Blockchain
Iron Fish, a Layer 1 blockchain initiative emphasizing transactional privateness via zero-knowledge proofs, has launched its mainnet after being in improvement for greater than two years.
The Iron Fish group secured $28 million in a funding spherical led by Andreessen Horowitz in 2021. It is carried out three testnet phases spanning from 2022 to the primary quarter of 2023 previous to the discharge. There appears to be important curiosity within the Layer 1, which had over 60,000 nodes by the conclusion of its most up-to-date testnet part.
Iron Fish is wading right into a crowded area of privacy-focused fee networks and blockchain protocols that features zCash, Secret Community, Oasis, Aztec and Aleo.
The blockchain leverages, Zero-knowledge proofs (ZKPs), a cryptographic method that permits one occasion to show to a different occasion that they possess sure data or {that a} particular assertion is true with out revealing any particulars concerning the data itself. This system can be utilized both to assist blockchains scale or to realize transactional privateness. In Iron Fish’s case, it is the latter.
Iron Fish is a proof-of-work chain
Iron Fish can be based mostly on a proof-of-work consensus mechanism, so customers can function specialised machines to mine the native cryptocurrency of the community. Regardless of the vitality consumption related to proof of labor, this consensus has confirmed to offer safety in opposition to community takeovers and knowledge manipulation, in addition to preserve decentralization.
“Iron Fish is a proof-of-work (PoW) based mostly layer 1 blockchain community, supposed to function a fully-compliant privateness layer for digital property and web3,” Elena Nadolinski, founder and CEO of Iron Fish, advised The Block. “Utilizing zero-knowledge proofs and sturdy encryption requirements, Iron Fish allows customers to transact in a completely non-public means, with out compromising on accessibility.”
The group stated it’s aiming to carve out a distinct segment within the privateness sphere by offering native mechanisms that probably maintain an edge over blockchains the place person tracing is extra simple. They do that by permitting customers to execute nameless and personal transactions utilizing zero-knowledge proofs.
Emphasis on interoperability
Interoperability is one other key side of Iron Fish, the group stated, enabling customers to bridge property from different blockchains, together with Bitcoin and Ethereum, to facilitate elevated privateness in transactions for customers.
One of many options we have labored laborious on is that this multi-asset characteristic—which means that Iron Fish can now comprehend completely different property, permitting a bridge operator to bridge property throughout from different chains onto Iron Fish—making Iron Fish a privateness platform for such property.
“We wish to assist clear bridges which have programmability. So, as an example, you would possibly wish to transfer an asset from Ethereum over to Iron Fish. You’ve the programmability of Ethereum after which in order for you the privateness, you progress the property over to Iron Fish to transact, retailer, and swap privately,” Nadolinsky added.
