#nil $NIL @Nillion
📖 Thinking about Nillion, Covenants, and Dusk
To be honest, I first learned about @Nillion through a creator task, and it got me thinking about something interesting: we value the openness and transparency of decentralized currencies, where everything is clear on the blockchain ledger, but we also appreciate the privacy offered by privacy coins (don’t argue—we all know how much buzz privacy coins got a while back). These two needs are actually at odds. So, could I strike a balance by still showing the results on the blockchain ledger, while encrypting🔐 certain instructions when I deploy them?
That’s when I came across Covenants. In Nillion, a Covenant is a bit like an encrypted instruction that is only decrypted when specified conditions are met.
If it’s possible to set things up this way, orders could remain hidden when they’re placed and only be revealed once the conditions are met, reducing the chances of bots or malicious actors front-running or attacking your orders.
Dusk is a stage in Nillion’s development of Covenant instructions, bringing this kind of mechanism to the Ethereum mainnet for the first time, while gradually building out the related node network through trial and development.
In short, $NIL is a cryptocurrency focused on “decentralized computing that also protects data privacy and security.”
📖 Thinking about Nillion, Covenants, and Dusk
To be honest, I first learned about @Nillion through a creator task, and it got me thinking about something interesting: we value the openness and transparency of decentralized currencies, where everything is clear on the blockchain ledger, but we also appreciate the privacy offered by privacy coins (don’t argue—we all know how much buzz privacy coins got a while back). These two needs are actually at odds. So, could I strike a balance by still showing the results on the blockchain ledger, while encrypting🔐 certain instructions when I deploy them?
That’s when I came across Covenants. In Nillion, a Covenant is a bit like an encrypted instruction that is only decrypted when specified conditions are met.
If it’s possible to set things up this way, orders could remain hidden when they’re placed and only be revealed once the conditions are met, reducing the chances of bots or malicious actors front-running or attacking your orders.
Dusk is a stage in Nillion’s development of Covenant instructions, bringing this kind of mechanism to the Ethereum mainnet for the first time, while gradually building out the related node network through trial and development.
In short, $NIL is a cryptocurrency focused on “decentralized computing that also protects data privacy and security.”