Anonymity for Ethereum – Anonymity on blockchains is a sensitive subject. THE Tornado Cash developers are proof of this, after being brought before American justice. However, this doesn’t seem to put off other developers. For example, Nocturne Labs is working on a solution foranonymity for Ethereum.
Nocturne Labs: $6 million to finance anonymity
NocturneLabs is a crypto startup that develops a anonymity solution for Ethereum. In practice, it wishes to introduce private accounts on Ethereum, allowing anonymous transactions.
The company recently brought together 6 million dollars as part of a seed financing round.
Among the investors, we find several renowned players in the crypto ecosystem. Thus, this fundraising saw the participation of Vitalik ButerinBain Capital Crypto, Polychain Capital or even Bankless Ventures to name a few.
The successful funding of Nocturne Labs demonstrates a desire to see the development of privacy protection tools on Ethereum.
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The Nocturne Labs proposal
Indeed, as we discussed in the introduction, Nocturne Labs develops a private account solution on Ethereum. Thanks to these “internal” accounts within Nocturne, users will be able to carry out anonymous transactions.
For now, Nocturne is focused on the Ethereum network, where it is expected to launch next month. However, the developers already have plans to port their solution to the various L2s of Ethereum.
Under the hood, Nocturne Labs’ solution integrates the zk-proof allowing users to prove they have funds for a transaction, without having to reveal the amount or source.
As a reminder, a zk-proof or zero knowledge proof in French, is a cryptographic technology that allows someone to prove that they have certain information without having to reveal it.
In the future, it would be possible to allow via these zk-proofs to prove to financial institutions the holding of certain crypto, their non-illicit origin, all without having to reveal the amount or the origin.
Yes, because Nocturne knows it: the regulators are waiting for him around the corner. To protect itself, the protocol will adopt a measured approach to aperture. So, they will implement a two-step deposit process using tools to filter illegal deposits.
Let’s hope that their adventure in anonymity is less fraught with pitfalls than that of Tornado Cash. Whose developers are currently on trial in the United States concerning the uses that have been made of their software.
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