Privacy-enabled crypto wallet, BlockWallet announced the launch of its Web 3-oriented wallet solution to enhance the privacy of users. The newly launched browser-based wallet solution aims to boost the privacy solutions in crypto which ushering the next generation of Web 3 applications and decentralized applications (DApps) on blockchains.
As the cryptocurrency world moves to decentralized wallets, BlockWallet aims to introduce privacy in what has largely been an open system. According to the statement, the team has built a “privacy-oriented non-custodial browser wallet” that accesses the decentralized web or Web3 applications. The wallet will give users added financial security and privacy while giving them control over their own data. BlockWallet will be available as a web browser extension for Google Chrome, Brave, Microsoft Edge, and Opera browsers.
"When users interact with Web3, it poses significant risks because now the financial data is also attached to the user,”
Blockwallet CTO Iman Hossini stated.
“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."
BlockWallet boasts as the first fully private and non-custodial web extension crypto wallet, giving users a place to securely store their funds and interact with their favorite blockchain applications privately. The wallet leverages privacy-enhancing technology to protect users’ financial data.
BlockWallet’s transaction requests are sent through Privacy Proxies by default, concealing the IP address and other metadata, which can be used to identify the user. They can also use the Privacy Pools feature, powered by zk-SNARKs technology, to deposit and mix funds in a smart contract. This cuts any ties that can be used to track back to the user.
"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."
– BlockWallet CEO Aleksandras Gaska
Apart from privacy-enhancing features, the wallet also provides convenient access to DeFi apps on multiple blockchains including Ethereum, Binance Smart Chain, Avax, Fantom, and Polygon. Users are also protected from any front-running, or sandwich attacks, via bot production modules. Additionally, users on the Ethereum network can mask their main wallet address through integrated privacy pools.
A bright future for BlockWallet
Over the last few months, the BlockWallet solution completed a successful beta phase with over 2,000 community member participating. Via the beta testing phase, the team collected valuable information that aims to introduce crucial and unique privacy features, solutions, and create an “accessible and easy-to-use interface”.
Following the launch of the web extension, the development team is looking forward to adding more features to the crypto wallet in the near future. Several new features and developments, including NFT drops, implementing phishing prevention, and more, are currently in production. In addition, the team intends to offer users privacy on all fronts and guarantee an optimal security-focused Web3 experience.
Furthermore the team will also introduce private transfers, Ethereum Name Service (ENS) domains, trading privacy, ecommerce privacy, private gambling and gaming, etc.
BlockWallet successfully raised 41.8 million in its initial funding round in early 2021, with the token sale being oversubscribed over 68x. Some of the top investors that participated in the $BLANK token sale round include X21 Digital, Woodstock, Spark Digital Capital, Four Season Ventures, and others. The $BLANK token was launched on Polkastarter and currently holds a market cap of over $12 million.