Privacy-focused Layer 1 blockchain Findora has launched its Triple Masking software development kit (SDK), a privacy solution that enables developers to easily integrate zero-knowledge (Zk) proofs into their Web3 decentralized applications (dApps).
Users will be able to make private transactions on the blockchain that remain auditable and will have multiple options to choose what information is masked or remains transparent.
Blockchain technology has created the ability to complete “trustless” transactions without a third party, putting personal information back into the hands of individuals. However, this requires all transaction information to be displayed on the public ledger. This has resulted in industries and institutions that are required by law to keep personal identifying information secret, such as healthcare records, being unable to make use of the technology.
Findora’s SDK provides full privacy protection and anonymity for blockchain transactions, rather than simple pseudonymity. Developers can make their dApps Zk-enabled, with optional transaction privacy configurable at three levels. Zk-proofs are a cryptographic technology that enables blockchains to conceal transaction data while still allowing the information to be validated. Users can choose to mask the wallet addresses of both the sender and the receiver, the type of asset involved, and the amount sent.
Findora balances privacy and auditability
Findora Triple Masking uses zero-knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARK) technology to create an anonymous blind asset record (ABAR) that encrypts asset transfers as a cryptographic commitment rather than storing transaction data in plain text as on other public blockchains.
The SDK integrates asset tracing capabilities that allow every transaction to be monitored by auditors to ensure regulatory compliance while obscuring the details from the public blockchain.
“Triple Masking is more than simply encrypting information. 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,” said Sam Harrison, CEO, Discreet Labs. “Triple Masking fulfills a promise that blockchain technology made years ago: your financial status, your financial future, is no longer in the hands of some unknown, so-called “trusted” third party. It’s in your hands.”
Findora Triple Masking can scale up to thousands of transactions per second, making it faster than the industry benchmark, the company says. It also offers interoperability with elliptic curve signing algorithms such as ed25519 and secp256k1, enabling developers to add masking services to transactions between Ethereum Virtual Machine (EVM) standard wallets and more privacy-preserving architectures like Bitcoin’s unspent transaction output (UTXO) format.
Compatibility with the secp256k1 curve will enable EVM wallets such as MetaMask to sign transactions that can be handled by the dApps directly. Developers will be able to wrap any asset class, such as an FRC20, FRC721 or FRC1155, with privacy features by utilizing Findora’s Prism++ transfer mechanism.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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