Binance Delists Privacy Coins in Belgium Beginning Sept 21!
Binance, one of the world’s largest cryptocurrency exchanges, has announced that users residing in Belgium will no longer be able to buy or trade four privacy coins on its platform from Sept. 21. The delisted coins include Monero (XMR), MobileCoin (MOB), Firo (FIRO) and Horizen (ZEN). Binance spokesperson said that the exchange is moving to delist privacy coins in “every market that we are required to.” The move follows regulatory pressure on crypto exchanges globally to tighten up their compliance processes, particularly around money laundering and terrorist financing concerns.
Vitalik Buterin Releases Paper on Blockchain Privacy and Compliance!
The post Vitalik Buterin Releases Paper on Blockchain Privacy and Compliance! appeared first on Coinpedia Fintech News
Ethereum co-founder Vitalik Buterin has co-authored a new paper titled “Blockchain Privacy and Regulatory Compliance: A Practical Equilibrium”. The main focus of the paper is to introduce a way for users to publish zero-knowledge proofs that show their funds do not originate from unlawful sources without revealing their entire transaction history. This step could help foster a practical equilibrium between privacy and regulatory compliance in the world of blockchain. This latest development is a significant step forward for Ethereum and the blockchain industry as a whole.
Argentina Investigates the Worldcoin Foundation’s Privacy Practices!
The Argentine Agency for Access to Public Information (AAIP) has announced that it has launched an investigation into the privacy practices of the cryptocurrency project, Worldcoin. The project, founded by Sam Altman, aims to create a decentralized social network that will enable users to earn cryptocurrency for sharing their data. The AAIP’s investigation will focus on whether Worldcoin is complying with Argentine privacy laws. The agency has requested information from the project regarding its data collection and retention policies, as well as its security measures. It remains to be seen whether the investigation will result in any action against Worldcoin.
Debate Sparked Over Worldcoin’s Privacy and AI Future!
The post Debate Sparked Over Worldcoin’s Privacy and AI Future! appeared first on Coinpedia Fintech News
The launch of Worldcoin has sparked a contentious debate surrounding the delicate balance between data privacy and the future of artificial intelligence (AI). The Proponents of Worldcoin argue that the potential benefits of UBI outweigh the privacy concerns, and strict safeguards and encryption can mitigate the risks associated with the collection and handling of biometric data. Privacy advocates worry that centralizing vast amounts of biometric data could result in security breaches, potential surveillance issues, and the erosion of individuals’ rights to control their personal information.
Privacy Coins Monero and Zcash Price Experience Dip, What’s Next? Pomerdoge Picked as the Best Presale for 2023
Monero (XMR) and Zcash (ZEC) experienced a reduction in their value with the latest market dip. However, investors are still bullish on the performance of other projects. One project that gained a significant level of attention is Pomerdoge (POMD), and today, we will analyse the on-chart performance of each altcoin to see why this has been the case.
Summary
- The Monero crypto is down 2.7% during the past week.
- The Zcash crypto has fallen in value by 46.8% in the past year.
- Pomerdoge trades at just $0.007 and can surge by 100x at launch.
Click Here To Find Out More About The Pomerdoge (POMD) Presale
Monero (XMR) Price Prediction
Monero (XMR) has experienced a dip in its value and has fallen into the red zone regarding its weekly chart. While the cryptocurrency has retained its value above the $160 threshold, the bear market might bring it under this point if a bear market occurs.
Analysts are, however, still bullish that it can spike upwards and breach past $160, as evident from the on-chain analysis.
The Monero price was $163.54 on July 27, 2023. During the past week, Monero saw its low price point at $160.34, with its high point at $167.80.
Moreover, within the last 30 days, Monero decreased by 2.2%, and in the last seven days, it’s been down by 2.7%. According to a Monero price prediction, it can reach just $186.27 by the end of 2023.
Zcash (ZEC) Future Outlook After Recent Market Dip
While Zcash (ZEC) is a favourite among privacy-conscious investors, its latest on-chart data has left much to be desired. At one point during the week, the ZEC crypto dipped under the $30 threshold, prompting many investors to panic-sell it.
While since then, it has managed to recover some value, things are not looking too optimal for the short-term performance of this altcoin.
The Zcash price was $30.23 on July 27, 2023. During the past week, Zcash saw its low point at $29.52, with its high point at $32.32. Similarly, the Zcash price decreased by 46.8% in the past year and has been down by 5.4% during the past week.
Regardless, according to a Zcash price prediction, the cryptocurrency can reach $36.65 by the end of the year.
Why Analysts Believe Pomerdoge (POMD) Is The Best Presale For 2023
Pomerdoge (POMD) is an upcoming project that will launch in the rapidly-growing gaming sector that will introduce Play-to-Earn (P2E) elements that appeal to games globally. In fact, Pomerdoge will also feature a unique infrastructure and ecosystem through which anyone can feel comfortable engaging with the crypto space.
