EGSpectreFuture of Financial Privacy on the Blockchain
The Blockchain Privacy Paradox
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.
Current Privacy Solutions and their Drawbacks
Solution 1Unregulated and frequently illicit alternatives such as Mixers or Coinjoin.
Risk: Bad Press, Sanctions and Criminal charges.
Solution 2Using a Central Exchange (CEX).
Risk: Extensive KYC, risk of funds getting lost/blocked, and remember, Not your keys, Not your crypto.
Solution 3Privacy Tokens like Monero & Zcash and other solutions like Mimblewimble, SideChains and Off-Chains etc.
Risk: Complicated to use for the average user.
Not another Tornado CashTornado 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
Our Opportunity
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, we would be able to get a 1% market share of that, even that is $700K of volume going through EGSpectre!
Announcing EGSpectreEGSpectre is a fully compliant solution to privacy on the blockchain.
EGSpectre is NOT a currency mixer.
Automatically blocks any wallets belonging to sanctioned entities.
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.
Cross-Chain Bridge . Private Transactions . Zero Gas Fees
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.
How does it work?EGSpectre uses Private Cryptocurrencies* as a tunnel between exchanges.
SelectPick the 2 tokens you want to exchange. i.e Ethereum ERC-20 to BNB Bep-20
SwapEGSpectre connects to Exchange 1 and swaps your crypto to a Private Crypto
HopYour anonymous Private Crypto is sent from Exchange 1 to Exchange 2
AnonymizeYour Private Crypto on Exchange 2 is swapped to your desired receiving token
CollectYour 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 Chains
Frequently Asked Questions
EGSpectre utilizes the Private blockchains for the purpose of enhancing the privacy of your transactions. The process involves an automated sequence: it begins by converting your chosen input currency to a Private Crypto on one exchange, then subsequently transfers this Private Crypto to a different exchange where it is traded into your desired receiving currency. Since Private Crypto operate on an anonymous blockchain, the simple action of moving them from one exchange to another effectively severs the connection between the sender's and receiver's wallets.
The fundamental essence of EGSpectre lies in its role as a collector of top-tier non-custodial exchanges. Once a User Swap Request is initiated, the platform takes charge of directing these requests to non-custodial instant exchanges that are renowned for their quality.
It's crucial to note that EGSpectre maintains a strict stance of non-involvement when it comes to users' Digital Currency. At no juncture do we gain access to users' digital holdings. The company refrains from intervening in user transactions, abstains from receiving user deposits, avoids handling user funds, and does not impose any fees on user transactions.
EGSpectre extends its services to users free of charge. The platform generates income by securing a commission from the exchange to which it refers users. Importantly, this commission is subtracted from the exchange's spread, without imposing any additional cost on users who opt for EGSpectre over engaging directly with a partner exchange.
You have to send the exact funds to the wallet shown otherwise your transaction will not be processed. If you make a mistake or send incorrect funds, don't worry, they are most likely not lost. Raise a ticket in Discord and our admins can help track the transaction for you to help recover your funds. But to save time for everyone, ensure you send the correct amount of tokens to the wallet shown.
Absolutely not. EGSpectre operates without the necessity of connecting a wallet to facilitate transactions. The process is incredibly simple: select a currency pair, designate a recipient wallet address, and dispatch your funds to the EGSpectre wallet address. Wait for the magic to happen. It really is that simple.
EGSpectre automatically blocks any wallets belonging to sanctioned entities.
Info
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.
Additionally, EGSpectre transactions adhere to a non-KYC approach; nevertheless, concealed within the system are automated filters that function to prevent any illicit undertakings within the platform. These filters, overseen by our partnered exchanges, are synonymous with Anti-Money Laundering (AML) protocols.
Should a transaction raise concerns regarding potential criminal involvement, the exchange partners might necessitate supplementary information in accordance with their KYC/AML regulations.
In the improbable occurrence of such an event, EGSpectre will undertake one of two actions: either connect you with the exchange partner for resolution or defer to the exchange partner's preferred remedial procedure.
No. Your funds are safe. Contact us and we will happily look into this for you
Sometimes, due to network congestion, your transaction may be "pending" and stuck in a queue to get processed. Firstly, open up your wallet in BscScan or EtherScan (or whatever chain you are transacting on) and check your transaction history. If you see a "pending transaction", this is most likely a network delay or gas issue which will resolve itself in time. If you do not see such a pending transaction, contact us, and will will look into this for you.