This is the 2nd episode of the Finance Unchained blog series! In this series, we explore the world of private finance : from issues in the current market to real-world applications. Missed the first episode ? Jump to “An overview” by clicking here.
Privacy has always been part of the nature of cryptocurrencies, with some being specifically designed to help their users move money undetected. With the boom of decentralized finance (DeFi) users have shown an interest in the solutions the Ethereum blockchain has created, now that other blockchain ecosystems have popped-up, there is a need for dApps on those too.
Most decentralized finance platforms were built while keeping decentralization, immutability, and the absence of central authority in mind, but the nature of Solana makes it possible for blockchain sleuths to analyze data to connect people’s identities with their wallets, and the more users interact with protocols the likelier it is for sleuths to successfully identify them.
There’s a demand for anonymity in the cryptocurrency space, but existing solutions either force users to deposit funds on platforms that enforce know-your-customer (KYC) checks and, as such, have access to users’ identities, or deal with friction and less-than-stellar experiences.
Enter SolBank, a privacy-centric Solana wallet that believes privacy should not be “opt-in” but should instead be the default, with users only opting out of their own free will. SolBank is a non-custodial Solana browser wallet with support for SPL tokens.
How SolBank keeps user activity private
Through the use of smart contracts, SolBank mixes the wealth of its users so only the individual keeps track of their funds. To blockchain detectives, the funds are all under a smart contract pooled with those of all other users.
Every time users want to withdraw their funds, SolBank creates a new wallet address for them, which would originate from the smart contract. This way, privacy is guaranteed. As SolBank is a non-custodial wallet, only users are responsible for keeping access to all of their funds.
Grouping the wealth of users is seen as one of the safest approaches to retain privacy, making it impossible to distinguish who owns what. Only the users themselves have access to their own funds and addresses.
SolBank essentially combines the usability and user experience of popular Ethereum wallets like MetaMask with Tornado Cash, or MetaMask with Jumble Cash for BNB, using cryptographic proofs to ensure no one can link withdrawals and deposits from a user’s wallet to their identity.
Its smart contracts are open source and secured with bug bounty programs that reward the best developers to ensure problems with the platform’s code are fixed, incentivizing those who find errors to report them instead of trying to get away with any crimes.
How to use the SolBank wallet
After downloading the extension they can meet their new Solana wallet, with a simple user interface.
After a welcome page, you’ll be asked whether you have an existing wallet or not. If you do, you can import your wallet using a 12-word seed phrase, and if you do not you can create one right away.
No one else has access to it, so it’s up to us to keep it secure and away from prying eyes.
To ensure maximum security, the SolBank wallet then asks users to confirm their seed phrase, proving they have written it down and avoiding a loss of funds.
After confirming they have their backup phrase, users enter the wallet itself. The user interface is self-explanatory, so let’s look into the main features. Its send and receive buttons require no introductions, with the “send” button opening up a page asking for the recipient’s wallet, and the receive button opening a page with the user’s address and QR code.
At the bottom of the wallet, users can choose to deposit or withdraw funds from the SolBank wallet. After clicking deposit, the user needs to specify the amount they wish to deposit, and after doing so through a SolBank wallet. When withdrawing, they can move their funds to another SolBank wallet or to an external wallet.
Whenever you want to withdraw funds to, say, cash out at an exchange, you can choose to withdraw from SolBlank’s smart contracts, or just send the funds to the exchange’s deposit wallet.
Previous episodes from the Finance Unchained series
SolBank is the most private, non-custodial Solana browser extension wallet.
SolBank allows the user to easily interact with privacy smart contracts on Solana to hide the amounts and the origins of cryptocurrency held, in a decentralized, non-custodial, and frictionless manner.
SolBank solves the problem of privacy in crypto transactions. Each time you want to make a withdrawal, SolBank will create a new wallet address for you with the amount of crypto that you requested. This address originates from the smart contract where everyone’s funds are pooled. All of this is achieved using cryptographic proofs to ensure that the user cannot be linked with the original depositing address.
With crypto transactions increasing, on-chain transaction privacy is being highly discussed to keep you safe from exposing yourself. SolBank has developed a system that adds the ultimate protective layer to your crypto transactions while facilitating every function that other wallets offer.
Anyone can easily install SolBank and start reaping the privacy benefits in no time at all. Besides the smart contract functionality, SolBank wallet offers a higher level of privacy due to Tor integration.
Unchain finance with SolBank.
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