The one misconception that people might often make is that blockchains (and their respective cryptocurrencies) are somehow invisible and completely untraceable. They believe that you can transfer any sum of money through a blockchain and remain utterly undetected, whether you're paying for a cup of coffee, sharing it with your family overseas, or spend it on a kilo of cocaine on the black market. But as we'll learn more in our Blank Wallet review, that's not always the case.
Yes, blockchains – the more popular ones at least – provide some degree of pseudo-anonymity compared to a regular bank account. But your transactions can be traced. Besides, that's one of the core tenets of the blockchain; maintain transparency. All your records are placed in a public ledger, so how could you stay anonymous? Well, Blank Wallet is here to solve your dilemma by still upkeeping the values of transparency within a blockchain while also affording maximal privacy.
Blank Wallet is more than just a simple cryptocurrency wallet to store your hard-earned tokens in. They've built themselves an entire network by which users can choose to transact and send cryptos without ever fearing getting traced. No worries about a third-party tracking where your money came from, how big your account is, and where you're sending it to. So, is it worthwhile switching to a new wallet just for this added concealability? Well, read our Blank Wallet review to find out.
What Is Blank Wallet?
Blank Wallet claims to be the world's most private non-custodial Ethereum wallet. It exists as a Chrome-based browser extension but is currently – as of this Blank Wallet review – in its early access stage, and you'll need to request to use it. But otherwise, it wants to help solve the problems of privacy within the blockchain. Within the blockchain space, users seeking privacy have needed to find and entrust centralized services to do it, such as wanting to mask their crypto address.
Alternatively, users could try and do it themselves to make their cryptocurrency transactions hidden, but they'll have to go through a huge amount of hassle while doing so for each and every single transfer. Blank Wallet solves this with an all-in-one solution with its wallet. It has a system that hides your financial data by mixing it in with a pool of funds inside of Blank in a completely decentralized manner. Once those funds leave the other end, there's no longer any trace of you in it.
What Are Blank Wallet's Features?
The key issue which has been identified by Blank Wallet is how everything can be traced back to you. Once you connect your wallet to a decentralized app, for instance, that dApp platform could then be able to see your wallet's ID as well as your IP address. If someone were to pry deeper enough into that data stream, they could then be able to see all other dApps you use, where you've connected your wallet too, all your past transfers, and how much crypto you have in your wallet.
In our Blank Wallet review, we'll look at how they could mask all this information. In short, Blank Wallet uses smart contracts which allow users to hide the number of a person's cryptocurrencies held in a completely decentralized and seamless manner. Basically, every time you make a withdrawal, Blank Wallet creates a new wallet address for you with the number of cryptocurrencies that you've requested, which comes from the smart contract where all users' funds are pooled.
For the end-user, there are a few advantages. Only the user can view, manage, and have access to their funds. Blank's use of a smart contract binds all users' wealth together, making sure that outsiders can't trace your funds. Moreover, this also means that you can hide where you've acquired your wealth from and how it is used; unless you choose not to. On top of all that, there's no KYC or AML, and every single transaction involves creating a new “blank” wallet with no past history.
How Does Blank Wallet Work?
Blank Wallet believes in the idea that privacy shouldn't be an optional ‘opt-in' feature and instead bakes it into their wallet service by default, with users then being able to ‘opt-out' if they'd like. There are a few key technologies that it adopts to make this possible. As of this Blank Wallet review, they are in their V1 development stage, where most of Blank's functionality is based on private transaction tech developed by Tornado Cash.
Tornado's mixer allows any person to send or mix their Ether (or Ethereum-based) cryptocurrencies in a non-custodial manner, which is underpinned by strong cryptography. This is accomplished thanks to the aforementioned smart contracts, which are then powered by zkSnark proofs. When a person makes a deposit, that user thus generates a ‘secret' and sends a ‘Pedersen Hash' along with the funds to be mixed onto the smart contract which executes them.
The hash works as a one-way function. This means that the hash of a secret can be easily calculated, while it is nearly impossible to decipher the secret of a given hash. It ensures that only the user that possesses the secret can then withdraw those funds. Using zkSnark, the user (or depositor) can then reveal their respective secret to prove that it's their deposit that's been locked in the smart contract, where they can then make a withdrawal. This ensures complete anonymity.
