Learn & Earn with Hinkal: Week 1

If you're making transactions on-chain, it’s time to explore why you need Hinkal. Learn and Earn together with Hinkal!

Georgi Koreli

01 Nov 2024 — 4 min read

Why crypto users need privacy and how Hinkal enables it

Over the past years, privacy of DeFi users has become a major concern for users engaging in on-chain activities. With transaction histories publicly visible on blockchains, the risk of identity theft, front-running, and targeted attacks looms large. This is where Hinkal steps in, offering an efficient privacy solution that empowers users to protect their financial actions while enjoying the benefits of DeFi.

If you're making transactions on-chain, it’s time to explore why you need Hinkal.

Why privacy is important

Privacy is an absolute necessity in a landscape where transaction histories are publicly visible, which can lead to identity theft and targeted attacks. But why?

First of all, the privacy of transactions is a layer of security for, let’s say, good DeFi users against malicious actors. Do you want the whole blockchain space to see how much crypto you have, what coins you trade, and when you earn or get rekt? Well, that’s exactly what Hinkal helps you with - protecting your on-chain data.

Secondly, privacy concerns were well addressed in Web2 a long time ago. It was initially expected that Web3 space would avoid the same issues and become a more protected and confidential place for the users. However, the blockchain transparency dilemma still remains unsolved.

So Hinkal is here to provide the solution, enabling an unmatched level of privacy for each and every DeFi member! What can you use Hinkal for? Depending on your request, there are a lot of different use cases. For example, Hinkal allows you to make payments, vest tokens, make swaps, yield farm, stake, transfer to another shielded adress, and even liquidate memecoins privately!

Technical Overview of Hinkal

Hinkal implements an advanced zero-knowledge privacy solution built on Ethereum. This innovative technology allows users to conduct transactions without revealing sensitive information about their activities. Here’s how it works:

Zero-Knowledge Proofs: Hinkal utilizes zkSNARKs to ensure that users can prove they have certain information without disclosing the information itself. This means you can verify transactions without exposing the details of your financial activities.
Screening layer: With the help of trusted partners (such as aiPrise, ZkMe, Authento, Galxe Passport, Binance BAB token, and Coinbase EAS), Hinkal integrates a screening layer that prevents illicit users from accessing the protocol. This approach allows users to comply with regulations without sacrificing their privacy.
Shielded Pools: Hinkal employs a shared privacy coordination layer that enables users to bootstrap shielded liquidity across multiple chains. This feature enhances scalability and ensures that privacy is maintained even as users interact with various dApps.

Main Advantages Over Similar Products

Hinkal sets itself apart from other privacy solutions in several key ways:

Non-Custodial Transactions: Users retain full control over their assets without needing to send them to a third party. This non-custodial approach enhances security and aligns with the core principles of decentralization. In simpler terms, you don’t have to worry about trusting your funds to a third party, because this just doesn’t happen at hinkal.pro. You remain in full custody of your funds.
Lowest Fees on the Privacy Market: Hinkal offers competitive transaction fees:
- 3 basis points (equivalent to 0.03% of the transaction amount) for pools, staking, and swap transactions;
- 8 bps for withdrawals.
It makes our dApp an attractive option for users who want to maintain privacy without incurring high costs. This affordability encourages broader adoption among both retail and institutional investors.
User-Friendly Interface: Hinkal is designed with usability in mind, allowing even those without technical expertise to navigate the platform effortlessly. The intuitive interface ensures that all users can take advantage of its privacy features without feeling overwhelmed.

How to Start with Hinkal

Getting started with Hinkal is straightforward and user-friendly. Here’s a step-by-step guide:

Open the dApp: Head over to app.hinkal.pro to access the platform.
Connect your wallet: Click the button in the upper right corner and connect your wallet (for example, Metamask / Coinbase Wallet etc).

Complete the integrity check: Before using Hinkal, you’ll need to pass an integrity check, which verifies your compliance with regulatory standards without compromising your privacy. At the end, you need to mint your access token - and you’re on board!
Deposit funds: Once your wallet is set up and verified, deposit your ETH or ERC-20 tokens into Hinkal’s shielded pool. Important notice: you remain in custody over your funds.

Start transacting privately: You can now engage in private transfers, swaps, yield trading, and staking activities without revealing your transaction history. Or you can just store your funds privately without losing custody over those.

By leveraging efficient privacy-preserving technologies, Hinkal empowers Web3 members to take control of their financial data while enjoying the full benefits of decentralization.

If you’re ready to improve your on-chain experience with easy-to-use privacy solutions, visit hinkal.pro today and join the movement towards anonymous DeFi interactions!