Gamers gain the ability to create, strengthen, and customize avatars whilst also being able to get into competitions and earn rewards. Through the Pomerdoges, gamers globally can compete within the Arena. Additionally, they can go on missions together and share strategies.
As a part of the Pomerdoge ecosystem, there’s also the Pomerplace, which is a marketplace through which anyone can trade, sell or buy valuable items. There’s even a unique collection of 7,777 NFTs exclusive to the holders of POMD.
During its current presale stage, a single POMD token costs just $0.007, and analysts believe it can climb by 100x at launch.
Find out more about the Pomerdoge (POMD) Presale Today
The Next-Gen AI-Powered Blockchain Operating System Elevating Scalability & Privacy in Social Impact & ESG
Singapore – Go! Smart Chain, a blockchain operating system developed with AI technology, integrated Layer 1 zkEVM to enhance privacy, scalability, and security.
The global blockchain & ESG markets are on the rise, with projections indicating a potential growth to $23.3 billion by 2023, suggesting the utility and necessity of blockchain systems like Go! SmartChain.
The system features AI-Optimized Zero-Knowledge Proofs (ZKPs) and advanced enterprise-grade privacy features designed to facilitate swift transactions while maintaining user privacy and data confidentiality – a vital aspect in the increasingly digital global landscape.
Scalability and interoperability form key aspects of Go! SmartChain’s architecture. Its high throughput infrastructure is designed for compatibility with various blockchain networks, a feature that could stimulate innovation and data exchange across different blockchain systems.
The role of Go! SmartChain extends to various sectors, including economics, healthcare, and ESG initiatives. The increasing interest in responsible investment strategies is highlighted by the growth of ESG assets under management to $35.3 trillion in 2021, most of which stand as opportunities for tokenization.
Financial inclusion is another potential area of impact for Go! SmartChain. The platform aims to provide connectivity to financial institutions for the unbanked population worldwide, which could address many aspects of global poverty.
With Real World Assets (RWA) tokens, Go! SmartChain plans to venture into the data monetization market, which is predicted to reach $250 billion by 2025. The chain will enable global-scale community engagement experiences, gamification, and social initiatives.
Addressing environmental concerns, Go! SmartChain is designed to support transparent carbon credit tracking and promote renewable energy generation. Furthermore, it’s designed to ensure the authenticity of supply chain data and has the potential to transform healthcare delivery through secure data exchange and AI-driven diagnostics.
Go! SmartChain represents a digital infrastructure designed to foster innovation and create opportunities for digital assets, virtual economies, and personalized experiences.
About Go! Labs: The team behind Go! SmartChain is Go! Labs a group of experienced industry professionals working towards improving the quality of life on a global scale. Supported by notable industry VCs with an established distribution network and a solid user base, Go! Labs are working on financial inclusion, data monetization, climate concerns, healthcare revolution, and web3 innovation. To learn more about Go! Labs and their work, visit https://www.goplatform.io/.
For press inquiries, contact [email protected]
The Importance of Digital Identity and Privacy in Web3
A new age known as Web3 has emerged and is defined by decentralized technology, user empowerment, and a greater emphasis on digital identity and privacy. The necessity to safeguard our online presence has never been more essential given how closely our lives are becoming entwined with the digital world. Through practical, real-world examples, this article will examine the significance of digital identity and privacy in Web3.
The Shift to Web3: A Decentralized Landscape
Picture ourselves residing in a gated neighbourhood where our neighbours all possess the keys to our home. Even while it may sound like a nightmare, the centralized internet (Web2) that we currently use is not all that different from this. Contrarily, Web3 aims to create a digital environment where people have control over their data, similar to having a secure lock on our front door.
In the Web3 realm, users keep control of their digital identities, giving them more power over their personal data and enabling them to safely communicate with a range of online services. Modern technologies like decentralized storage, decentralized finance (DeFi), and decentralized applications(dApps) have emerged as a result of this move towards decentralization, providing distinct advantages including improved security, transparency, and privacy.
The Significance of Digital Identity and Privacy in Web3
As we enter the era of Web3, the importance of digital identity and privacy becomes increasingly crucial. Here’re some key aspects of digital identity and privacy and how they relate to our daily lives.
Security: Consider the number of online accounts we use daily, from social media to banking. Each of these accounts represents a potential vulnerability that could lead to identity theft or financial loss. Web3 technologies emphasize robust security measures, empowering users to protect their digital identities and safeguard their assets.
Control: Imagine renting out a room in our house and having to provide the tenant with our entire life history. This is similar to the current state of data sharing on the internet, where users often relinquish control over their personal information. Web3 grants users the ability to selectively share their data, ensuring they have a say in how their information is used.
Privacy: Envision a world where our every move is tracked, and our personal information is broadcast to anyone interested. This scenario is not far from the reality of digital surveillance in today’s online landscape. Web3 technologies prioritize privacy, enabling users to interact online without sacrificing their anonymity.
