DeFi

Here’s why Vitalik Buterin endorsed the Railgun privacy protocol

Published

9 months ago

11 May, 2024

Alan Scott Explains Why Vitalik Buterin Endorsed Railgun

In a recent interview with BeInCrypto, Railgun researcher Alan Scott explained the recent endorsement from Ethereum co-founder Vitalik Buterin.

This approval highlights the advancements and unique privacy features that Railgun aims to bring to decentralized finance (Challenge) sector.

DeFi through zero-knowledge proof technology

Railgun leverages zero-knowledge proofs (zk-SNARKs) to ensure user privacy when interacting with Challenge applications.

“Zero-knowledge proofs allow users to prove the truth of a statement without revealing the actual information. In the case of Railgun, users can prove they own a specific balance of crypto tokens in the Railgun smart contract, enabling privacy-preserving transactions,” Scott told BeInCrypto.

The project stands out in the DeFi space for its ability to conduct multi-contract calls privately. This innovation allows users to engage in various DeFi activities, such as trading and farming, from a privacy-preserving External Account (EOA). “This feature is a huge benefit,” Scott noted, and “it’s encouraging to see recognition from one of the greatest minds in the industry.”

Support from Vitalik Buterin reinvigorated the Railgun team, sparking new initiatives and driving execution. Although new collaborations have not yet materialized, the approval strengthens the credibility of the project and motivates contributors to improve DeFi privacy solutions.

Learn more: What is Railgun? A Guide to the EVM Privacy Protocol

Railgun features include private proofs of innocence, which help users demonstrate non-interaction with on-chain malicious actors. This technology ensures that users do not share a system with nefarious addresses. Additionally, Railgun integrates auditing features, such as a read-only private key, allowing users to reveal transaction graphs to third parties and integrate them with tax software like Koinly.

Scott highlighted the importance of technology and education in addressing privacy challenges. This approach has pushed Railgun to develop extensive documentation and an active community presence on platforms like Telegram and Discord.

“The best approach to addressing these types of challenges relies on technology and education. It’s about demonstrating from a technical perspective not only how these tools work, but also their practical effects,” Scott said.

Privacy on blockchain should be easy

Looking ahead, Railgun is set to introduce two major updates. The first is version 3, which is a complete overhaul of contracts towards a modular architecture. It enables new private DeFi capabilities such as leverage and reducing gas costs by up to 50% for certain transactions.

The second is Railgun Connect, a universal privacy plugin for Ethereum Virtual Machine (EVM). It allows users to use their private balance on most DeFi platforms without requiring integration.

With these, the protocol aims to make private transactions just as easily as public. Therefore, this ensures that DeFi users do not have to sacrifice privacy for self-custody and on-chain opportunities.

“The goal is to make private transactions as easy to use as public transactions, so that all DeFi users can stay private by removing as much complexity as possible. DeFi users should not be forced to choose between adopting self-custody and on-chain opportunities or giving up their valuable financial data,” Scott explained.

Collaboration across the privacy ecosystem is also a priority. Scott highlighted the efforts of Ameen Solamani and initiatives like Web3Privacy.info, which compile research on privacy mechanisms. These collaborations aim to advance the understanding and implementation of privacy technologies in the DeFi space.

Learn more: What are zero-knowledge proofs? Ensuring Web3 Application Growth

This commitment to innovation and privacy reflects why Vitalik Buterin’s endorsement is well-deserved, highlighting Railgun’s potential to transform the DeFi sector.

Disclaimer

Following the Trust Project guidelines, this feature article presents the opinions and perspectives of industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify the information independently and consult a professional before making any decisions based on this content. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.

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DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

Discover the exciting opportunities of the Rollblock (RBLK) presale today!

Website: https://presale.rollblock.io/

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DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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