Privacy-related issues are a recurring theme in the crypto industry and the RAILGUN project identified a regularly overlooked problem. We often talk about privacy coins like Monero that we can regard as solely a tender but what about the Defi space?
As the crypto industry continues to evolve, we'll find that new projects will emanate from the shadows with unique solutions. RAILGUN project is one of those unique solutions presenting a far-reaching approach to dealing with privacy for users.
Transactions on the blockchain are transparent and can be easily verified by third parties; we like it that way but at the same time, we have to start thinking outside "the box". If the plan is to take cryptocurrencies mainstream and use them for everyday payments then we really need to start having conversations about it.
There's a characteristic stigma about privacy because it is somehow always affiliated with nefarious activities but in reality, there's more to it.
Imagine paying a small fraction of ETH to buy a phone and the seller of the said phone can instantly know every single transaction you've performed with the said wallet. This is why we need privacy and this is why RAILGUN project is important
RAILGUN is a collection of smart contracts initially developed to add a layer of privacy on your activities on Ethereum blockchain. The project was later extended to BNB chain and Polygon network.
Thanks to the zero-knowledge proof (zk-SNARKs) technology, RAILGUN essentially hides user wallet transaction history and activities from the public ledger. This means that Railgun users have exclusive "viewer priviledge to all their activities on the blockchain.
RAILGUN transcends mundane coin transfer between wallets that we get from other privacy coins because it runs even deeper. The [RAILGUN smart contract[(https://railgun.org/#/) can be deployed by projects looking to ensure their customers wallet interactions are kept under wraps.
For example, the Railgun Smart contract could be implemented on a project like Cubfinance on BNB chain that is home to thousands of investors on hive and beyond. The implementation of Railgun will ensure that all customers' interactions with various contracts are kept secret.
As one that has been a victim of a wallet hack, I like to think that some level of privacy would have prevented my wallet from being drained. Without privacy, the hacker simply just had to use a simple BNB scan to know all the contracts I've interacted with and drained my wallet.
Well, let's face it, why not? It's not a case of having nothing to hide, it's a case of total strangers easily knowing every single transaction you've done with your wallet.
Using RAILGUN means that you can grow a private store of crypto assets in a safe and secure way. You can rest assured that pocket watchers won't have knowledge about your transactions.
If the need arises, you can always produce a transaction record for required authorities for compliance purposes and whatnot.
Using RAILGUN ensures that you can interact with a variety of DeFi platforms without anybody else knowing about which smart contracts you touched. You can easily swap, and transfer assets on DEXes without pocket watchers having viewing privileges to your activities.
Participating in the project requires a small sacrifice that you can easily perform with any PC browser. If you follow the simple steps below, you will be making a contribution towards achieving privacy on Ethereum, BNB Chain and Polygon.
Drop a screenshot of your attestation at the end of your contribution in the comment section and I'll send you 5 Hive. I know it ain't much but it's the least we can do to ensure privacy in some of the most popularly used networks in the crypto space.