Exchange Security and Digital Identity
Centralized exchanges play a pivotal role in maintaining user privacy and protecting digital identities as the popularity of cryptocurrencies continues to rise. CoinEx, a leading cryptocurrency exchange, prides itself on its 0-accident track record and commitment to user security. With over 700 cryptocurrencies and 1,100+ trading pairs available, the platform’s robust security measures ensure that user information and funds are well-guarded. CoinEx adopts the Proof of Reserve mechanism with a Merkle tree, guaranteeing a 100% reserve ratio and solidifying its position as a reliable and secure exchange.
When considering the recent crises that have plagued other cryptocurrency exchanges, CoinEx’s dedication to security and privacy becomes all the more noteworthy. By prioritizing user protection and adopting robust technologies, CoinEx empowers individuals to trade cryptocurrencies with confidence, knowing that their digital identities and assets are in safe hands. This commitment to safeguarding user information and assets highlights the vital role that reliable exchanges play in the cryptocurrency ecosystem.
Everyday Applications of Digital Identity and Privacy in Web3
Web3 technologies have the potential to revolutionize various aspects of our daily lives by offering enhanced digital identity and privacy solutions. Here are 3 examples:
Online shopping: Consider a safe digital wallet that enables users to shop online without disclosing their credit card information. This can become a reality thanks to Web3 technologies, which also allow consumers to buy safely and safeguard their financial information.
Healthcare: Picture a system where our medical records are safely kept on a distributed network and we have complete control over who can access them. By giving patients more control over their health data, enhancing privacy, and lowering the chance of data breaches, Web3 can help patients feel more empowered.
Voting: Imagine using a voting system in which our vote is safely recorded on an open, incorruptible digital ledger. This is feasible thanks to Web3 technologies, which also secure the privacy of voters and guarantee the fairness of elections.
Conclusion
As we journey into the world of Web3, the importance of digital identity and privacy cannot be overstated. We may better understand the importance of decentralized technologies and the function that secure exchanges play in protecting user information by comprehending these concepts’ significance and how they affect our day-to-day lives.
Overall, the transition to Web3 and its emphasis on digital identity and privacy is an important step toward empowering people to take control of their personal information and navigate the digital terrain with confidence and security. This will contribute to the development of a more private, secure, and user-centric internet in the future.
Leading Cryptos Prioritising Privacy: DogeMiyagi,Monero, Chainlink
In the fast-evolving world of cryptocurrencies, where decentralised finance and blockchain technology are reshaping financial landscapes, privacy has emerged as a pressing concern for users worldwide.
As individuals become increasingly aware of the risks associated with the exposure of their personal data, a new wave of privacy-centric cryptocurrencies has gained significant attention. Among them, DogeMiyagi (MIYAGI), Chainlink (LINK) and Monero (XMR) have emerged as notable players in prioritising user privacy.
DogeMiyagi: Privacy Guardian Of The Crypto Galaxy
In the thrilling realm of cryptocurrencies, a new altcoin has burst onto the scene, captivating the imagination of investors far and wide. Say hello to DogeMiyagi (MIYAGI), a digital currency that seamlessly blends the mystique of martial arts with the power of community, solidarity and harmony.
Drawing inspiration from the legendary Mr. Miyagi himself, DogeMiyagi has chosen the Ethereum blockchain as its foundation, aiming to establish itself as the epitome of security, transparency, and decentralisation. But what sets this altcoin apart from the rest? Brace yourself for a mind-bending revelation: DogeMiyagi remains blissfully unaffected by problematic market trends during its presale phase. That means you can invest in MIYAGI without losing sleep over wild market volatility.
DogeMiyagi is an Ethereum-based meme coin that merges the rock-solid reliability and wide-ranging popularity of blockchain technology with the popularity of meme coins. Gone are the days when meme coins were never taken seriously, for DogeMiyagi has embarked on a mission to redefine their worth. Prepare to witness the birth of a stable and practical alternative that challenges the status quo.
Chainlink: The Future Of Smart Contracts
Established in 2017, Chainlink (LINK) stands tall as a crypto powerhouse, acting as a bridge between smart contracts and a vast array of external data feeds, events, and payment methods.
By skillfully monetising off-chain data, Chainlink has successfully captured the attention of renowned data providers like Brave New Coin, Alpha Vantage, and Huobi, among a host of others. And that’s not all. Behemoth organisations such as AccuWeather, FedEx, and the Associated Press have eagerly joined forces with Chainlink, recognising its unparalleled prowess in data verification.
With zero-knowledge proofs paving the way for breakthroughs, Chainlink is rewriting the rules of the game. Brace yourself for the monumental transformation that awaits as the era of Web 3.0 beckons, powered by Chainlink’s unwavering commitment to innovation and pushing the boundaries of what’s possible.
Monero: The Cryptocurrency Shielded In Privacy
In a world where transparency reigns supreme, Monero (XMR) emerges as a crypto superhero, shrouding itself in a veil of privacy-enhancing features. While household names like Bitcoin and Ethereum proudly flaunt their transactions for all to see, Monero takes a different approach, going the extra mile to provide anonymity and user protection.
