Ethereum Anonymizer

Our Analysis

Team: 6.8

Feasibility: 6.5

Product: 6.5

Overall Rating: 6.6

Short Description: But for users who need anonymity, this platform is not suitable, since all transactions are written to the blockchain and it is not difficult to trace the transfers from the entry point to the exit point.

Category: Business Services

Category: Tokens Cryptocurrency



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The Ethereum platform is very popular and is recognized as the only fully functional decentralized platform, although it ranks second in terms of capitalization after Bitcoin.
But for users who need anonymity, this platform is not suitable, since all transactions are written to the blockchain and it is not difficult to trace the transfers from the entry point to the exit point.
Our project eliminated this shortcoming of the Ethereum platform.
You do not need to buy anonymous coins because now users of the Ethereum platform who want to make transfers anonymously can do this with any ERC-20 token or the Ether itself through our web wallet!

Technically, from the logic side of the smart contract, the process of anonymizing translations is as follows:

1. Invoicing.

In the smart contract, unique invoice invoice keys are created and the invoice is queued. At this stage, the transaction amount is not indicated, since the price agreement is reached through other information channels.

2. Getting a public and private key.

The recipient refers to a smart contract for obtaining an open (destined for the payer) and closed (intended only for the recipient) unique key created in clause 1. Only the account creator can receive these codes.

3. Sending of the public key to the payer.

The recipient sends the open code to the payer on any communication channel. This key has an auxiliary function and is not written to the block.

4. Obtaining the payer key.

The payer receives the payer’s key, using the method to read the smart contract. In this case, the argument of this method is the public key received from the recipient.

5. Accepting an invoice.

At this stage in the smart contract, an account is searched for in the invoices queue and information about the payer is added. In this case, the payer indicates only the payer’s key.

6. Getting the amount of replacement.

The payer, indicating the payer’s key and the amount actually sent, refers to the smart contract to receive the amount of the substitution.

7. Payment.

The payer makes payment of the invoice, indicating the payer’s key and the amount of the substitution. The funds are transferred to the reserve of the smart contract.

8. Payment cancellation (optional).

The payer can cancel the payment and return the funds from the reserve, specifying the payer’s key.

9. Obtaining account information.

The recipient can view information about the funds (quantity, currency) by specifying the recipient’s private key.

10. Confirmation.

The recipient, using the recipient’s private key, dedicates funds to his wallet. Invoice closed and deal is completed.

Technically, from our decentralized application, everything looks simpler and more intuitive:

1. Invoicing.

The recipient creates an invoice by pressing the “CREATE ANONYMOUS INVOICE” button. In the course of the subsequent actions, a transaction is paid for, as a result of which a smart contract creates and records a unique key for the invoice.

2. Obtaining an invoice link.

The recipient copies the link by pressing the “COPY CODE TO CLIPBOARD” button.

3. Sending invoice link to the payer.

The receiver sends the received link to the payer specified in the way (our road map provides for the creation of an encrypted communication channel for the participants of the transaction that will operate in our decentralized application).

4. Accepting invoice.

The recipient enters the received key into the address bar of the browser when the MetaMask wallet is started and presses the “ACCEPT INVOICE” button. In the course of the subsequent actions, a transaction is paid, as a result of which a smart contract connects the payer and the payee in one transaction.

5. Payment.

In the opened window, the payer chooses the payment type — ETH or ERC20 tokens and enters the agreed amount with the payee. He presses the button “SEND”. In the course of subsequent actions, the smart contract provides the amount of the substitution and conducts the transaction using this amount to write the information to the block account. There is a reservation of the amount of payment on the account of the smart contract.

6. Acceptance of payment by the recipient.

The recipient is notified that the required amount is reserved by a smart contract. After that, the recipient picks up the payment by pressing the “WITHDRAW” button. The transaction is paid.

Proceeding from the foregoing, it becomes clear that our service is not only anonymizer, but also an impartial intermediary.
Our goal is to receive a payment by hiding the address of the sender and the amount, and transfer it to the recipient, after making sure that the payer has paid the required amount.

We can assume that our competitors are "mixer-services", but when you use such services, then you transfer your Ethers to their balance, that is, there is a loss of control over them.
In addition, the mixer service knows to which address it has transferred your funds, and, therefore, such a transfer is not anonymous.

The advantage of Ethereum Anonymizer is that:

1. Your funds are always under your control
2. No one knows at what address you are translating them.
3. You can store your funds on the balance of smart contract Ethereum Anonymizer for free, how much you will need it!

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