockWallet, a privacy-focused crypto wallet, has today announced the launch of its main product. DeFi users can now download this browser-compatible wallet to enhance their experience in the Web 3.0 ecosystem.
Contrary to the likes of Metamask, BlockWallet is designed with in-built privacy features. This means that users can send funds without leaving an on-chain trail. A big plus to the DeFi ecosystem which has previously been criticized for lacking privacy-oriented solutions.
Commenting on the milestone, BlockWallet CTO Iman Hossini noted the importance of introducing privacy features to the growing Web 3.0 economy,
“When users interact with Web3, it poses significant risks because now the financial data is also attached to the user. As we build Web3, we should not make the same errors as before but aim to create a truly private Web3 experience. BlockWallet launch is a significant step towards this goal.”
With privacy becoming paramount in the Web 3.0 ecosystem, BlockWallet will enable both crypto newbies and veterans to hide their identity and transaction history. DeFi users will no longer have to worry about prying eyes, who in most cases are malicious players or anti-crypto regimes looking to limit access to decentralized financial services.
BlockWallet’s smart contract infrastructure generates a new address for each withdrawal request hence concealing the sender’s identity. Furthermore, users can hide their IP addresses based on the Tor integration proxy and cryptographic proofs that ensure users are not linked to the original deposit address.
“In a world where privacy violations are commonplace, it is imperative to protect your privacy. However, not everyone has the skills or time to do that. I am happy that we can finally present a practical solution for the blockchain world that allows everyone and everywhere to take ownership of their privacy.” said BlockWallet CEO Aleksandras Gaska.
Though built on Ethereum, BlockWallet will support multiple blockchain environments, including Polygon, Avax, Fantom and Binance Smart Chain (BSC). The platform also plans to introduce Metamask snap plugins, allowing DeFi users to seamlessly transfer funds between the two non-custodial wallets.
As for security, BlockWallet has undergone a rigorous beta testing round that was subscribed by over 2,000 community members. The project also noted that it will continue interacting with the community to enhance its privacy solutions for the decentralized market. DeFi users can expect more advanced iterations following the pioneer launch.
Given the underlying value proposition, BlockWallet enjoys the support of heavyweight VCs in the crypto industry. The platform’s native token BLANK attracted $1.8 million in funding during a private sale held at the beginning of 2021. Some of the prominent investors include X21 Digital, Four Season Ventures, Spark Digital Capital and Wood stock.
As of press time, the BLANK token has a total market cap of $16 million, trading on popular DEXs like Uniswap and Quickswap.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2022/02/blockwallet-debuts-its-privacy-focused-wallet-for-web-30-users