Built on an open-source blockchain foundation, Monero goes the extra mile to reduce traceability and safeguard user identities. It’s the go-to digital currency for those seeking refuge from prying eyes.
Monero’s raison d’être is crystal clear: to forge a decentralised network complete with enhanced transaction privacy and anonymity. Say goodbye to wire transfer fees, lengthy holding periods and the threat of fraudulent chargebacks. Monero’s decentralised nature ensures unparalleled safety for all.
So, if you find yourself yearning for a cryptocurrency that wraps you in a cloak of privacy, look no further than Monero.
In the world of crypto, building trust and confidence in a new project is of huge importance. Rest assured, DogeMiyagi is wholeheartedly committed to providing its ever-expanding community with an unparalleled blockchain experience rooted in safety and trustworthiness.
For more information on DogeMiyagi:
Website: https://dogemiyagi.com
Twitter: https://twitter.com/_Dogemiyagi_
Telegram: https://t.me/dogemiyagi
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Findora Launches SDK For Simple Plug-And-Play dApp Privacy
Findora, a Layer-1 blockchain that combines privacy with auditability to help ensure regulatory compliance, has launched its Triple Masking software development kit (SDK).
The SDK provides developers with a simple way to integrate zero-knowledge proofs into their Web3 decentralized applications (dApps), allowing users to conduct private transactions that remain auditable and giving them multiple options for what information is masked or remains transparent.
Blockchain technology requires transparency, meaning that certain personal identifying information must be visible to the public. This has made it impossible for industries that are legally required to keep certain information confidential, such as healthcare, to use blockchains.
Zero-Knowledge (ZK) proofs are a cryptographic technique that enables blockchains to obscure transaction data while still validating the information and verifying the digital asset transfer.
The Findora Triple Masking SDK is a privacy-focused asset transfer solution supported by the Findora Network that provides full-privacy protection and anonymity for transactions. The SDK allows every developer to make their applications ZK-enabled. The privacy features can mask the wallet addresses of the sender and/or receiver, the asset type, and the transaction value. But transactions are still auditable, so that they remain compliant with transparency regulations.
Findora Triple Masking is built on application-specific turbo-plonk ZK circuits, with the ability to scale to thousands of transactions per second (tps).
Findora’s compatibility with the secp256k1 curve will enable common Ethereum Virtual Machine (EVM) wallets such as MetaMask to sign a transaction, while the Prism++ transfer mechanism allows developers to apply the privacy features to any asset class.
The SDK fulfils the promise of Web3 by offering users alone the ability to control and consent to who has access to their data, Findora said.
“This SDK simplifies the developer experience of implementing complicated zk-proofs, which in turn enables more decentralized applications to offer the benefits of these zk-proofs to their users,” said Sam Harrison, CEO of Discreet Labs, in a statement.
tomi Sets Ground For First-Ever Privacy Stablecoin Amid U.S. Crackdown
Credit: AI-generated image
Anonymous crypto project tomi launched tomi Privacy Layer (TPL), its encrypted privacy layer on Ethereum, and unveiled plans to release tomi private usd (tpUSD), its stablecoin pegged to the value of the U.S. dollar and the first privacy stablecoin on the market.
This comes as the U.S. House of Representatives introduced a new draft bill last week to regulate stablecoins. The draft puts the Federal Reserve in charge of non-bank stablecoin issuers, including the likes of Tether and Circle, and represents just the latest in a string of regulatory actions taken by the U.S. in recent weeks to address crypto.
One of blockchain’s earliest value propositions was to empower consenting parties to transact freely and privately. While Bitcoin and Ethereum do offer immediate and disintermediated transactions, their public ledgers enable governments and corporations to fully trace transactions.
That blindspot has led to the development of privacy coins, such as Monero and Zcash, as well as privacy layers on top of the major L1 blockchains that foster discreet transactions away from big brother’s watchful eye. Such L2s on Ethereum, however, don’t let users communicate with Ethereum directly.
Now, anyone can engage in private transactions and smart-contract execution via TPL directly on Ethereum applications. TPL’s privacy-enhancing technology enables users to prove the validity of a statement without revealing any sensitive information.
ZERO-KNOWLEDGE ROLLUPS Zero-knowledge rollups (ZK-rollups) are layer 2 scaling solutions that increase throughput on Ethereum Mainnet by moving computation and state storage off-chain. ZK-rollups can process thousands of transactions in a batch and then only post some minimal summary data to Mainnet. This summary data defines the changes that should be made to the Ethereum state and some cryptographic proof that those changes are correct.
TPL offers privacy in a zero-knowledge roll-up built with a privacy-first architecture that enables users to access their favourite apps on L1 while maintaining complete privacy. The transactions through zero-knowledge proofs on Ethereum can reduce transaction costs. Developers will be able to use TPL SDK to transfer funds, interact with L1 protocol and other services privately. TPL can handle medium to large amounts of transactions With full privacy.
