Whitepaper

Coinceal — unbeatable privacy

Coinceal offers an advanced, non-custodial solution for users seeking privacy in their cryptocurrency transactions. Designed to provide complete anonymity, your Anonymous Vault ensures that both senders and receivers remain anonymous while maintaining transaction confidentiality. Supporting both EVM and non-EVM chains such as Bitcoin, Ethereum, and others, the platform is engineered to simplify privacy for crypto users without compromising security or compliance.

Key Features:

• Private Swaps: Conduct private cross-chain swaps within the vault itself, shielding swap details from public visibility with the best, near spot market exchange rates.
• Gas-less Privacy: Transactions do not require you to hold gas assets, allowing users to pay fees directly in their transaction currency.
• Cross-Chain Compatibility: Effortlessly manage and swap assets across Bitcoin, Ethereum, and a growing list of other chains.
• Single Seed Phrase Management: A single seed phrase gives users control over multiple accounts within anonymous vault across different blockchains.
• Browser and Mobile Accessibility: No installation needed, as the vault operates directly through your web browser.
• Support for Sub-Accounts: Easily create and manage anonymous vault accounts and single-use accounts with a single click.\

Technical Overview

Coinceal employs OPL (Oasis Privacy Layer) side-chain as its privacy engine to ensure anonymity across all transactions. It hides sender and receiver identities, transaction amounts, and asset types. The protocol uses a modular framework to support multiple blockchains, including EVM networks (via Celer IM) and non-EVM networks like Bitcoin (via a custom on-chain lightweight client). Future expansions will include modules for Solana, Tron and other popular chains.

The Self-custodial Anonymous Vaults manage multiple private accounts through a BIP-32 seed phrase. Each account is an abstracted smart contract (EIP-4337) on OPL controlled by secp256r1 keys, enabling encrypted and private interactions. Account data, such as balances and histories, is stored locally and securely using in-browser local storage.

Private tokens, core to Coinceal’s privacy, are fully backed 1:1 with original assets. These tokens avoid events (e.g., Transfer or Approve) that could expose user activity, ensuring complete privacy while allowing seamless conversions between public and private states.

The system simplifies usage with gas-less transactions handled by off-chain bundlers and paymasters. By combining modularity, privacy, and user-centric design, Coinceal provides a secure, compliant, and simple solution for cross-chain crypto privacy.

Anonymous Vaults Overview

Your anonymous vault is a container for many private accounts that is managed by BIP-32 derivation seed phrase which must be stored securely on the user end.

You can derive as many private accounts as you need, with each private account having its unique private address prefix.

Each Anonymous Vault stores all the data locally using in-browser IndexDB with a storage that can be encrypted, to store such items as:

• Wallets derivation checkpoints
• Encrypted accounts keys
• Accounts actions logs
• Etc.

Self-custodial Private Accounts

Private Accounts are the core part of Coinceal’s Anonymous Vaults and a core subject of your on-chain privacy. Every account has a unique private address and is separated from other accounts.

Every private account you have within your vault is an abstracted smart contract (using EIP-4337) deployed on the OPL sidechain and controlled by the secp256r1 signing key pair, similar to how Ethereum signatures work.

All the requests, such as transfer of assets, withdrawal of assets back to the source network, viewing of balances, etc. are signed by the owner (user) and encrypted using the Deoxys-II symmetrical encryption algorithm which is natively supported by the OPL, this prevents the requests from being viewed by the off-chain bundler.

To abstract end users from the OPL gas and other complexities, off-chain bundlers and paymasters are being involved (read more about EIP-4337) that are handling all the mutable interactions with the OPL.

Each private account has its balance in private tokens, which makes it possible to hide the balances and transaction history of a private account from a third-party observer.

Private Swaps

Coinceal features an integrated private swap that lets you swap any asset that you hold in your Anonymous Vault to any other supported asset from any supported chain.

Swapping assets is private, as there is no public link between the original depositing address and the receiving address that receives the destination swap asset.

The swapping finality is instant, meaning no need to wait to receive your assets. It’s also fully gas-less and just requires a one click operation from the end user.

Coinceal is aiming to have the best rates among privacy swap providers, near spot market rates.

Withdraw funds from your Anonymous Vault

To use your funds, you have to withdraw them back to their respected source blockchain. These operations are private, meaning they do not leave any public trace between your original deposit to your Anonymous Vault and the external receiving address to which you are withdrawing to.

This makes our solution ideal for people who want to fund fresh wallets for e.g airdrop farming, to pay salaries, and DAO’s or anyone else who is in need of privacy on-chain.

Compliance Policy

Coinceal does not use mixer technology to achieve privacy for transactions. A robust compliance framework is in place to ensure compliance with regulatory requirements. This design eliminates the risk of users receiving coins associated with illicit activities, and keeps the protocol safe from any potential legal issues in the future.

AML and Risk Management: Addresses listed on the OFAC sanctions list are restricted from depositing funds into Anonymous Vaults. If a transaction is attempted from an OFAC-listed address, our AML system will automatically block the deposit and return the funds, as we do not have the ability to freeze them. Coinceal doesn’t allow Anonymous Vault deposits from high-risk wallet addresses flagged by global sanctions lists, such as the OFAC SDN list.