Sometimes, transparency is a bad thing. Yet, blockchain networks rival glass in transparency. This doesn’t mean the digital ledger is bad; it just means you have zero privacy on-chain.
Everything shouldn’t be public knowledge. There are classified documents for a reason. Occasionally, you’d prefer to conduct certain transactions under the radar, but that’s almost impossible with most blockchains.
While there are privacy serving protocols, it’s a headache navigating those. From the humongous gas fees to the reliance on centralized nodes, these protocols aren’t exactly user-friendly.
You also have to be wary about the use of third-party nodes in such privacy networks — decentralization goes out the window in such situations.
The emergence of Raze Network will usher in a new dawn in privacy management on-chain. Let’s dive deep into this privacy protocol.
What Is Raze Network
Privacy preservation is a huge deal in a blockchain that’s accessible to all. Raze Network seeks to cater to those interested in keeping their transactions and activities on DeFi protocols from prying eyes.
Of course, what Raze intends to do isn’t new; there have been several privacy-preserving projects in the past. But most are either obsolete or out-of-touch with current realities on-chain.
Modus Operandi Of Raze Network
To understand how Raze Network will change privacy preservation as we know it, look no further than the workings of the protocol.
Raze was created to facilitate cross-chain transactions under the hood. To achieve this, Raze Network is built on the Substrate framework.
The choice of Substrate’s framework for the privacy preservation protocol is intentional: cross-chain private transactions are actualized without expending the huge fees that have crippled the competition.
Besides being built on Substrate, Raze Network achieves its privacy preservation claims through the combination of Zether’s E-bullets — a zero-knowledge mechanism — and the novel Shrub Merkle algorithm.
The choice of the E-bullet is down to its decentralized offering. The zero-knowledge mechanism doesn’t require any centralized entity to handle transactions privately. So there’s no need to worry about compromises in the process.
While Zether’s E-bullet does bud well for the decentralization of the Raze Network privacy preservation, its exorbitant fees put off retail. Gone are the days when people were keen on keeping things under wraps no matter the cost. Fortunately, the Shrub Merkle algorithm and the NPoS consensus help Raze Network keep gas fees in check as well as the verification process timeline.
Raze Network isn’t only about payments. The privacy-preserving protocol is poised to be the go-to choice for keeping transactions, within the DeFi space, under the radar.
Compared to other existing privacy-providing platforms, Raze is the only one to support privacy protection for smart contracts. This explains its suitability for DeFi projects on Polkadot.
Through Raze Network, users can carry out liquidity mining anonymously. Fears of unwanted surveillance on your liquidity providing activities to De-Fi protocols within the Polkadot chain is eliminated.
Raze Network doesn’t differ from protocols on the blockchain as the privacy-enabling network involves the activities of validators. These entities are responsible for the blocks produced. The sharing of staking rewards based on RAZE tokens is something validators play a role in.
What The Future Holds For Raze Network?
The privacy-providing protocol isn’t stopping at cross-chain privacy preservation; Raze Network will be creating an ecosystem where discretion is maintained. Users can leverage the RAZE token to carry out all sorts of transactions ranging from lending, liquidity mining, and more under the radar.
The privacy-providing protocol will expand its dragnet to other chains as Raze Network hopes to make discretion an option in a highly transparent digital space.