TPL is the latest product in tomi’s broader bundle of privacy-preserving tools under the umbrella of tomiNET, its alternative internet ecosystem. tomiNet aims to kick off a clean slate for the Internet, one where Google and Facebook don’t have power over people’s identities, Amazon doesn’t crush small businesses and host more than a third of the world’s data, and government and corporate surveillance is impossible.
Monero (XMR) and ZCash (ZEC) Privacy is a Dream, Uwerx (WERX) is a Safer Bet
Monero (XMR) and ZCash (ZEC) are two coins that saw a lot of investor interest in the period around 2018. Both projects were aimed at being privacy coins, which sought to take decentralization a step further with anonymous transactions. However, regulatory action is likely to see that dream end. Uwerx (WERX) can be a better option for investors with analysts seeing an upside of 6,000%.
Monero (XMR) Holds up Well in the Bear Run
Monero (XMR) has only seen its token fall by 50% YTD in the crypto bear market exhibiting better performance than most. Monero (XMR) is a Private, decentralized cryptocurrency that keeps finances confidential and secure. That has been a good place to park money but in the future, it is hard to see regulators allowing private transactions. The coin may rally before some intervention comes.
Governments and regulators are circling the crypto industry and central banks have planned their own digital tokens, known as CBDCs. When that comes to fruition the government will use the technology to hunt more taxes and shut down the underground cash economy. When that happens, investors are unlikely safe in privacy coins.
ZCash (ZEC) Urged to Follow Ethereum Merge
ZCash is another privacy coin and recently, the founder of Ethereum, Vitalik Buterin said that he hoped to see ZCash follow the Merge to a Proof-of-Stake architecture. The energy-intensive Proof-of-Work mining is another headwind for these privacy tokens. Ethereum’s upgrade to PoS saw its energy usage drop by over 99% and that would please lawmakers with energy concerns in the current climate.
Buterin said: “I’d say should … as PoS matures I would expect it to increase in legitimacy over time. I hope ZCash moves over, and I am hopeful Dogecoin moves to PoS soon”. Any move by ZCash (ZEC) would distract its developers, but it could lead to a price jump if it was announced and ETH has already proved it can be done. Buterin and his developers would also assist to make it happen quickly.
Uwerx (WERX) Can be a Safer Bet for Investors
Uwerx can be a project to keep investors away from the glare of regulators. The project is seeking to bring a decentralized platform to the freelance work environment that can bring benefits to employers and workers. Uwerx can reduce fees and speed up payments by a large amount, and it can also use the digital ledger to provide more transparency and data security.
Uwerx will have a first-mover advantage in this area and that can allow it to build without competition. The current players in the freelance work industry are cashing in with Upwork seeing $3.5 billion in bookings in 2021, compared to $2.5 billion a year earlier.
The pandemic has increased the trajectory of the uptrend in digital workers and Uwerx can benefit from the timing. It is no surprise that analysts see a 6,000% upside for Uwerx after its presale is complete.
Website: www.uwerx.network
Presale: invest.uwerx.network
Telegram: https://t.me/uwerx_network
Twitter: https://twitter.com/uwerx_network
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The First Community-Driven Layer2 Controllable Privacy Protection Protocol
There are two types of privacy in financial transactions: anonymity and confidentiality. When a non-profit organization receives an anonymous donation, they have no idea about the information of the donor (anonymity), but they do know the amount of the donation received. And when you withdraw money at bank, the amount you withdraw is confidential — the person behind you doesn’t know the exact amount you’ve taken, but they know it’s you who’s withdrawing.
An important reason for the difficulty of large-scale commercial use of blockchain finance is that, as a public ledger, although it establishes trust among various participants, it also brings a new problem, how to protect user privacy data? Since all data on the chain is open and transparent, once it is maliciously mined and used, it will bring a serious threat to user privacy.
The existing blockchain privacy protection solutions can be divided into three categories: solutions based on crypto mixing transactions, Layer1 native chain architecture, and cryptography.
For the privacy protection solutions of crypto mixing transactions, privacy crypto such as Dash, block the connection between the sender and the receiver by mixing the transaction information of the participants；it can only achieves asset untraceability and does not hide key information such as the sender, receiver and amount of the transaction.
The solutions of Layer1 native chain architecture include Nym, Secret Network, Iron Fish, Manta Network, etc. Starting from blockchain architecture, the solution modifies the architecture so that the nodes in the blockchain maintain different ledger information. Although it can effectively avoid the leakage of user privacy, it is not compatible with Ethereum, the largest existing blockchain ecosystem, and it is difficult to expand application scenarios and build an ecosystem.
For the solutions of cryptography, it uses cryptography technology to protect the privacy of participants’ transaction, among which zero-knowledge proof has the highest degree of protection for transaction information. The more prominent solutions are Zcash, Aztec. However, although Aztec and Zcash can achieve complete privacy and non-interaction, they are not suitable for various complex scenarios due to the UTXO model.
