> For the complete documentation index, see [llms.txt](https://vayyl.gitbook.io/vayyl-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://vayyl.gitbook.io/vayyl-docs/concepts/private-balance.md).

# The Private Balance

The Vayyl balance is a wallet view over privately owned notes, not a public account field.

## Variable-value notes

The planned transaction circuit consumes notes and creates new notes while enforcing:

```
sum(private inputs) + public deposit
  = sum(private outputs) + public withdrawal + fee
```

This single rule enables:

* combining several small notes;
* splitting one note between a recipient and private change;
* paying a shielded recipient without a public withdrawal;
* partially withdrawing while keeping the remainder private;
* moving value into or out of a proof-bound application.

## Why change matters

Without private change, a note must be spent whole. That forces exact denominations or public withdrawals and makes a wallet feel like a collection of vouchers. With change notes, the user sees a normal balance while the wallet performs note selection underneath.

## Recipient notes

A private transfer creates a note that only the recipient can discover and decrypt. The ledger sees a new commitment, not the recipient's public Stellar account. The sender also creates a change note when needed.

## Privacy-set effects

Variable values improve usability but introduce metadata risks. Unique public deposits or withdrawals can still be correlated by amount and timing. Vayyl therefore plans batching, relayed submission, wallet warnings, and common-value routing as privacy controls around—not replacements for—the proof system.


---

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