March 4, 2024

Image credit: Findora

Privacy-centric Layer-1 blockchain Findola has announced what may prove to be its most innovative product yet – a privacy-focused SDK that enables any Web3 developer to integrate zero-knowledge proofs into their decentralized applications and ensure users’ Complete transaction privacy.

Findora Triple Masking SDK provides simple plug-and-play privacy for any Web3 dApp, users can choose to mask any aspect of the transaction, including sender and receiver wallet addresses, asset type sent and amount sent. It is also fully configurable Yes, which means that users can choose exactly which elements of the transaction they wish to anonymize. So they can mask the amount sent, but make public the specific address or asset type sent if they choose.

However, where the Findora Triple Masking SDK really stands out is its integrated asset tracking functionality. This ensures that anonymous transactions can still be viewed by regulators, meaning they remain fully auditable while being hidden in the public blockchain. This is a critical feature to ensure full compliance with regulatory agency requirements and a key requirement for institutional users.

Findora said the need for encrypted transaction privacy in Web3 is very real. Blockchain transactions are ostensibly anonymous because only seemingly random wallet addresses are publicly visible. However, the reality is that many crypto addresses can be linked to users, especially if they have posted information about previous transactions on social media in the past, such as if they purchased NFTs. This means that the use of encryption is dangerous for many organizations, especially those in regulated industries such as finance and healthcare, which are required by law to keep personally identifiable transactional information confidential. As a result, the risk of users transacting data is too great for many organizations to adopt cryptocurrencies.

This is a dynamic problem that Findora hopes to address with its Triple Masking SDK, which effectively bridges crypto with traditional banking. As the company explained, banks are required by law to ensure that all financial transactions and accounts of their customers are kept private. Findora notes that consumer privacy is defined as the ability of users to individually control who has access to their data, and says this is rightfully embraced by most governments around the world.

Findora says that by enabling any Web3 dApp to integrate zero-knowledge proofs, it is bringing the same level of protection to the crypto world as traditional banking customers. ZK-Proofs are known to verify that a specific amount of a crypto asset has been sent to a wallet address without revealing the assets involved, the transaction amount, or the sender’s or recipient’s address.

“Triple Masking delivers on the promise that blockchain technology made years ago: that your financial health, your financial future, is no longer in the hands of some unknown, so-called ‘trusted’ third party,” Sam Harrison, CEO said the officer. discreet laboratory, the company behind Findora. “This SDK simplifies the developer experience implementing complex zk-proofs, which in turn enables more decentralized applications to offer the benefits of these zk-proofs to their users.”

Harrison highlighted the Findora Triple Masking SDK’s novel asset tracking capabilities and ability to comply with existing financial regulations. This, he stressed, makes the product completely unique and of particular interest to institutions. “Triple masking addresses the privacy and compliance requirements of professional organizations,” he said.

Weikeng Chen, Chief Scientist at Discreet Labs, said that the Findora Triple Masking SDK relies on a specific type of ZK-Proof called application-specific turbo-plonks or zk-Snarks, which makes it possible for asset transfers to be encrypted as cryptographic commitments, while It is not data stored in clear text.He says it works like a privacy coin Zacks Handle private transactions.

Findora Triple Masking is able to scale to support thousands of transactions per second, the company said. Other features include interoperability with “elliptic curve signature algorithms” such as ed25519 and secp256k1, meaning developers can enable anonymous transactions between EVM-standard wallets and privacy-preserving architectures such as Bitcoin’s UTXO format. Another interesting feature is that the SDK can mask almost any asset class through its Prism++ transport mechanism, including FRC20, FRC721 or FRC1155 assets.

Compatibility with the secp256k1 curve also enables EVM wallets like MetaMask to sign anonymous transactions, Harrison said. “While MetaMask may not directly enable private transactions, (they) can be signed by MetaMask and processed directly by applications,” he said.

Given its unique capabilities, Harrison expressed confidence that the Findora Triple Masking SDK will become the de facto universal privacy standard for Web3 transactions.

“Users tend to choose between privacy and convenience,” he said, explaining that most would choose the latter over the former. “I’m excited to see what options developers can offer users without compromising privacy and convenience.”

Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.