In view of the shortcomings of existing privacy protection, we propose a concise, efficient, non-interactive and auditable privacy protection solution based on account model. It has the following characteristics:
Privacy protection: It can realize the privacy of the address in the transfer transaction, and also the privacy of the amount.
Programmability: The protocol encapsulates API interfaces such as private transfer, private transaction, and cross-chain, which easily brings developers a privacy engine in the computing and storage layers, and supports the realization of various complex applications through smart contracts.
Scalability: In order to apply to a large number of financial transaction scenarios, the privacy protocol should meet the high TPS, low cost, and high stability network system.
Multi-chain interoperability: The multi-chain interoperability protocol is compatible with mainstream public chains such as ETH, Matic, AVAX, and BSC. It can realize bridging assets, cross-chain messaging, and also cross-chain state sharing, lending, swap, governance and more scenarios.
What is Tusima?
Tusima is a controllable privacy network based on account model. It integrates zero-knowledge proof, recursive proof, homomorphic encryption and other technologies to achieve controllable on-chain data privacy function, protect the privacy of Web3 users’ sensitive data and build a scalable financial network with high TPS. It aims to build controllable privacy finance infrastructure in Web3.0 era.
Specifically, Tusima achieves anonymity of user identity and confidentiality of transaction data. Private asset exchange can be realized between any blockchain network, and controllable access to user private data is supported. Its core idea is to use Layer 2 for state management and Layer 1 security level for asset transfer and exchange in a completely decentralized way.
Based on the features of ZK-Rollup. All funds are held by smart contracts on the main chain, while off-chain calculations and storage are performed, and the validity of the calculations is ensured by zero-knowledge proofs. ZK-Rollup and homomorphic encryption provide transaction privacy while improving performance and significantly reducing costs. Tusima integrates the transaction state into Layer2 and updates the same final state on each Layer1. Status updates are maintained by ZK-Rollup to achieve the same level of decentralization and security as Layer1. In addition, Tusima is based on an account model, providing flexible extensibility and programmability for the community and developers.
What core problems are solved:
1. Privacy of on-chain identity and transaction data
2. Privacy function with controllable access
3. Efficient and low-cost rollup transactions with the security of the main chain of Ethereum
4. The auditability scheme based on ZK ensures the legitimacy of the source of Tusima’s second-layer network assets
What are the technical advantages:
1. The privacy solution based on the account model is different from the technical implementation based on UTXO in the market. It has higher scalability and supports smart contract programming. Tusima uses the asymmetric homomorphic encryption algorithm Elgamal to do the encryption between ciphertexts. Due to the asymmetry of the algorithm, users can decrypt their own transaction data, but cannot view other people’s data or be viewed by unauthorized users.
2. More efficient privacy address shuffling technology (Shuffle)
3. Full network, full link privacy (user local encryption, second-layer network nodes do not know transaction information, and first-layer network does not know transaction information)
4. Use Halo2 recursive proof for parallel computing to achieve faster zk proof speed
5. Use Plonk algorithm to make Proof smaller to achieve lower transaction costs
6. ZK-based auditability scheme to ensure the source of Tusima’s second-layer network assets legality
What are the application scenarios?
- 1.Commercial level
a. Application scenarios of high-frequency and high-interaction business activities
As the most widely used and most credible on-chain infrastructure, Ethereum cannot be used in high-frequency and high-interaction business scenarios due to its high use cost and low transaction efficiency, and can only be used as the final data settlement layer, while Tusima is based on ZK-Rollup technology, has the fastest transaction solution in the current blockchain, the transaction cost is not 1/100 of Ethereum, and has the main chain level security on Ethereum.
b. Commercial and financial privacy scenarios
Blockchain is an open ledger technology. The open, transparent and verifiable transaction data ensures the correctness and sustainability of the ledger. However, the openness and transparency of data is not favorable by everyone. Transaction data, especially commercial financial data naturally requires privacy protection. Regardless of funds, securities, banks or other financial institutions, the use of blockchain to solve data settlement problems must be inseparable from data privacy issues. The use of blockchain to solve the problem of data settlement must be inseparable from the problem of data privacy. After Tusima supports business scenarios with high efficiency and low cost, the core problem of privacy protection of transaction data on the chain is solved. In the Tusima financial network, only users know their transaction information, not even the nodes that verify the transaction, and no one else can know the specific information of the transaction unless authorized by the user. For financial institutions, Tusima allows users to encrypt and decrypt transaction information.
2. User level
Tusima not only provides anonymity to the transaction address and confidentiality to the transaction amount, but also solves one of the most vexing problems currently: the MEV problem (or Front-Running problem). Tusima provides full protection against MEV, unlike other Layer2 which relies on low latency to partially prevent MEV.
Firstly, Tusima is implemented based on Layer2, its low retardance is naturally resistant to MEVs. Secondly, the amount of each transaction is encrypted according to the public key, and only the user knows the details of the transaction. Finally, Tusima has a fair sort service. Tusima’s mempool is a first-in, first-out (FIFO) queue, which is related to the generation of privacy certificates. Each transaction must be guaranteed to be executed in order. All transactions in all Tusima are fully protected against MEV operations.
