Innovative Layer-1 blockchain Findora has introduced a Triple Masking SDK privacy-preserving solution for Web3.
Findora has launched a Web3-focused Triple Masking SDK for developers to easily integrate zero-knowledge (ZK) proofs into their decentralized applications (dApps). According to the programmable privacy-enabled public blockchain, the Findora Triple Masking ZK SDK also enhances user transactions. For instance, users can now transact privately while remaining auditable and have multiple options regarding masked or transparent information.
Describing the development as a Web3 universal privacy-preserving solution, Findora added that the Triple Masking SDK offers plug-and-play privacy for dApps.
Findora Developer CEO Sums Up Value Proposition of Triple Masking SDK
Sam Harrison, chief executive officer of Findora developer Discreet Labs, weighed in on the decentralized application facilitator, saying:
“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. 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.”
Harrison also added:
“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.”
The Discreet Labs CEO explained that Triple Masking goes beyond simply encrypting information. According to him, Findora’s new offering can also trace assets in a regulatory and analytically compliant manner. As a result, Harrison pointed out that Triple Masking meets a professional institution’s privacy and compliance requirements.
Zero-Knowledge Proofs & SDK Applicability
Financial institutions’ requirements to safeguard privacy have been codified by regulation for decades. This also means consumers retain the right to keep their personal financial data from prying eyes. Although regulations emphasize financial customers’ need to consent to private information-sharing, ZKs enhance the experience.
As cryptographic techniques, zero-knowledge proofs enable decentralized networks to hide transaction data while permitting the validation of the inherent information. Although this solution poses a computationally complex scenario, it also allows blockchain verification of a digital asset’s movement without requiring additional sensitive information. Such information includes details about the digital asset as well as its sender and receiver. Ultimately, ZK proofs lack the essential element that provides digital asset private transactions while ensuring minimal expenditure of said assets. It is this lapse that Findora’s Triple Masking initiative seeks to adequately address.
Supported on Findora’s network, the Triple Masking SDK offers full-privacy protection and anonymity for transactions instead of mere pseudonymity. With the SDK, developers are privy to ZK enablement and can access added transaction privacy at three levels. Although users can protect transactions from the rest of the public blockchain, Findora said the SDK can trace assets. This means that while everybody else is oblivious to transactions, backend auditors can still monitor them.
Findora’s Triple Masking processes thousands of transactions significantly faster than the industry benchmark. Furthermore, the application’s compatibility with the secp256k1 curve enables better transaction signing by standard EVM wallets like MetaMask.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.