🕶️EGSpectre
EGSpectre: The Future of Financial Privacy on Blockchain
Last updated
EGSpectre: The Future of Financial Privacy on Blockchain
Last updated
https://egswap.exchange/egspectre
Blockchain technology heralds a new age in data transparency and decentralization, characterized by its three main pillars: Immutability, Transparency, and Decentralization. However, with these benefits come inherent challenges, particularly when it comes to preserving individual privacy.
In a blockchain landscape where every transaction is transparent, maintaining financial privacy becomes paramount. Your crypto wallet, once exposed, can potentially reveal your balance, trading behaviors, and much more. This transparency, although a significant blockchain strength, can be a point of vulnerability, especially in the following scenarios:
Maintaining personal wealth privacy.
Keeping trade results confidential.
Making anonymous donations to socio-political causes.
Businesses wanting to protect their financial activities.
Individuals desiring discretion in gifting without revealing their net worth.
Real-Life Scenarios
https://www.wsj.com/articles/cryptos-transparency-may-be-part-of-the-problem-right-now-11668692632
https://news.bitcoin.com/lenders-may-deny-your-mortgage-application-if-you-sold-bitcoin-in-the-past/
https://cryptobriefing.com/vitalik-buterin-used-tornado-cash-to-donate-to-ukraine/
Current Privacy Solutions & Their Drawbacks
Tornado Cash, a currency mixer, was a popular solution for many users for a number of years. A mixer enhances privacy by mixing tokens from different users, making it harder to trace the source and destination of transactions. As a result, it became very attractive to cybercriminals seeking to launder money. On August 8, 2022, Tornado Cash was sanctioned by the U.S. Treasury (OFAC) and eventually shut down for failing to install sufficient controls to prevent it from laundering cash for harmful cyber actors on a regular basis.
Due to its downfall, the mainstream narrative started associating“privacy” with “enabling criminal activity” instead of highlighting the benefits to individuals. We are hoping to change this perception with a compliant solution that prevents illicit activity and focuses on improving personal financial privacy.
Tornado Cash mixed over $7.6 billion worth of Ether since its launch in August 2019. The daily volume reached over $100 Million consistently. It is estimated that almost 30% of the funds sent through it were tied to illicit actors. Now that it has been shut down, where does the 70% of legitimate demand go?
If we assume a daily demand of $70 million for legitimate users seeking financial privacy, and we are able to get a 1% market share of that, even that is $700K of volume going through EGSpectre!
EGSpectre is a fully compliant solution to privacy on the blockchain.
EGSpectre is NOT a currency mixer.
Automatically blocks any wallets belonging to sanctioned entities.
Sanctioned entities refer to entities listed on economic/trade embargo lists, such as by the US, EU, or UN, with which anyone subject to those jurisdictions is prohibited from dealing. This includes the Specially Designated Nationals (SDN) list of the US Department of the Treasury’s Office of Foreign Assets Control (OFAC). EGSpectre checks our internal database, the SDN list, and many other third-party data providers to block wallets known to carry out illicit trading.
Does not require user accounts.
Does not accept payments from users.
Does not charge its users any fees. It receives commission from exchanges.
Is not a Market Maker nor does it own/utilize any liquidity pools.
Never retains possession of user funds.
Although EGSpectre scans and blocks wallets belonging to sanctioned entities, at the backend, it technically is a tunnel between exchanges and the legal risk sits with the exchange, not EGSpectre.
In the absolute worst-case scenario of any legal issues which we cannot resolve immediately, EGSpectre is an add-on to the EGSwap and it can simply be turned off without effecting other parts of the DEX.
Increased awareness regarding privacy and anonymity in the cryptocurrency realm will result in reduced social stigma and, ultimately, enhancements in individual financial confidentiality.
EGSpectre uses Private Cryptocurrencies* as a tunnel between exchanges.
Select - Pick the 2 tokens you want to exchange. i.e Ethereum ERC-20 to BNB Bep-20
Swap - EGSpectre connects to Exchange 1 and swaps your crypto to a Private Crypto
Hop – Your anonymous Private Crypto is sent from Exchange 1 to Exchange 2
Anonymize – Your Private Crypto on Exchange 2 is swapped to your desired receiving token
Collect – Your desired token is sent to the wallet of your choice and all links between sender and receiver are erased.
* Private Crypto means Cryptocurrencies like Monero, Verge & ZCash etc. Monero is used most often. It was launched in 2014 & is a Top 50 ranked decentralized and confidential cryptocurrency. Thanks to its privacy-boosting mechanisms, external observers are unable to differentiate between addresses engaged in Monero transactions, the quantities being transacted, address balances, or transaction history.
Supported Blockchains & Tokens:
| Chain | Tokens |
|---|---|
Algorand | ALGO, USDT, USDC |
Aptos | APT |
Arbitrum | ETH, USDT, USDC, VELA, DAI, WBTC |
Avalanche | AVAX |
Beldex | BELDEX |
Binance Smart Chain | BNB, BUSD, USDT, DAI, ADA, XRP, FTM, USDC, CAKE, UNI, APE, LINK, TRON, LTC, SHIB, SAND, AVAX, AAVE, MANA, RISE |
Bitcoin | BITCOIN |
Cardano | ADA |
Cronos | CRO |
Dogecoin | DOGECOIN |
Ethereum | ETH, USDT, USDC, DAI, MATIC, WBTC, UTK, UNI, APE, LINK, SHIB, SAND, AAVE, MANA, IMX, UOS, GODS, ENJ, TAMA, BONE, ELON, DYDX, RPL, |
Fantom | FTM |
Internet Computer | ICP |
Litecoin | LTC |
Monero | XMR |
MultiversX | EGLD |
Polygon | MATIC, USDT, USDC, DAI, BUSD, SAND |
Ripple | XRP |
Solana | SOL, USDT, USDC, |
Sui | SUI |
Tron | TRON, USDT, USDC |