How to participate in Tusima Testnet?
Tusima Network, a controlled privacy protocol based on ZK-Rollup, has officially launched the public TestNet campaign and distribution of test contribution certificate SBT on September 30.
The public TestNet will run until Oct 31, 2022. Users can participate in testing during the TestNet phase. The functions mainly include recharge of Layer 1, private transfer of Layer 2, withdrawal and viewing of private transaction records. We recommend that users read the Tusima test manual for more information and instructions about the Tusima TestNet.
During the public TestNet, you can submit feedback in the Discord channel, giving your experiences and suggestions about the product. And follow us on Twitter and Medium so you won’t miss the upcoming events.
Welcome to Tusima Community:
Website：https://www.tusima.network/
Twitter：https://twitter.com/TusimaNetwork
Medium：https://medium.com/@TusimaNetwork
Discord：https://discord.com/invite/tusimanetwork
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Hello World; I’m Findora, the Future of Blockchain Privacy
Findora is leading the privacy revolution in Web3 by creating a privacy oracle for any Layer 1 or Layer 2 chain on Ethereum.
Similar to how Polygon solves all things scaling for Ethereum, Findora solves privacy scaling for Ethereum by using an innovative blockchain architecture that no other project has tried. By providing privacy, Findora will allow individuals and institutions to enjoy the security and decentralization of Web3 with the protections of Web2.
TL;DR
- Findora is a leader in privacy blockchain technology using zero-knowledge proofs.
- Although many assume crypto is automatically private, public ledgers and public blockchains expose their financial transactions.
- Findora uses advanced cryptographic technology collected in their open-source Zei Library, which includes Bulletproofs and Turbo Plonks.
- It does more than all other zero-knowledge projects, providing not only confidential transactions but also powerful ZK toolkits, a UTXO settlement layer, and unparalleled composability.
Crypto =/= Private. People Just Assume It Does
People associate crypto with privacy and being secretive. After all, “crypto” is Greek for “hidden,” so it is suited for anonymous transactions natively already, right?
Well, no. Public blockchains like Bitcoin and Ethereum use open ledgers that publicly broadcast transactions between “wallets.” These wallets are tied to each of your transactions on the public ledger. Thus, if anyone ties your personal ID to your wallet address, they have your entire transaction history.
For example, imagine you lived in a house made totally of glass. Neighbors could see you cooking, working, using the restroom, and engaged in personal activities as they walked by. Your only protection was a mask you had to wear everywhere.
That mask is like your wallet address on a public blockchain like Ethereum. Everyone can look up all the transactions tied to that address. And if the mask slips, if that address is tied to your personal identity, you would essentially have zero privacy on-chain.
Crypto is pseudonymous at best. It poses too great a privacy risk for many businesses and communities to use. But what if there was a way to have the same benefits of a public blockchain – trustlessness and decentralization – without sacrificing privacy?
Never Fear; Privacy is Here!
Findora revolutionizes blockchain technology, integrating a UTXO ledger (as Bitcoin uses) with an EVM ledger (as Ethereum uses). By parallelizing these ledgers, Findora unites the two so developers can leverage either one, giving Findora more utility than chains that adhere to only a single blockchain model.
Findora has created an inherently different blockchain architecture that is optimized for zero-knowledge integration and cross-chain compatibility. It’s not a Layer 2 ZK project like ZK-Stark nor a token mixer like Tornado Cash. These projects are important and do good work — they are part of what we call the Privacy Alliance — but they don’t offer the native settlement capability and universal programmability that Findora can.
Even though transaction data, like a token amount, token type, and wallet addresses, can be shielded on the Findora blockchain, the data can still be audited by regulatory bodies for compliance purposes. This allows Findora to neatly fit the existing needs of the financial sector so institutions and businesses can move their capital to Web3.
Because of its EVM ledger and Tendermint consensus engine, Findora is compatible with most of the cryptoverse and is a cross-chain-friendly project. This allows other projects to use Findora like a privacy oracle as their own privacy layer.
What is A Zero-Knowledge Proof?
Zero-knowledge proofs are mathematical algorithms that allow one party (the prover) to prove to another party (the verifier) that they know a value x, without conveying any information about the details of the proof. For example, it would be a way for one person to prove they know a secret password without revealing what that password is. The classic example is the cave of Ali Baba, but we have one that is a bit more relatable.
Imagine you’re back in middle school, and your friend Susie claims to have the number of the girl you like. But you don’t really believe she has it. You want your crush’s number so you can ask her to the movie, but Susie won’t give it out. How can she prove she has it without giving it to you? This is where a zero-knowledge proof would come in handy so that Susie could prove she has the number without revealing what it is.
Susie reveals 2 digits of the 10-digit phone number (these act as the keys in a real ZKP). You don’t believe that’s really her number, of course, so Susie calls it, and your crush answers! You know it’s her because is the same voice, laugh, and personality.
