๐โ!Solana's latest update brings native support for private blockchain transactionsLayer 1 proof-of-stake blockchain Solanaโs somewhat under-the-radar version 1.16 update introduced โConfidential Transfers,โ enhancing user privacy with encrypted SPL token transactions.
The update to developer Solana Labsโ validator client recently reached a super-majority of validator adoption following ten months of development and an audit by blockchain security firm Halborn, according to a blog post from Solana infrastructure provider Helius Labs. The v1.16 release has been running on testnet since June.โSolana just shipped a native privacy option for SPL tokens, not quite getting the attention it deserves yet,โ pseudonymous Delegate founder and CEO Foobar posted on X (formerly Twitter). โThese are big improvements โ I don't think enough people are aware,โ Helius co-founder and CEO Mert Mumtaz added.
The feature utilizes zero-knowledge proofs to encrypt the balances and transaction amounts of Solana Program Library (SPL) tokens. These are Solana-compatible tokens, similar to ERC-20 tokens on Ethereum. It improves user privacy by focusing on confidentiality rather than anonymity, Helius pseudonymous contributor 0xIchigo wrote.
Confidential Transfers use a mathematical operation called Twisted ElGamal Encryption on the encrypted amounts, with transfers confirmed through Sigma Protocols โ a type of zero-knowledge proof where one party (the prover) shows another (the verifier) that they possess a specific secret without revealing the secret itself.
Other benefits from the update
The v1.16 update also improves Solana's zero-knowledge support, introducing a feature to generate proofs more efficiently. This streamlines Solanaโs verification of zero-knowledge proofs, offering better security and privacy features and helping to bridge the compatibility gap with Ethereum, 0xIchigo noted.
#cryptocurrency #crypto #crypto2023 #solana $SOL
The update to developer Solana Labsโ validator client recently reached a super-majority of validator adoption following ten months of development and an audit by blockchain security firm Halborn, according to a blog post from Solana infrastructure provider Helius Labs. The v1.16 release has been running on testnet since June.โSolana just shipped a native privacy option for SPL tokens, not quite getting the attention it deserves yet,โ pseudonymous Delegate founder and CEO Foobar posted on X (formerly Twitter). โThese are big improvements โ I don't think enough people are aware,โ Helius co-founder and CEO Mert Mumtaz added.
The feature utilizes zero-knowledge proofs to encrypt the balances and transaction amounts of Solana Program Library (SPL) tokens. These are Solana-compatible tokens, similar to ERC-20 tokens on Ethereum. It improves user privacy by focusing on confidentiality rather than anonymity, Helius pseudonymous contributor 0xIchigo wrote.
Confidential Transfers use a mathematical operation called Twisted ElGamal Encryption on the encrypted amounts, with transfers confirmed through Sigma Protocols โ a type of zero-knowledge proof where one party (the prover) shows another (the verifier) that they possess a specific secret without revealing the secret itself.
Other benefits from the update
The v1.16 update also improves Solana's zero-knowledge support, introducing a feature to generate proofs more efficiently. This streamlines Solanaโs verification of zero-knowledge proofs, offering better security and privacy features and helping to bridge the compatibility gap with Ethereum, 0xIchigo noted.
#cryptocurrency #crypto #crypto2023 #solana $SOL
