Bl3nd3r — A Crypto Privacy Mixer Market Needs
Till now, we have been praising public blockchains like Bitcoin and Ethereum for their traceability of transactions. This traceability has also helped in finding wallets involved in malpractices like exchange hacks in the crypto industry. A public blockchain wallet’s entire transaction history and balances are public at any point in time. On a public blockchain like Ethereum, you can track the complete trail of transactions of funds from the end-point to the source.
The importance of anonymity and privacy is drastically increasing in the crypto and DeFi markets as no user wants his or her financial history to stay revealed to the public as an open book in a library. Talking about the Ethereum blockchain, a platform that is running more than 6000 decentralized companies and the ERC tokens of each of these 6000 companies are following the same standards as Ethereum. Ethereum and Stable coins like USDT and DAI are a few of the most transacted cryptocurrencies in the world, and as the global crypto adoption increases, we will be seeing these currencies start getting utilized in various day-to-day sectors like retails, payments, remittances, e-commerce, and many more.
As a consumer of these sectors and a sender/receiver of these cryptos, the privacy of your financial records holds utmost importance to you. Many tools in the past have tried making the transactions on Ethereum Blockchain private and the success rate has been low. Either they compromised the decentralization of the protocol or they ended up being a different ‘privacy-coin’ blockchain itself.
We are excited to announce that we have built a product that can make your transactions completely anonymous and private. This product is called Bl3nd3r.
Bl3nd3r is a crypto privacy mixer that mixes multiple crypto transactions and encrypts them together, also resulting in disconnecting the sender’s wallet address from the transaction details.
Every transaction has a sender and a receiver. In ETH’s case, it is the smart contract that is facilitating the transactions. Bl3nd3r breaks the contact between the transaction and the sender’s address and blends multiple transactions together with high-level encryption. Adding to this, Bl3nd3r uses Zero-knowledge Proofs (ZKPs) to ensure the maximum level of anonymity in the transaction.
How Bl3nd3r Works
Whenever a depositor is depositing ETH, he generates a secret along with the deposit amount in the smart contract. This smart contract accepts the deposit and adds commitments to its ledger of deposits.
The depositor can share this secret with the receiver or the withdrawer. In Zero-knowledge proofs, you don’t need to share the secret with anyone. As a receiver, you will only need to prove that you have the secret and the transactions will proceed. The smart contract will check the proof, and transfer deposited funds to the address specified for withdrawal. An external observer will be unable to determine the link between the deposit and the withdrawal.
Bl3nd3r’s Use Cases
- As crypto payment gaining more adoption across merchants, companies, and retail stores, your financial history of buying and selling goods will remain private.
- Your wallet addresses will stay lesser prone to hacks as they will not be able to find your wallet addresses just by seeing the transactions.
- Your wallet ids and addresses shouldn't be exposed online. Wallets and devices exposed online on public platforms are susceptible to attacks, hacks, and thefts by cybercriminals. Bl3nd3r helps you stay private and keep your transactions anonymous.
The list is endless as the DeFi industry is becoming more aware of the privacy of their investments, transactions, and other applications of finance.
Bl3nd3r is going to fulfill the most important shortcoming of the future of fintech and decentralized finance — Privacy. The financial Privacy of users holds the utmost importance for users as they completely deserve to decide what details of their accounts need to go public and what needs to stay private. These details shall be disclosed only when asked by the regulatory body or when you as a user decide to do so. Bl3nd3r helps fulfill that.
Bl3nd3r will also be available in our ADD.xyz app which has finished its beta testing round yesterday. The developments have started and all the feedback submitted by our dear ADDsters have started to be in place.