SHIELD is the world’s first privacy protocol based on zk-SNARKs on a Proof of Stake blockchain, brought to you by PIVX.
PIVX (PIVX: PIVX)
– Furzy, PIVX lead developer
United States, November 10, 2020 /EINPresswire.com/ – Since its creation in January 2016, PIVX has continuously researched, built and delivered top quality blockchain applications that protect user data. These User Data Protection (UDP) protocols preserve the privacy and security of various elements of the Proof-of-Stake segment of blockchain technology. Starting with the coin-join, it pivoted to a new (and crypto-first) implementation of the Zerocoin protocol in 2018. While this integration offered robust privacy, the protocol had its limitations and ultimately had to be removed.
Today, we’re excited to bring you SHIELD; a monumental leap forward in the protection of user data. This announcement is the result of PIVX research and the successful custom implementation of the highly verified and academically proven zk-SNARK Sapling protocol, originally developed by the Electric coin company.
SHIELD means exactly that: A SHIELD. When using the PIVX user data protection feature, you can be sure that PIVX, whose logo and brand is a shield in itself, is in fact that SHIELD for you in the world, protecting your rights, safeguarding your privacy and keeping your financial and self-identifying information protected.
SHIELD: SIMPLIFIED AND EFFICIENT CONFIDENTIALITY
SHIELD is also the âtypeâ of protection available to users – you no longer have to go through a tedious, technology-intensive process. On the contrary, with the simplicity of selecting a “protected” address, you can send or receive with confidence that your data and financial records are protected.
It also means that you are free to spend ANY amount you want in safety and protection. Your full balance is available for private transactions anytime, anytime. There is no preparation time or separate sales of “private” or “public” coins.
SHIELD provides comprehensive user data protection for your transactions; preserve the invisibility of transaction details from sender to receiver, transaction amount and balances.
SHIELD: SUPERIOR PERFORMANCE
SHIELD provides the end user with a robust and fast transaction experience – its lightweight evidence is as small as 144 bytes and can be generated in seconds even on a low-powered computing device like a Raspberry Pi. With such effective evidence comes real practical transaction speeds. Users can enjoy protected transactions almost instantly: transactions take less than 500ms to generate and 1 / 100th of a second to verify.
SHIELD: FULL PROTECTION OF USER DATA AND PRIVACY O AND WHEN IT MATTERS, WHEN YOU WANT IT
SHIELD hides both sender and receiver data, as well as the transaction value. You have full control over when and from whom you want to keep your information hidden. However, you will also still have the option to grant permission to view transaction details on a case-by-case basis at any time in the future through your own viewing keys.
As many projects have experienced (especially when they require large pools of ‘private coins’ denominations), when privacy is opt-in, uptake and use is often reduced, which brings jeopardize the real privacy of those who use the protocols, as this makes it easier to identify those users and their funds. With SHIELD, anonymity through its shielded addresses is offered by default. However, the ability to operate in an unshielded (transparent) manner remains fully, allowing end users to easily operate with exchanges.
PIVX will bring continuous progress in the future
On February 29, 2020, we announced that the privacy protocol that PIVX will be implementing is a zk-SNARKs-based privacy protocol.
In less than 8 months, the main developers of PIVX delivered a fully customized integration of this protocol to testnet.
As of November 1, the SHIELD regtest network testers have successfully completed the first armored-to-armored transaction on a Proof of Stake network. This feature (and many more) is expected to be available with the next major version of Core Wallet 5.0, which is slated for release by the end of the year, which is less than 2 months away.
In addition to SHIELD and full Sapling protocol integration with zk-SNARKs, PIVX has already started planning many additional future projects, including:
– Confidence-free configuration: Spartan / Halo / Supersonic (research in progress)
– Search for anonymous light protocol (mobile and desktop)
– Anonymous masternodes (collateral and IP)
– Anonymous voting (community governance)
– Anonymous staking (staking using zk-SNARKs)
For more information on SHIELD, please visit PIVX website here