- /u/fetty_wept 10th March, 2024 - 23:19 Smart contracts are inherently transparent by design. XMR operates based on basic principals that facilitate the privacy it offers. Monero Features - Ring signatures: Allow multiple sender's transactions to be bundled as one - Stealth Addresses: Each TX on the XMR chain gets a one-time address (address generated on behalf of the recipient ) - Confidential Transactions (ringCT): The amount of XMR contained in a TX is obfuscated (hidden) HOWEVER.... There are ALREADY a couple of privacy focused projects that are worth looking into (Hint: Secret Network is the winner) 1. Secret Network (scrt.network) 2. Enigma Secret Network - Blockchain for privacy focused SMART CONTRACTS, which are called 'secret contracts' (go figure) - Offers interoperability with other blockchains (!!) through it's 'privacy as a service' (PaaS) - Devs can build apps that use encrypted data without revealing the data itself (even to the nodes running the network) - Uses Trusted Execution Environments (TEEs) (mainly Intel SGX) to process data securely (this provides isolated environment to allow for secure data processing) - Network already supports things like private auctions and PRIVATE MARKETPLACES - Ability to facilitate cross-chain communication to trigger action on another blockchain (Think: Secret Network triggers XMR transaction) - This is very promising because the contents of the ledger are encrypted, so even though the data is available for everyone to see, it's encrypted (like PGP) - The first one to create a marketplace built on this tech wins. Enigma (this is the OG that has had ups and downs) - Enigma was born as a privacy layer for ETH and was one of the first projects to focus on privacy - Goal was to enable anonymous/private processing over the blockchain to allow data to be used in smart contracts without exposing the actual data - Enigma is decentralized - Enigma has gone through a lot of drama and is actually working with Secret Network Secret Network really is promising. It was built to do exactly what this ecosystem needs. Some other nerd who has the time (and skill) to pull this off will be rewarded with monetary gains as well as boss level clout.
by /u/QuickieFlippie · 10th March, 2024 08:06 in /d/CafeDread
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