Bank3

The first iteration of Bank3 was a generic method to enable cryptocurrency transfers whose beneficiary remains private until the assets are withdrawn. This is described in this blog post. Compared to coin mixers such as Tornado Cash, it has two advantages:

• the gas cost is much lower (by almost an order of magnitude)
• because the recipient is eventually known, there should thus be no legal issues

Of course, this second point is a drawback for those seeking total privacy, which Bank3 cannot provide by design.

In its second iteration, Bank3 uses the League of Identity (LoID) to make possible the sending of crypto assets to Gmail, Facebook and other social media accounts, even if the beneficiary does not have a web3 wallet.

So far we have tested this concept on Ethereum testnet and are looking for partners to bring this into production. A live demo of Bank3 is available here.