Findora launches privacy and auditability solution for Web3 dApps
Findora, a Silicon Valley-based blockchain startup, has released a Web3 privacy-preserving solution that provides a straightforward method for developers to incorporate zero-knowledge proofs into their applications.
Dubbed “Findora Triple Masking SDK,” the privacy-focused asset transfer solution enables users to carry out confidential transactions that are still auditable, with several choices for the details that can be masked or made transparent.
The technology stack promises to deliver easy-to-use, plug-and-play privacy to all Web3 decentralized applications. It also offers the ability to trace assets in a way that complies with existing regulations and analysis tools.
The rise of Web3 technologies has brought about a new era of transparency and security in crypto transactions. However, privacy has been a concern for many Web3 enthusiasts. To resolve this issue, the Findora Triple Masking SDK provides full privacy and anonymity for transactions, rather than just pseudonymity. With the SDK, any developer can make their applications (dApps) ZK-enabled, a privacy and blockchain scaling technology, offering optional transaction privacy at three different levels.
The SDK is also configurable, providing users with multiple options to indicate which elements to mask, including the wallet addresses of the sender and receiver, the type of asset, and the transaction amount.
Despite this privacy protection, transactions remain auditable to ensure compliance with regulatory requirements. Additionally, the Findora Triple Masking SDK integrates asset tracing capabilities, enabling auditors to monitor every transaction while keeping them obscured from public view on the blockchain.
Partner services can integrate with Findora Triple Masking through its software development kit and other resources, helping their users attest to their identity without them having to disclose sensitive information to any entity other than authorized ones.
Meanwhile, the solution is meant to be compatible with popular EVM wallets, such as MetaMask, as it works with keypairs on the secp256k1 curve. While MetaMask may not directly support private transactions, any transaction can still be signed by the existing wallet and managed by the applications themselves.
“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. Users tend to have to make a choice between privacy and convenience. And when they do, they usually pick convenience. I am excited to see what choices developers can offer their users when privacy and convenience are both attainable,” said Sam Harrison, CEO at Discreet Labs.
“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. 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,” said Weikeng Chen, Chief Scientist at Discreet Labs. He went on, “This is similar to the way zcash stores their cryptographic commitments. For most EVM chains, however, the transaction data is stored as plaintext and is therefore open to public scrutiny.”
Findora’s Layer-1 blockchain is designed to be a fast, scalable, and privacy-focused solution for businesses and developers. The platform leverages zero-knowledge proofs and secure multi-party computation to ensure that transactions remain private and secure. It also uses a unique sharding architecture to ensure that the network can handle high volumes of transactions without sacrificing performance.
One of the key features of Findora’s blockchain platform is its ability to support the creation of confidential assets. This means that businesses can issue and trade assets, such as stocks and bonds, without revealing sensitive information about the asset or its owner.
The platform is compatible with the Ethereum Virtual Machine, which means that developers can use existing Ethereum tools and languages to build applications on top of the Findora blockchain.
With its focus on privacy, scalability, and interoperability, Findora has the potential to become a key player in the blockchain space, particularly for businesses operating in industries with strict regulatory requirements, such as finance and healthcare.