Private Cross-Chain Transactions for the Elrond Mainnet via Suterusu Privacy 2nd Layer
We’re excited to announce that the Elrond mainnet will get extra privacy options by routing via the Suterusu 2nd layer solution. This gives Elrond accounts the ability to preserve the privacy of transactions sent to other Elrond accounts or even other blockchains such as Bitcoin.
Public blockchains, such as Bitcoin and Elrond, are inherently transparent and display all the information about the addresses & transacted amounts. Even if not directly linked to a physical person or business identity, privacy seekers may often look beyond the protection offered by public addresses randomly generated by a blockchain.
“Elrond is about to take blockchain from the dial-up to the broad-band era, but with a well-designed security-first approach. We feel privacy is equally important and as such are excited to work with Suterusu to enable additional layers of protection.” said Beniamin Mincu, Elrond CEO
Citizens looking to pay their taxes to the administration without revealing the amounts publicly, companies looking to reimburse labor while preserving employee rights, entities looking to hedge risk in complex DeFi environments, are just some of the reasons actors in the new economy might seek additional privacy.
Suterusu is building a 2nd Layer solution that offers Z-Cash level privacy to any compatible Layer 1 blockchain. Unlike Z-Cash, however, it does not require a “trusted ceremony” to set up its proprietary zk-ConSNARK environment, meaning there is no unique key that can potentially unravel all the privacy. Suterusu also retains an almost constant size for the generated proofs, an important innovation that makes running the protocol relatively computational inexpensive.
“Our technology offers the level of privacy technologies like Z-Cash or Monero offer, but without the potentially insecure setups or the need for resource-intensive systems to operate on. This lean approach will enable us to provide Elrond with an additional layer of protection in tandem with its impressive throughput capabilities.” said Dr. Huang Lin, Suterusu CTO.
The integration with Suterusu brings Elrond early access to privacy features for intra & cross-chain transactions, potentially enabling a user to privately pay with $BTC or Suter token as gas fee to access a smart contract functionality on Elrond, or simply enabling Elrond accounts to transact privately in exchange for an additional fee.
Adding privacy on top of the already secure and highly scalable Elrond blockchain unlocks additional DeFi and special use-cases for the new internet economy.
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Suterusu brings ZCash-level privacy to any blockchain platform or application. It integrates a state of the art trustless ZK-SNARK scheme with nearly constant size proofs, and efficient proof generation /verification. Suterusu provides privacy protection for several major blockchains and dapps, such as BTC and ETH, as well as DeFi products like Standard Tokenization Protocol and SWFT. Other public blockchains such as Neo and Theta have also worked with Suterusu to build layer-2 protocols to support privacy protection on their networks.
For more information, please visit us:
Latest news on Elrond
Check out our latest blog posts and updates
DeFi & Payments: Meta-Stable Coin “MTR” Comes to Elrond via Meter Blockchain Partnership
Identity & Data Management for Elrond Users & Apps via Ontology Partnership
Scalable Decentralization for Financial Applications on Elrond Mainnet via Bluzelle Database Layer