How Could Blank Wallet Improve On Already Existing Concepts?
Blank Wallet improves on this formula by making it more seamless and user-friendly. Once connected to the anonymity pool, Blank's users won't have to worry about remembering their secret phrases or be forced to create multiple wallets. Blank Wallet goes a step further to protect users' privacy both on- and off-chain (the latter is still susceptible to tracking) by natively integrating the Tor network. Security is also another added benefit of using a Blank Wallet.
All important data such as a user's seed phrase, wallet addresses, keys, and other account data are saved on your local web browser. There is no online storage bank that could be exploited, and every user owns their data. Furthermore, Blank Wallet adopts MetaMask‘s Eth-Keyring library to store and manage user accounts. To make sure that everything is air-tight as possible security-wise, all of a user's ‘secrets' for Tornado's zkSnarks function are saved in your wallet's seed phrase.
As of this Blank Wallet review, they can support a wide number of Ethereum-based tokens, including Ether itself, Wrapped Bitcoin (WBTC) for DeFi applications, and ERC-20 cryptocurrencies. Blank Wallet then adds additional features, such as being Web3 compatible for decentralized finance (DeFi) services, support for partial withdrawals, automatic deposits, a referral system to attract new users, and revenue sharing on top of their simplistic, concise, and fluid user interface.
What Does Blank Wallet's Economics Look Like?
Aside from just being able to provide a free wallet application, Blank Wallet also has a strong business case when it comes to being able to fairly monetize their services. This can be implemented with relative ease, thanks to the fact that Blank offers added benefits and features, such as improved privacy and anonymity, that other wallets don't usually offer. While writing this Blank Wallet review, they are planning to implement a 0.25% withdrawal fee.
Note, this only applies to withdrawals made through Blank's specially-designed privacy pool, and the rate may increase or decrease based on user feedback. Otherwise, regular functions or users who opt-out of enhanced privacy measures can use the wallet free of charge. Blank Wallet will market itself through referral and affiliate programs, influencer marketing, or through their ‘community angels.' Aside from that, there will also be special incentives hosted on Blank, such as airdrops or giveaways.
What Are Blank Wallet's BLANK Tokens?
Other than offering secure, easy-to-use, and privacy-focused cryptocurrency storage, Blank Wallet also has its own utility token, BLANK. Other than serving as a liquidity provision to fund Blank Wallet's development, as well as its marketing efforts, BLANK tokens are mostly used to access extra perks within the wallet and be able to monetize their value. There are a number of ways that BLANK token holders could benefit while within Blank's wallet app:
Discounts on fees – As we highlighted earlier in our Blank Wallet review, users may have to pay a fee to access certain privacy features or to pay for withdrawals. Thankfully, users could have a discount on their fees if they hold BLANK tokens in their wallets. This will be tier-based; 1,000 BLANK = 10% fee reduction; 5,000 BLANK = 15% fee reduction; 10,000 BLANK = 25% fee reduction.
Token burning – A part of the tokenomics around BLANK tokens will be based on a deflationary model to increase its scarcity. Half (50%) of the total fees collected by Blank Wallet or from its smart contracts will be used to buy back BLANK tokens from the market and burning them. Over time, the circulating supply will be reduced.
LPs can earn fees – Blank Wallet will offer BLANK tokens on Uniswap. In order to provide as much liquidity as possible for the trading pool on Uniswap's decentralized exchange (DEX), users can contribute BLANK tokens and become liquidity providers (LP). To incentivize this, LPs can then earn 50% of the total fees collected through trading fees from that Uniswap BLANK pool.
Referrals and rewards – Users could help Blank Wallet grow by spreading the word through their referral program. Regular users, influencers, blogs, or news outlets could then earn referral rewards. To encourage the use of Blank's ecosystem, all rewards are paid out in BLANK tokens. Future airdrops into the Blank Wallet will also only be sent through BLANK.
Access exclusive features – As Blank Wallet grows, there will be a lot of experimentation in their software. As such, holders of a certain number of BLANK tokens could be invited to take part in Alpha or Beta testing for new and exciting additions. Extra features on the wallet, such as being able to hold more hosted addresses, will be made limited only to BLANK token holders.
