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Is crypto wallet anonymous?

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Is crypto wallet anonymous?

Types of Crypto Wallet that provide greater privacy & anonymity

Smart Platform by Mirror World
Dec 14, 2022
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Is crypto wallet anonymous?

blog.mirrorworld.fun

Cryptocurrency wallets are not inherently anonymous. In most cases, a wallet will have a public address that can be used to receive cryptocurrency, and anyone can see the transactions associated with that address on the blockchain.

Public Address in in-app wallets
Public Address of Wallet in Applications

However, there are some ways to increase the anonymity of a cryptocurrency wallet. For example, you can use a new, unused wallet address for each transaction to make it more difficult to track your activities.

From industrial level, there are privacy-focused wallet with special design, such as non-custodial or MPC wallet, that uses advanced cryptography and special design to decrease the chance of private key being compromised.

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People are talking about Web3 and decentralization all over the place today. Under the wave of emerging concepts and capital flows, more developers and users are pouring into Web3, and the number of commits per project skyrocketed. For those considering getting into Web3, the first course they must master is undoubtedly the crypto wallet…
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7 months ago · 2 likes · Mirror World Smart SDK

A non-custodial wallet is a type of cryptocurrency wallet where the user retains sole control over their private keys. This means that the user, rather than a third party, is responsible for managing and securing their keys.

Because non-custodial wallets give users more control over their private keys, they can potentially provide greater anonymity than custodial wallets.

Mirror World Smart Wallet v1.0 Key Management System
Mirror World Smart Wallet v1.0 Key Management System

In a custodial wallet, the third-party provider has access to the user's keys and can potentially track their activities or share their information with others. In a non-custodial wallet, the user is the only one who has access to their keys, so their activities are less likely to be tracked.

An MPC (multi-party computation) wallet is a type of cryptocurrency wallet that uses MPC technology to allow multiple parties to jointly compute the actions needed to manage the wallet without revealing their individual inputs. This means that each party has access to only a portion of the wallet's private key, making it more difficult for any single party to track the wallet's activities or steal its funds.

MPC Algorithm Demo
MPC Wallet Design

Because MPC wallets distribute the private key among multiple parties, they can potentially provide greater anonymity than traditional single-party wallets. By splitting the key into multiple parts, MPC wallets make it more difficult for any single party to track the wallet's activities or steal its funds. This can provide an additional layer of security and anonymity for the user.

Ultimately, the level of anonymity provided by a cryptocurrency wallet will depend on a variety of factors, including the specific wallet and cryptocurrency being used, as well as the user's own behavior. It's important to carefully consider the privacy implications of using a cryptocurrency wallet and take steps to protect your anonymity if desired.


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If you are interested in Mirror World Smart SDK and looking to make a wallet of your own right now, please visit:

Our Developer Dashboard: https://mirrorworld.fun/developer

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