Findora Triple Masking SDK: Groundbreaking Privacy Solution for Decentralized Applications

@IshanOnTech

Covering the latest events, insights and views in the Web...

Credibility

Since the technology's conception, privacy has been a major worry in the blockchain. Blockchain technology has many benefits, like decentralisation and transparency, but it also makes users' financial transactions visible to everyone. This has prompted a number of privacy issues, particularly in sectors that are mandated by law to protect customers' privacy (such as the healthcare and finance sectors).

According to a 2019 study by the University of Cambridge, 57% of the surveyed blockchain companies identified data privacy as a major barrier to the adoption of blockchain technology. Similarly, a 2020 Deloitte survey of global executives revealed that 28% of respondents cited privacy concerns as a significant obstacle to their organizations adopting blockchain technology.

Findora Triple Masking SDK: The Game-Changing Privacy Solution for Blockchain Technology

These numbers highlight the need for a system that can strike a compromise between the need to keep private information private and the advantages of blockchain technology, such as its decentralisation and immutability. Users may make confidential financial transactions while still being auditable and complying with current standards with the help of the Findora Triple Masking SDK, which was designed to ease developers' minds about privacy. To address privacy issues with blockchain technology without sacrificing the advantages of decentralisation, transparency, and immutability, we provide a set of universal privacy-preserving solutions for the Web3.

Balancing Blockchain Transparency and Privacy: Findora's Triple Masking SDK Reshapes the Industry

This state-of-the-art privacy-preserving solution brings the integration of zero-knowledge proofs to decentralized applications, heralding a new era of privacy for the entire Web3 ecosystem. The Findora Triple Masking SDK equips developers with a streamlined approach to embed zero-knowledge proofs into their dApps. By offering users the ability to perform auditable private transactions with varying degrees of masking, the SDK simplifies privacy integration for all Web3 dApps.

Blockchain technology has historically grappled with the "double-spend" problem, in which digital assets can be duplicated. In addressing this issue, blockchain's transparent and decentralized accounting system eliminated the need for third-party record-keepers. However, the public nature of these transactions excluded industries legally obligated to protect personal identifying information, like healthcare records.

For over 50 years, regulations have dictated financial institutions protect customer privacy. Consumers hold the right to keep their financial information confidential, with consent required for the sharing of any personal details. Privacy has been rightfully acknowledged as an individual's ability to control and consent to the accessibility of their data.

Enter zero-knowledge proofs: the cryptographic technique enabling blockchains to conceal transaction data while still allowing for validation. This complex solution allows a blockchain to verify a digital asset's movement without revealing information about the sender, receiver, or the asset itself. It ensures private transactions while preventing double-spending.

Weikeng Chen, Chief Scientist at Discreet Labs, explained the technology behind Findora Triple Masking, stating that it uses zk-Snarks to create anonymous blind asset records (ABARs), enabling encrypted asset transfers. This is similar to how Zcash stores its cryptographic commitments, compared to most EVM chains that store transaction data in plaintext.

Anonymous blind asset record (ABAR)

Findora Triple Masking utilizes application-specific turbo-plonks, a type of zero-knowledge succinct non-interactive argument of knowledge (zk-Snark). This solution creates an anonymous blind asset record (ABAR) that allows asset transfers to be encrypted as a cryptographic commitment, rather than storing transaction data in plaintext, like most public ledgers. This approach is similar to how Zcash stores its cryptographic commitments.

However, for most EVM chains, the transaction data is stored as plaintext and is, therefore, open to public scrutiny. Findora Triple Masking offers a more privacy-preserving alternative, enabling developers to integrate advanced privacy features into their dApps without compromising the auditability required for regulatory compliance.

Compatibility with common EVM wallets like MetaMask

Findora's compatibility with the secp256k1 curve allows common EVM wallets like MetaMask to sign a transaction. Although MetaMask may not be able to enable private transactions directly, the private transactions can be signed by MetaMask and handled by the applications directly, bridging the gap between privacy and user convenience.

Compatibility with common EVM wallets like MetaMask Findora's compatibility with the secp256k1 curve allows common EVM wallets, such as MetaMask, to sign a transaction. Although MetaMask may not be able to enable private transactions directly, the private transactions can be signed by MetaMask and handled by the applications directly, bridging the gap between privacy and user convenience.

Don’t forget to like and share the story!

Image credits: AI.