The Tokenomics Of Blank Wallet's BLANK
At the time of writing this Blank Wallet review, BLANK tokens are worth $3.13. Owing to its relative newness, BLANK tokens have fluctuated a lot in price lately. This current value would put it 43.40% below its all-time high of $5.54 from April 1st, 2021. Meanwhile, the price here is a whopping 589.40% gain from its all-time lows of $0.4545, which was recorded on March 7th, 2021. With a market capitalization of $51,408,953, BLANK is the 588th-most valuable cryptocurrency.
There is a total supply cap of 125,000,000 BLANK tokens (16,406,687 BLANK are currently in circulation). So far, it held two tokens sales. A private funding round saw 35,000,000 BLANK sold for $0.0515 each, which raised Blank Wallet $1,802,500,00. Later, a public sale saw 1,875,000 BLANK sold for $0.064, raising them another $120,000.00. There will be future sales and distributions, which will see BLANK tokens gradually dispersed for the next 2 years (24 months) as follows:
Marketing/ Listing – 12,500,000 BLANK
Liquidity/ Adoption Incentives – 40,000,000 BLANK
Team Members – 15,000,000 BLANK
Advisors – 5,000,000 BLANK
Development Funding – 15,625,000 BLANK
See Also: Blank Wallet Price Prediction
What Does Blank Wallet's Future Look Like?
As we mentioned earlier in our Blank Wallet review, they are currently in the ‘V1' early access stage. This is when we saw Blank integrate all their basic functionality into the wallet, including a unique Proof-of-Funds compliance key. The following updates and improvements to Blank Wallet will be slated to happen every quarter.
Q2 2021 (Blank V2) – In Q2, we'll start to see a growing compatibility list for ERC-20 tokens to be deposited and stored in the wallet, as well as the creation of a new WBTC pool. By now, your Blank wallet should also be Web3 compatible, ensuring that you could connect it easily to access DeFi applications. There will then be a public security audit to ensure that the security measures implemented by Blank are working as intended.
Q3 2021 – Now, we should notice Blank include more of their extra features which we mentioned earlier. This includes automatic deposits, where funds deposited into a Blank Wallet address can optionally be sent directly to the main Blank pool. A one-time address will be implemented, where Blank would automatically create a new ‘blank-slate address during withdrawals. Users can now be rewarded through their referral system, as well as general privacy improvements with the integration of Tor.
Q4 2021 (Blank V3) – In their final set roadmap plans as of this Blank Wallet review, they'll add more features. This includes partial withdrawals, where users can withdraw only a small fraction of their deposited funds from independent Ether pools, no longer reliant on Tornado Cash. A unique pool reward system will be built, as well as integrating some of Blank's functionality with MetaMask so that users can install plugins to use Blank's privacy features on MetaMask.
Blank Wallet Review – Conclusion
In summarizing our Blank Wallet review, we've found it worthwhile to highlight that, of course, not all blockchain and crypto adopters use their tokens for nefarious deeds. In fact, just a very, very tiny fraction of users are at all related to illicit activities. But in a world where there's so much monitoring, it feels as though privacy is something that one no longer enjoys for free. Even a former CIA director said that the advent of blockchains would, in fact, allow for better surveillance.
However, Blank Wallet's creation marks a new step in the fight for protecting user privacy. Through a simply laid out and well-designed browser wallet, Blank offers every user the seamlessness and ease of using enhanced privacy features that not too long ago require a lot of elbow grease and mind power to use. No longer will you have to worry that someone is peering into your wallet or track down the flow of your funds. After all, it's your money, not anyone else's.
Blank Wallet Review
Ease of Use
- The user interface is well laid out, easy to use, easy to understand, with smooth and fluid navigations.
- Gives users extra privacy and security features that other wallets do not; masking wallet funds, anonymous withdrawals, pooled deposits, prevent on- and off-chain tracking, etc.
- Ensures greater security, such as strong cryptographic encryption, storing user data on-device, and conducts audits of its security measures.
- Inclusion of native BLANK utility tokens to allow users more ways to monetize their assets, gain a discount on wallet fees, or access extra perks.
- Solid commitment to future roadmap updates, and with promises to bring additional features and services to grow their wallet.
- The wallet is made available only as a Chrome web extension, without a convenient desktop or mobile app made available.