- Some people choose to use crypto transactions that are privacy protected because it reduces the likelihood that they will become a victim of hackers.
- When users sign up for an Iron Fish account, they receive these view keys. They can use these to provide authorities with “read-only access” information if they need to access their account.
Private stablecoin transactions on the Ethereum layer-2 base are close to becoming profitable, according to Coinbase CEO Brian Armstrong. This could provide a much-needed boost to the integrity of public blockchains.
Coin base bought crypto privacy startup Iron Fish in March to fulfill its goal of “Base building private transactions,” as Armstrong said in a post on X on Tuesday.
While many wondered whether Know Your Client controls would be required by the privacy settlement, Armstrong chose to ignore those questions and instead promised to release more information shortly. Some people choose to use crypto transactions that are privacy-protected because it reduces the likelihood that they will become a victim of hackers or fraudsters, protects their financial data from public view, and so on.
Privacy still an issue
On the other hand, prominent figures in the cryptocurrency sector who have pioneered privacy features, such as Alexey Pertsev and Roman Storm, creators of Tornado Cashand Keonne Rodriguez and William Lynch, co-founders of Samourai Wallet, have all faced intense charges.
On the other hand, depending on Iron Fish’s current implementation, Base’s transactions could not be completely private. Iron Fish’s website states that the platform uses “view keys” and zero-knowledge proofs to ensure the integrity of transactions, but that data can still be disclosed in response to a request from a tax department or other regulatory body.
When users sign up for an Iron Fish account, they receive these view keys. They can use these to provide authorities with “read-only access” information if they need to access their account. To facilitate this endeavor, Iron Fish has introduced ZK Proof, which allows users to verify anything while keeping only the essential details hidden.
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