Notes Management Tool: What It Is and How to Use It

At Singularity, we are on a mission to enable users to access DeFi in a compliant and confidential manner. Blockchain, by its ideological core, is transparent, presenting a challenge in creating on-chain commercial confidentiality within this innate technology.

We have developed a protocol that is integrated with existing on-chain liquidity pools i.e Uniswap where users can execute their DeFi strategies through our non-custodial Dapp, but without their wallet address appearing on explorers — we provide a proxy address for all users.

When a user ineracts with Singularity they are provided with Private Notes, which are UTXO notes that prove the owners’ claim on their assets inside Singularity. It is critical for users to effectively manage and store them securely to interact with DeFi via the Singularity protocol. Without the notes, users cannot prove they own the assets inside the Singularity protocol and therefore cannot withdraw or transact with funds.

For example, if a user deposits 10 ETH into Singularity from their connected wallet, they would then receive a Private Note with a claim on their 10 ETH.

With this note, you can access the world of DeFi in a compliant, confidential manner via Singularity’s functionality and integrations to DeFi.

Here’s what it looks like:

The interface is easy to navigate, but the difficulty comes with the management of the Private Notes, so we have developed a Google Chrome Extension to make the note management as seamless as possible.

We call it the Notes Management Tool and this is what it looks like

You can download it here.

Without this tool, users would need to keep track of their Private Notes on their own, making them more susceptible to loss. It is our duty not only to provide access to DeFi confidentially but also to ensure a fantastic user experience. Hence, the creation of this tool.

In this blog post, we’ll explore the reasons behind this development, the benefits it offers, and how it can simplify yur blockchain experience.

Understanding UTXO and its Importance

Before delving into the specifics of our tool, it’s crucial to understand the concept of UTXO:

• UTXO (Unspent Transaction Output): This is a fundamental element in blockchain systems like Bitcoin. Each transaction generates UTXOs, which represent the amount available for future transactions.
• UTXO Private Notes in Singularity: As you can see from the image above these are used for users to keep track of their balances of their cryptocurrencies whether from a deposit, LP, staking, swap, etc these notes are their claim on their assets. some text
• These notes can be used to seamlessly navigate Singularity to access DeFi protocols like Uniswap, Rocket Pool, Curve, etc to swap, stake, LP, etc without public knowledge that transactions are coming from user wallet addresses, only coming from Singularity’s contract.

The Challenges of Managing UTXO-Based Notes

Managing UTXO-based notes manually can be daunting due to several reasons:

1. Complexity: Each transaction generates multiple UTXOs, and keeping track of these across numerous transactions can be overwhelming and confusing.
2. Accuracy: Manually managing UTXOs increases the risk of errors, which can lead to issues like double-spending or loss of funds.
3. Efficiency: Without an efficient management system, users might find themselves spending excessive time tracking and verifying their UTXOs.

Why We Developed the Notes Management Tool

To address these challenges, we saw the need for a dedicated tool that could streamline the process of managing UTXO-based notes.

Here’s why we chose to develop a Google Chrome extension for this purpose:

1. Accessibility: A Chrome extension provides easy access directly from the browser, making it convenient for users to manage their UTXOs without needing to open separate applications.
2. Integration: The extension can seamlessly integrate with various blockchain platforms and wallets [don’t think that’s right]
3. User-Friendly Interface: The extension offers an intuitive interface that simplifies the complexities of UTXO management.

Benefits of Using Our Notes Management Tool

By using our Google Chrome extension, users can enjoy several benefits:

1. Efficiency: Save time by automating the tracking and management of UTXOs.
2. Accuracy: Reduce the risk of errors and ensure the integrity of your blockchain transactions.
3. Convenience: Manage your UTXO-based notes directly from your browser, eliminating the need for multiple tools or applications.
4. Data Security: UTXO notes are saved locally in the browser, so only the user can access and view these notes.

Recommendations from Singularity on your Private Notes:

Whenever you interact with Singularity you wil be prompted to safe keep this note, so for best practices, we recommend you at all times to do two things:

1. Download the txt file to your computer as a local backup.

2. Save them to the Notes Management Tool for future use.

The easiest way is via the Notes Management Tool, but for additional safekeeping downloading we strongly recommend users to backup locally.

Conclusion

Our Google Chrome extension is designed to address the complexities of UTXO management, providing users with a powerful, user-friendly, and secure tool.

By leveraging this tool, users can greatly enhance their blockchain experience, ensuring they have accurate and efficient control over their UTXOs.

About Singularity:

Singularity is a compliant institutional DeFi access layer that provides access to popular protocols for institutional on-chain participants with commercial confidentiality. Users will have their wallet addresses obfuscated while leveraging existing DeFi liquidity. Singularity uses the state-of-the-art UltraPLONK proof system with zero-knowledge circuits based on Noir.

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