Blockchain And Privacy Issues: How Raze Network Is Changing The Narrative
The digital ledger is on track towards mass adoption thanks to its many attributes. Immutability, decentralization, and transparency are some of these attributes. Yet, blockchain's exceptional transparency is the bone of contention in many quarters.
Privacy concerns have pitched many potential users against the blockchain. Not everyone is keen on sharing their transaction history with the public. Thus, several start-ups have risen to the challenge of creating solutions that address the lack of user's privacy concerns.
Existing Privacy Solutions
Privacy concerns regarding blockchain didn’t start today. Lots of attempts were made to tackle the issue through the introduction of privacy tokens and networks.
From Z-cash to Nightfall, privacy solutions have remained high-end and inefficient. The challenges are familiar: lack of privacy coverage for smart contracts, expensive processes, and the involvement of third parties in privacy solutions.
Also, existing privacy solutions are focused on asset transfer without looking at the bigger picture. Most don’t support cross-chain transactions. This puts possible users off – many are interested in enjoying the gains of DeFi without having someone else watch their every move.
How Raze Network Is Changing The Narrative
Built on the Substrate framework, Raze Network is changing the privacy solution narrative, relying on existing structures – ElGamal encryption algorithm and Shrubs Merkle algorithm. The result is a truly anonymous privacy solution – zero middlemen involved. This is one area where Raze Network delivers on privacy.
Where other privacy solutions dilly-dally through a long verification period, Raze Network reduces the timeline. The introduction of the Shrubs Merkle algorithm makes this possible.
Privacy on the blockchain shouldn’t be expensive. And Raze Network guarantees that. The cross-chain protocol leverages the lower fees on Substrate to deliver inexpensive private transactions.
More Than A Privacy Coin
Raze Network isn’t just another privacy coin. The cross-chain protocol intends to render a robust privacy solution for DeFi transactions and more within the blockchain space. Yet, this will start with the Polkadot ecosystem, extending to the Ethereum Network and beyond.
Imagine being able to provide liquidity on your favorite DEX discretely. That’s something Raze Network hopes to achieve in its privacy solution. It’s the opportunity to enjoy the many perks of DeFi and the crypto space in general without leaving behind any digital trail. Think Pandora without the papers.
Why You Should Use Raze Network
Using Raze Network, you can trade, mint, or stake tokens privately. The cross-chain protocol consists of different interest groups each contributing to its efficient functioning. For instance, token miners pay fees to move their assets using the Raze Bridge.
Despite providing privacy, Raze Network sticks to the decentralization tenets of blockchain. The cross-chain protocol consists of vault keepers who confirm transactions done on the chain. In the usual fashion, these parties have their asset deposited, putting them at risk of losing their deposit should they be renegade on their duty. Vault keepers earn fees for doing their part in keeping the Raze Network afloat.
Raze achieves its privacy solution status by utilizing the Zether architecture. The dependence on both the unique mechanisms of ElGamal encryption algorithm and the Shrubs Merkle algorithm ensures the cross-chain protocol can deliver on 21st century needs for discretion, including stake voting, payment solutions, and a wide range of other applications.
Blockchain’s privacy apathy has been a source of concern for a long time. While there hasn’t been a shortage of privacy solution providers, the digital ledger remained bereft of true anonymity until Raze Network.
The success of the cross-chain protocol in changing the narrative is certainly not novel. Raze Network depends on existing work on privacy for blockchain, but the cross-chain protocol does straighten out the rough edges – a remarkable feat.