Bitcoin as a digital entity has grown in leap and bounds both in terms of the store of value as well as a medium of exchange. However, along with its popularity, the theft and crime associated with these digital assets are also at an all-time high. Dark wallet, a web-based Bitcoin wallet seems to have come up as the savior against these crimes, as it promises total anonymity and private transactions.
Bitcoin's biggest foe is the misinformation among the public over its use, as cryptocurrencies are mostly promoted as a private and censorship-resistant. However, that is a big misconception as all the transactions on a Bitcoin network are registered on a public ledger and even though they are private in the sense that the transactions won't be rallied through various centralized databases, but it does not guarantee total anonymity.
The dark wallet comes to the rescue of those who want their Bitcoin transactions to be completely private. In a normal scenario, every Bitcoin transaction can be traced to the user address through the public ledger that is available for everyone to verify.
How Dark Wallet Promises Total Anonymity
Dark Wallet is web-based digital wallet which promises total privacy to its user base. The wallet enables data anonymization by obfuscating Bitcoin transactions. Another selling point with the dark wallet is its customizable pocket feature where the users can create any number of packets for their use.
The wallet comes with three pre-defined pockets namely, spending, business, and savings. Each pocket has its own stealth mode which allows for private transactions of the Bitcoin and the users have the option to create as many pockets as they want.
Dark Wallet Features
The two-defining features that separate Dark wallet from most of the available wallets are,
Stealth Address Mode:
It masks every Bitcoin transactions made from the wallet making it quite difficult for anyone to trace back the transaction to the user. Each transaction is encrypted which means neither of the two parties involved in the transaction get hold of each other's address.
This feature could prove a game changer as it mixes two transactions together to make it more difficult for the scammers or any other agencies to trace back the transaction to each individual users. Whenever a user decides to send a certain portion of the coin to an address, the wallet picks another transaction being made at the same time and both transactions are mixed together to avoid any identification.
How To Get Started With Dark Wallet
Dark Wallet is currently under the refinement process and the final stable version is yet to be released. However, the beta version for the same is available for the download with Chrome as well as Firefox extension. The wallet is currently available for download on its official website. Users need to unzip the file and save it on their desktop.
Once the file has been downloaded and unzipped, the user can open the Chrome browser and click on “More tools” from the main menu and then click on “Extensions.”
Users need to enable the developer mode from the settings and then load the unzipped file, which would come with a warning saying that the project is in alpha mode, and might bring in risks for being under development. The user further needs to add a name and password to the wallet. The sender is required to encode in the transaction a nonce used to unlock the recipient address (something that can only be read by the recipient).
Dark Wallet Conclusion
Dark wallet, even though in its development phase promises a ton of features which every crypto enthusiasts dealing in crypto would love to have. However, the privacy and anonymity feature has also brought in some criticism from a few sections of the community. Their argument against the wallet is that it would open the gates for many illegal activities and leave very little for the law enforcement agencies to rely on.
The concerns are genuine, however, that cannot deny the fact that Dark wallet brings in a ton of new features which would help the users to keep their transactions private and away from the clutches of scammers looking to steal your digital asset.