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Web3 app developers now have the ability to easily integrate full transaction privacy into their decentralized applications in a way that’s fully compliant.
Findora, the privacy-focused blockchain startup, has announced the general availability of its Triple Masking SDK, a plug-and-play offering for developers that makes it simple to integrate zero-knowledge proof transaction capabilities into any dApp, while ensuring users can still be audited.
ZK-proofs, as they’re known, are a highly promising technology for the crypto industry. They employ complex cryptographic techniques to ensure that blockchain transaction data can remain concealed from prying eyes, while still proving that the information is valid. So a blockchain user can send 20 ETH to another wallet address and obscure all of the transaction details, yet also prove that they do indeed have 20 ETH to send, and show that they have indeed sent that amount.
The privacy benefits of ZK-proofs are extremely powerful, but until recently the technology has been so complex that very few dApps can actually support it. This is what Findora is changing, enabling any dApp to support ZK-proofs without any extensive coding work or expertise required.
The Triple Masking SDK will enable almost any kind of Web3 dApp to offer flexible transaction privacy to their users, with the ability to obscure the amount sent, the cryptocurrency used, and the addresses of the sender and receiver. It’s a powerful capability, but what really sets Findora apart is that it also enables full compliance for dApps through its asset tracing capabilities. The SDK includes tools that will enable regulators to unpeel its privacy layer and ensure that all transactions are compliant, opening the doors to mass institutional adoption of crypto.
The need for such a solution is critical, said Sam Harrison, the CEO of Discreet Labs, the company behind Findora. He explained that the publicly verifiable nature of blockchain transactions is a big no-no for many industries, such as healthcare and financial services, which are required by law to mask user’s data. Because blockchain transactions are fully transparent, recorded onto a publicly viewable ledger, such industries are unable to use the technology due to the need for compliance. With the Triple Masking SDK, companies now have a way to remain compliant while fully obscuring transaction data to meet their legal obligations.
“Triple Masking is more than simply encrypting information,” Harrison said. “We are also offering the ability to trace assets in a way that complies with existing regulations and analysis tools. This way, Triple Masking solves both the privacy and compliance requirements of a professional institution.”
The way Findora Triple Masking SDK works is similar to privacy-focused cryptocurrencies like Zcash, explained Discreet Labs Chief Scientist Weikeng Chen. The SDK relies on a technique called “application-specific turbo-plonk ZK-circuits”, he said, and is interoperable with elliptic curve signing algorithms such as ed25519 and secp256k1. As a result, its capabilities can be integrated into any EVM wallet, including MetaMask or Trust Wallet, to offer full transaction privacy.
Harrison insisted that the launch of Findora Triple Masking SDK is a significant achievement that could well prove to be a game-changer for institutional users and Web3. He said the industry has been crying out for a solution that provides users with full confidentiality while at the same time having a mechanism that supports regulatory compliance regarding asset tracing and other applicable laws. “It isn’t an exaggeration to say that this solution is what the blockchain industry has been waiting for,” he said.
