Ethereum

Sigma

Solana

<div class="dailyhodl">
 <p>A new update to Ethereum (ETH) competitor Solana (SOL) has enabled confidential transfers for the project’s token standard.</p>
 <p>Solana’s network of validators was able to reach a supermajority, approving the adoption of Solana’s v1.16 update after nearly 10 months of development and testing.</p>
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 <p>The update includes the rollout of confidential transfers for SPL tokens, the token standard for Solana network tokens (like ERC-20 tokens for Ethereum), according to a recent press release from Helius, a Solana developer platform.</p>
 <p>Confidential transfers will use zero-knowledge (ZK) proofs to encrypt the balances and transaction amounts of SPL tokens.</p>
 <p>Explains Helius,</p>
 <p><em>“The primary focus of this feature is to improve user privacy through a renowned emphasis on confidentiality rather than anonymity.</em></p>
 <p><em>Confidential transfers leverage Twisted ElGamal Encryption for mathematical operations on the encrypted amounts. These transfers are validated using Sigma Protocols, a specialized category of zero-knowledge proofs where one party (the prover) can demonstrate to another party (the verifier) that they know of a certain secret without actually disclosing the secret itself.”</em></p>
 <p>Solana’s native token, SOL, is trading at $22.19 at time of writing. The eighth-ranked crypto asset by market cap is down nearly 6% in the past 24 hours and more than 4% in the past seven days.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/new-solana-sol-update-brings-confidential-transfers-for-increased-user-privacy-tbt65846.html">https://thebittimes.com/new-solana-sol-update-brings-confidential-transfers-for-increased-user-privacy-tbt65846.html</a></p>

New Solana (SOL) Update Brings ‘Confidential Transfers’ for Increased User Privacy

TheBitTimes

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