Web3 developers can now provide fully compliant and regulated transaction privacy to their users with Findora’s plug-and-play Triple Masking SDK.
Discreet Labs, the creator of Findora, a layer-1 privacy-focused blockchain, said the Triple Masking SDK provides developers of decentralized apps with a simple way to integrate “zero-knowledge proofs” with any dApp. It means users can mask any detail of their crypto transactions, and yet those transactions will remain fully auditable thanks to some clever asset tracing capabilities that can be used by regulators.
Any Web3 dApp that employs the Findora Triple Masking SDK will be able to offer full configurability over transaction privacy, Discreet Labs said. So, users will be able to choose if they want to obscure the sender and receiver address, the cryptocurrency involved, and the amount sent, with each transaction.
The Findora Triple Masking SDK uses ZK-proofs, which is a cryptographic technique that makes it possible to conceal transaction data while ensuring the information within each one is valid. However, while transactions will be obscured from the average user, regulatory bodies will still be able to view everything to ensure full compliance.
Discreet Labs says this is a big deal because it means businesses in heavily regulated industries, which need to remain compliant, now have a way to use crypto. It means crypto now has parity with the traditional banking system, which has regulations in place to ensure that everyone’s bank accounts and transactions remain private, with that information still accessible for relevant authorities.
“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 Discreet Labs CEO Sam Harrison.
Discreet Labs claims that Findora Triple Masking can scale to process thousands of transactions per second. With its support for standards such as ed25519 and secp256k1, it means developers of standard EVM wallets such as MetaMask can now add full transaction privacy to their dApps. The SDK utilizes Findora’s proprietary Prism++ transfer mechanism to wrap any kind of crypto asset with privacy-preserving features.
“Findora Triple Masking uses application-specific turbo-plonks, a type of zero-knowledge succinct non-interactive argument of knowledge, also known as a zk-Snark,” Discreet Labs’ chief scientist Weikeng Chen explained. “This solution creates an anonymous blind asset record (an “ABAR”) that enables asset transfers to be encrypted as a cryptographic commitment rather than storing transaction data in plaintext like they do on other public ledgers.”
Harrison said Findora Triple Masking SDK is unique in its ability to solve both privacy and compliance issues for Web3 dApps. “The release of this SDK is the culmination of the original design of the founders of Findora,” he stated. “A solution set that provides a user with the choice to retain confidentiality while at the same time providing 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.