Welcome to the 4th episode of our Financed Unchained series! In this series, we explore the world of private finance : from issues in the current market to real-world applications. Today we’ll be covering one of the biggest SolBank use-cases : Trading SPL tokens privately.
Trading is the act of speculating on price movements in the cryptocurrency market. Currently, the market experiences large-scale cycles of growth and decline fuelled by cryptocurrency traders.
While for many, trading can be an excellent source of income and a path to financial freedom, it comes with its own set of drawbacks. The public nature of blockchain has a weak spot : a complete lack of privacy.
Cryptocurrency is quickly evolving from a speculative asset into something that can solve real-world problems, yet privacy concerns can stem adoption and hinder users. It’s essential to eliminate such concerns and break down barriers to entry.
Blockchain’s fatal flaw : Privacy
Let’s use an example. Bob is a full-time cryptocurrency trader. He’s been involved with cryptocurrency for years and has been able to earn an income through trading. While he loves the financial freedom that trading offers, he faces an array of challenges and concerns. One of his major concerns is his privacy.
On blockchains, transactions are visible to everyone and connected to the wallet addresses that made them. Every time Bob makes a trade, he leaves a digital trail of information linked to his own wallet address, let alone when Bob uses a centralised exchange to convert his gains into fiat currency for everyday use.
As someone deeply invested in cryptocurrency, Bob worries about prying eyes following his trading activity. With a lack of privacy, it’s simple for interested parties to use publicly available information to Bob’s detriment.
Traders have a lot of eyes on them, as onlookers try to gauge the sentiment and direction of the market. Bob’s trading strategies may cease to be successful if the wrong person becomes aware of them.
Other cryptocurrency traders often respond to big trades, and this could result in Bob being targeted. In a worst-case scenario, someone could even target Bob with front-running bots to profit from his trades. Even if Bob made a new SPL address and moved his funds to it, onlookers would be able to track his new address via outgoing transactions. Bob needs to safeguard his privacy, and without it, he feels at risk and not completely comfortable making financial decisions.
Bob now trades SPL tokens privately, with SolBank
Bob and millions of users now benefit from taking back their privacy. With full control of his privacy, Bob is less at risk and enjoys the benefits of trading cryptocurrency without any overarching concerns. Privacy allows traders to make beneficial financial decisions, without compromises
SolBank lets users take back control of their privacy on the Solana blockchain. Funds are rendered untraceable after being mixed in privacy pools that obfuscate their origins. They remain accessible and visible to users while being hidden from others. SolBank allows users to deposit cryptocurrency to fresh addresses that are not linked to their portfolios in any way.
Bob uses SolBank to make multiple fresh addresses and split his trading activity between them. Splitting his funds between different wallets makes Bob’s trading activity difficult to follow for bad actors.
Bob’s new addresses have unknown origins, making it impossible for anyone to link them to his previous addresses or personal portfolio. With SolBank, Bob seamlessly transfers funds between his different addresses without leaving a trail of information that could be used against him.
Millions of users have become jaded by years of privacy infringements. Privacy is becoming more valued in a world where it’s difficult to attain. SolBank is filling this increasing demand by allowing users to take back control of their financial privacy. Once free to make financial decisions without privacy concerns, everyday people can reap the benefits of cryptocurrency and blockchain.
Previous episodes from the Finance Unchained series
- Finance Unchained — An Overview
- Finance Unchained — How does SolBank work ?
- Finance Unchained — SolBank versus privacy coins
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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