Version 2.0 Release Notes

Welcome to the age of the Privacy Wallet! It’s taken us a little bit to build to get here, but now with Bermuda you not only have a place to hold and send your Crypto anonymously, but now you can trade any supported token directly inside your Bermuda wallet! We’ve even added the ability to now “swap and send” on the fly when you make a crypto payment all as one seamless transaction… So, what does all of this mean?

Understanding the Issue of ‘Volume’

Any anonymous transfer protocol relies on having a large volume of transactions to help obfuscate the sender, because if anyone wants to try and identify where funds originated from, they can use the only information available to them: a block explorer. There, they can view unique wallet addresses that deposit tokens into a dApp address, or receive tokens from a dApp address. If people know that the same tokens that go into the protocol are the same tokens that go out of the protocol, then it makes it easier to link A to B.

While we can never hide these unique addresses outside of the Bermuda dApp, our solution is to give you much more that you can do inside of the smart contract… all of which is anonymous.

How Version 2 Mitigates the Volume Issue and Provides Greater Privacy

By now having a DEX inside your Bermuda wallet, you don’t need to send them to an external wallet to buy, swap, trade, sell, etc. You can do it all inside your private Bermuda wallet and the only thing block explorers see is the Bermuda smart contract swapping tokens on your behalf. The swap and send function works in the same way, but just gives you the convenience of doing this in one transaction.

Now when prying eyes on block explores see what gets sent out of the Bermuda smart contract, it makes it considerably harder to work out where they came from, because tokens deposited may have been swapped and profits could have been made on trades making it impossible to identify a user’s balance.

Version 2 also gives every wallet user their own unique wallet address. This will allow you to still connect via the decentralized wallet you created your Bermuda account with, but will also allow you to send tokens directly to your Bermuda wallet from a centralized exchange or alternate decentralized wallets. This means tokens can come into a user’s account from multiple sources.

With this update, volume becomes far less of an issue to obtain privacy and it also gives users a greater reason to user Bermuda, not just as a private sending service, but as the place to hold your crypto where your balance cannot be viewed.

So What’s in Version 2?

1. New navigation menu: We’ve changed the nav menu for desktop and mobile to allow for the addition of the new sections in this update and what’s coming in the near future. You can already see where the DAO and EARN (staking pool) will be coming in the next release. The mobile nav menu now looks just like a mobile app.

2. New ‘wallet balance’ screen: We now display the total USD value of your holdings and have moved the deposit section to its own tab. This will allow you to connect your decentralized wallet like before and show you your Bermuda Wallet address to deposit tokens directly.

3. Swap (Privacy DEX): Here, you’ll be able to swap/trade any of the tokens supported in the platform.

4. Send tokens: Now that we’ve added the swap and send function, when you send tokens you enter/select your payee like before, but now once you choose the token to send, a second drop down will appear labelled “Token Payee Receives”. By default this will be the token you chose to send, but you can change this to be any of our supported tokens and the swap will be done and the new tokens sent to your recipient on the fly.

5. History and Saved Payee lists: We’ve merged these two lists under the ‘History’ menu item. In the your Transaction History, instead of displaying the recipient’s wallet address, we’re now displaying the TX Hash with a copy function (as this was frequently requested by users). Transactions now have icons to indicate if the transaction was a deposit, send, swap, etc. The Saved Payees list now has a copy function to copy a saved payee’s full wallet address.

6. New notification banner: All notifications will now appear at the top of the screen so you can view the status of pending transactions anywhere in the app.

7. New dApp smart contract: Version 2 of the dApp smart contract has gone live and we have added in A LOT of new functions to help accomodate all the things we plan to release in the future. This is separate to the $BMDA token contract and has no effect on it.