Been in crypto for a while? You probably have more than one wallet.

It can get tiring keeping track of multiple addresses — often across several blockchains.

But the lack of privacy offered through decentralized ledgers means scattering holdings becomes a logistical necessity.

Imagine you’ve learned about a crypto raffle or an airdrop. Connecting a wallet storing most of your wealth can be a huge security risk, especially if it turns out to be a scam. One wrong move, and funds could be drained before your eyes. That’s why it’s common to generate a new, empty address when interacting with dApps and projects you’re unfamiliar with.

In other cases, your multiple wallets each have a specific purpose. Time after time, we’ve all been reminded to minimize the crypto we have in hot storage — an environment connected to the internet. When enrolling with a DeFi protocol, this might mean you register with an address that only has a fraction of your wealth. This gives you the funds needed to start staking and trading, while reducing the funds in danger from smart contract vulnerabilities or hacks.

Holding crypto in several locations also prevents you from becoming a sitting target for cybercriminals and fraudsters. Opportunistic thieves who spot wallets holding a high volume of digital assets may attempt to target you through sophisticated phishing attacks. Block explorers give an exhaustive insight into every wallet you’ve interacted with — making it possible to determine which exchanges and crypto businesses you’ve used in the past.

The need for a new wallet might be as simple as accepting a payment for a friend or co-worker. If they owe you some coins, establishing an empty address means they won’t see a detailed history of your past transactions… and what your savings are worth. You’re afforded this level of privacy in an old-fashioned bank account, so why should crypto be any different? 

Every single one of these examples creates friction — and risk. Every new wallet is a potential attack vector, and creates another seed phrase that needs to be stored securely. Moving funds between these addresses as you go about your business can also get expensive, especially when gas fees are high. Surely, surely, there has to be a single-wallet solution? 

There is: Data Ownership Protocol.

The power of selective transparency

DOP is creating a new ecosystem that tackles over-transparency: an issue that has plagued the blockchain space for years. The only person who needs to know what’s in your wallet is you — and that’s why our mainnet will deliver powerful features that limit who can access sensitive financial information.

On the intuitive dashboard we’re developing, you will be able to encrypt your digital assets and NFTs in a few clicks — concealing them from public view. From here, it’s time to decide the details that are publicly available about your wallet. Generic disclosures are available — such as declaring you own more than 2 ETH — or icons that denote the altcoins in your portfolio. Encrypted coins can also be sent to others within the DOP ecosystem, preventing your transaction history from entering the public domain.

This dramatically reduces the risk of falling victim to malicious tracking — as from the outside, no one can ascertain the total value of your crypto holdings.

Now, instead of spending precious time managing digital assets across multiple wallets, all of your funds can be securely stored in one place. A collaboration with Chainalysis allows us to add robust safeguards to prevent tainted crypto from infiltrating our ecosystem, so you can be safe in the knowledge that your wallet won’t come into contact with funds from illicit sources.

DOP’s single-wallet solution can also be transformative for mass adoption. Many crypto-curious consumers are accustomed to having one bank account and one credit card — and don’t wish to be bogged down by navigating multiple addresses. We deliver simplicity and security, as well as the levels of encryption people have become accustomed to in the traditional finance space.

The use cases don’t end here, either. Businesses will finally have a way to transact using crypto — without revealing commercially sensitive information to the world. Salaries can be paid, safe in the knowledge that their value won’t be recorded on a block explorer. The value of contracts will remain confidential, preventing rivals from undercutting them on price. 

Complete with a dedicated native token, low fees and fast transactions, DOP is delivering what blockchains always should have: a frictionless and usable experience where you’re safe and in control. It’s time to ditch multiple addresses — and move to one powerful wallet that does it all.