Susie hasn’t given you your crush’s number, but she did prove to you that she had the number by verifying the voice and a few digits to you.
In this analogy, Susie revealing two digits and calling your crush is an example of a zero-knowledge proof. ZKPs are the exchange of two keys, one private and one shared, that, when hashed, solve a specific problem. When solved, it proves to any observer that both parties have the answer without revealing what the answer is.
Findora’s Cryptographic Techniques
All of Findora’s ZK cryptography is stored on the Zei Library, the most advanced collection of ZK implementations in Web3. You can find it and other open-source documentation on the Findora GitHub. Here are a few key ZK proofs and concepts to know:
ZK SNARK: The most commonly used ZKP, a ZK-SNARK (“succinct non-interactive argument of knowledge”) is a proof that requires two keys, one public and one private. The private key is used to generate the proof, while the public key is used to verify the proof. Bulletproofs and Turbo Plonks are specific types of SNARKs.
Bulletproofs: Bulletproofs are “zero-knowledge proofs that require no interactivity and have very short proof and verification sizes.” They were created in part by Findora researchers at Stanford in 2018. Findora uses them to make Blind Asset Records (BARs) which, practically speaking, can shield the amount and token type involved in a transaction.
Turbo Plonks: A system of polynomial commitments with sublinear-sized SNARKs, Turbo Plonks were created by Ethereum researcher Tim Ruffing in 2018. Findora uses Turbo Plonks for “Triple Masking,” which allows wallet addresses involved in a transaction to remain anonymous. They convert a BAR into an ABAR or an “anonymous blind asset record.”
ZK STARK:(not used by Findora yet but important to know): ZK STARKs (“scalable transparent arguments of knowledge”) are “zero-knowledge proofs that do not require a trusted setup, are post-quantum secure and have very short proof sizes.” They were created by Eli Ben-Sasson, Madars Virza, and Alessandro Chiesa in 2017.
Zero-knowledge proofs are a relatively new area of cryptography, and the team at Findora is always looking for ways to improve upon them. If you’re a cryptography researcher or developer and are interested in working on ZKPs, or a developer or a Rust Engineer, please reach out. We are hiring and looking for interactions on our Discord.
What Makes Findora Different From Other ZK Projects
As mentioned before, Findora is not a Layer 2 project, it is its own separate blockchain. However, it was built to be cross-chain compatible, focusing on Ethereum-compatible chains first but will also be interoperable with Tron, Solana, and others in the future. Unlike other zero-knowledge projects, Findora is focused on more than just confidential transactions but also wants to act as a universal privacy oracle that can settle transactions.
Unlike projects like Zk-Sync and Starknet, Findora is not a Layer 2 or a scaling solution. Unlike projects like ZK Panther, it can provide other projects with native privacy and allow them to issue privacy-preserving tokens using our UTXO layer as a secret bridge across all Layer 1 networks. Unlike privacy coins or token mixers, Findora is extremely composable and capable of transacting complex smart contracts in a confidential manner.
Findora is working to make DeFi private enough for mass adoption – safe for personal and institutional use.
Findora’s History
Findora can claim major contributions to the field of zero-knowledge cryptography since it started in 2017. Here’s a brief timeline of the project’s history:
2017 – Findora researchers at Stanford University contributed to the development of Bulletproofs
2017-2020 – Findora researchers and engineers aggregated their findings into Zei Library, an open-source repository of the most advanced zero-knowledge cryptography in the industry.
2020-2022 – Findora helps develop Turbo-Plonks, a lightweight zero-knowledge proof used for scaling, and takes it from an academic exercise to having practical applications.
2021, March – Findora beta mainnet launches
2021, July – Testnet staking goes live
2021, September – Findora adds EVM extension and Ethereum compatibility through its own “smart chain.”
2021, October – beta mainnet staking launches
2021, October – Findora’s $100 million Ecosystem Fund goes live to incubate projects and offer grants
2022 – Triple Masking, which provides for fully anonymous transfers to go live.
A Private Future Made Public
DeFi and Ethereum have worked so hard to create a decentralized future that they forgot that privacy is a financial primitive. It’s not some cloak for criminals. It’s a necessary part of society, enabling business, free speech, free association, innovation, true sovereignty, and growth. Many institutions are forced to park their funds on the sidelines of DeFi because transacting on public blockchains would reveal proprietary trading strategies.
Findora can be used for a slew of necessary use cases: private DAO payrolls and voting, private insurance payment, private NFTs, and much much more.
Findora scales Ethereum privacy with next-generation zero-knowledge proof technology. It is a leading privacy-preserving smart contract platform for Web3, giving developers the tools they need to build a new financial internet. It is poised to use privacy to make DeFi a safe place for individuals and financial institutions and accelerate the mass adoption of crypto around the world.
Whatever the future for Web3, it’s clear that privacy, and Findora, will be a big part of it.
Disclaimer: This is a guest post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.