#nil #NIL $NIL @Nillion
I expected onchain privacy to mean one thing: data that stays hidden, full stop. Covenants work differently.
An instruction gets published on Ethereum sealed to a condition, and it's unreadable by anyone, including the nodes processing it, until that condition is actually met. Then it decrypts. Not permanent concealment. Concealment with a built-in trigger.
Dusk is the first phase of that, live on Ethereum mainnet now. For a trader, that's a real difference from what's normally possible. A stop-loss or a limit order posted onchain today is visible the moment it's submitted, which means the price you're willing to accept is public before it ever executes. A Covenant lets that same instruction sit sealed until the condition it's waiting on actually fires.
What I'm watching is whether that holds up once real order flow runs through it. Conditional reveal only matters if the window between "sealed" and "triggered" is short enough that nobody can act on advance knowledge the condition's about to hit.
I expected onchain privacy to mean one thing: data that stays hidden, full stop. Covenants work differently.
An instruction gets published on Ethereum sealed to a condition, and it's unreadable by anyone, including the nodes processing it, until that condition is actually met. Then it decrypts. Not permanent concealment. Concealment with a built-in trigger.
Dusk is the first phase of that, live on Ethereum mainnet now. For a trader, that's a real difference from what's normally possible. A stop-loss or a limit order posted onchain today is visible the moment it's submitted, which means the price you're willing to accept is public before it ever executes. A Covenant lets that same instruction sit sealed until the condition it's waiting on actually fires.
What I'm watching is whether that holds up once real order flow runs through it. Conditional reveal only matters if the window between "sealed" and "triggered" is short enough that nobody can act on advance knowledge the condition's about to hit.