<![CDATA[<figure class="image"><img src="https://cimg.co/news/126844/334926/adobestock-andrii-yalanskyi.jpeg" alt="" srcset="https://cimg.co/news/126844/334926/responsive-images/adobestock-andrii-yalanskyi___media_library_original_5285_3191.jpeg 5285w, https://cimg.co/news/126844/334926/responsive-images/adobestock-andrii-yalanskyi___media_library_original_1200_725.jpeg 1200w, https://cimg.co/news/126844/334926/responsive-images/adobestock-andrii-yalanskyi___media_library_original_900_543.jpeg 900w, https://cimg.co/news/126844/334926/responsive-images/adobestock-andrii-yalanskyi___media_library_original_720_435.jpeg 720w, https://cimg.co/news/126844/334926/responsive-images/adobestock-andrii-yalanskyi___media_library_original_600_362.jpeg 600w, https://cimg.co/news/126844/334926/responsive-images/adobestock-andrii-yalanskyi___media_library_original_300_181.jpeg 300w" sizes="100vw" width="5285" class="content-img"><figcaption>Source: AdobeStock / Andrii Yalanskyi</figcaption></figure>Nocturne, a protocol enabling private accounts on public blockchains, has raised millions from prominent players in the <a href="https://cryptonews.com/news/ethereum-price-prediction-as-market-cap-hits-200-billion-whats-next-for-eth.htm">Ethereum</a> ecosystem, aiming to go live on the mainnet in the coming weeks.Launched earlier this year, Nocturne today announced its $6 million seed funding round co-led by <a href="https://cryptonews.com/tags/bain-capital-ventures/">Bain Capital Crypto</a> and <a href="https://cryptonews.com/tags/polychain-capital/">Polychain Capital</a>, with participation from Ethereum co-founder <a href="https://cryptonews.com/tags/vitalik-buterin/">Vitalik Buterin</a> and &ldquo;other members of the Ethereum community.&rdquo;Other investors include <a href="https://cryptonews.com/tags/bankless/">Bankless Ventures</a>, HackVC, and Robot Ventures, according to the press release.The company will use the funds to accelerate the production of Nocturne&rsquo;s protocol and its deployment across &ldquo;various ecosystems,&rdquo; it said.Furthermore, it will help fund legal work in the continuously changing regulatory environment.The company previously <a href="https://www.cbinsights.com/company/nocturne-labs">raised</a> $4.6 million.Nocturne Labs is a <a href="https://cryptonews.com/tags/blockchain/">blockchain</a> technology company working to address &ldquo;the most critical privacy and user experience challenges&rdquo; within the Ethereum ecosystem.Its users can transact with built-in privacy via private accounts, marking &ldquo;a substantial stride in advancing the usability of public blockchains,&rdquo; Nocturne stated.Luke Tchang, CEO and co-founder of Nocturne, argued that,<blockquote>&ldquo;Onchain privacy solves a key pain point for many existing users, enables new use cases, and allows new players to enter our industry.&rdquo;</blockquote>The company plans to launch on mainnet in a matter of weeks &ndash; but not in the <a href="https://cryptonews.com/tags/usa/">USA</a>. Per the spokesperson,<blockquote>&ldquo;Mainnet launch is anticipated to occur some time within the next month. The product will initially not be available to US users.&rdquo;</blockquote>The press release noted that this initial launch will provide a compliant, non-custodial privacy option to retail users.It will allow integrations with <a href="https://cryptonews.com/news/ryder-reveals-hardware-wallet-that-replaces-seed-phrases-with-novel-recovery-system-and-no-central-entity-raises-12-million.htm">wallets</a>, payment companies, and &ldquo;other strategic partners.&rdquo;<h2 id="conventional-ethereum-accounts-with-built-in-privacy">Conventional Ethereum Accounts With Built-in Privacy</h2>All transactions and user data on the Ethereum blockchain are transparent by default.What Nocturne offers, it said, is a combination of stealth addresses, zero-knowledge proofs, and account abstraction to enable private accounts on public blockchains.These accounts function like typical Ethereum accounts &ndash; but they come with built-in asset privacy.Per the spokesperson, account abstraction is a paradigm that moves the authentication logic for the spending of one&rsquo;s assets from a single signature check of the user's private key to arbitrary logic held in a <a href="https://cryptonews.com/tags/smart-contract/">smart contract</a>.Nocturne is essentially an account abstraction protocol where users&rsquo; assets are pooled together for anonymity and where ownership of said shielded assets is denoted by stealth addresses, they said, adding:<blockquote>&ldquo;Users have a single spending key from which they can control many ephemeral stealth addresses.&rdquo;</blockquote>The user deposits funds into Nocturne to one of their stealth addresses. They can later prove ownership of the assets in zero-knowledge for use in arbitrary anonymous contract interactions or confidential payments.<h2 id="private-vault-interface-payments-backend-and-smart-contract-wallet">Private vault interface, payments backend, and smart contract wallet</h2>According to the spokesperson, there are a number of use cases to talk about.Some of them include the following:Private vault interface: Nocturne will initially be available via the private vault user interface (UI) upon mainnet launch.This interface will allow users to privately store/earn yield on idle assets and withdraw to clean burner wallets for higher-touch activities like trading.This will be the first end-user product built atop the protocol.Private payments backend: Instead of making payments directly to a recipient's externally-owned account (public wallet), a user can send funds into Nocturne, assigning ownership of those funds to one of the recipient's stealth addresses.This allows for use cases such as shielded payroll for on-chain organizations.For even stronger privacy guarantees (hidden amounts), a user/organization can pay from one Nocturne account to another via confidential payments.Private smart contract wallet: Nocturne's wallet software development kit (SDK) can be integrated into existing wallet clients to support a usual wallet experience but with built-in asset privacy.The first iteration of Nocturne&rsquo;s product does this to a limited extent by integrating the SDK into the frontend and MetaMask Snap.Taking this initial work several steps further, one can, in theory, build a wallet that lets users transact as they normally do with asset privacy built in under the hood.Alex Evans, Partner at Bain Capital Crypto, argued that,<blockquote>&ldquo;It&rsquo;s hard to imagine satiating consumer or institutional demand for permissionless, composable applications without privacy. But it&rsquo;s also hard to imagine most users adopting new platforms purely for privacy&rsquo;s sake.&rdquo;</blockquote>Nocturne, said Evans, aims to close this gap by bringing privacy to existing applications and assets &ldquo;while striving for feature parity as a minimum requirement.&rdquo;The spokesperson noted that Nocturne&rsquo;s subsequent plans are still in development.Some possibilities include deploying to and supporting new <a href="https://cryptonews.com/news/layer-2-networks-account-for-nearly-two-thirds-of-ethereum-transactions-report.htm">layer 2</a> (L2) solutions and improving the protocol&rsquo;s permissionlessness by implementing recursive proof of innocence.____<h3 id="learn-more">Learn more:&nbsp;</h3>- <a href="https://cryptonews.com/news/synfutures-decentralized-exchange-secures-22-million-investment-led-by-pantera-capital-crypto-funding-making-comeback.htm">SynFutures Decentralized Exchange Secures $22 Million Investment Led by Pantera Capital &ndash; Crypto Funding Making a Comeback?</a> - <a href="https://cryptonews.com/news/ryder-reveals-hardware-wallet-that-replaces-seed-phrases-with-novel-recovery-system-and-no-central-entity-raises-12-million.htm">Ryder Reveals Hardware Wallet That 'Replaces' Seed Phrases With Novel Recovery System and 'No Central Entity', Raises $1.2 Million</a> - <a href="https://cryptonews.com/news/web3-gaming-continues-garner-investor-attention-despite-bear-market-heres-latest.htm">Web3 Gaming Continues to Garner Investor Attention Despite Bear Market &ndash; Here's the Latest</a> - <a href="https://cryptonews.com/news/new-investment-firm-deus-x-capital-targets-crypto-opportunities-with-1-billion-assets.htm">New Investment Firm Deus X Capital Targets Crypto Opportunities with $1 Billion in Assets</a>
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Nocturne Raises $6M From Vitalik Buterin, Polychain, Bankless and Bain Capital Crypto to Enable Private Accounts on Ethereum

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