February 2, 2021, Georgia, USA: PIVX (Protected Prompt Verified Transaction), a digital cryptocurrency targeted on defending customers’ monetary knowledge, enabled the brand new SHIELD protocol on its mainnet on January 30, 2021. This new implementation of zk-SNARK Sapling in a Proof blockchain of Stake introduces unparalleled safety of customers’ monetary knowledge. .
A personalized superior person interface offered by way of the principle PIVX pockets permits customers to effortlessly shield their monetary knowledge (quantities, transactions, addresses, and many others.) by way of the SHIELD protocol. The ultimate end result? It supplies customers with a easy, environment friendly and quick approach to make sure that any transaction and monetary knowledge will be protected, making certain that these SHIELD transactions despatched by core PIVX wallets stay safe, personal and guarded.
Learn extra: PIVX Monetary Knowledge Safety Protocol
One of many major advantages of the SHIELD protocol is the flexibility to ship and obtain Clear and Protect transactions, which supplies customers freedom of selection over how their transaction knowledge is offered on the blockchain. An extra characteristic accessible with SHIELD transactions is the Encrypted Memo characteristic, permitting a safe attachment of data or SMS, together with, if crucial, personally identifiable data to fulfill service provider wants, AML / CFT legal guidelines in addition to the FATF journey rule.
On this approach, PIVX offers each person the liberty and selection to guard their monetary knowledge, whereas simply offering the means to adjust to trendy monetary rules.
Learn extra: PIVX regulatory compliance
One of many subsequent steps for PIVX, which is already being labored on, is to permit customers to wager cash protected utilizing SHIELD, leading to even deeper ranges of safety whereas taking part in a community. proof of stake. Beneath the earlier PIVX protocol, the variety of protected rooms within the community reached over 25%, ensuing within the largest privateness coin pool within the business.
Now, with the launch of the SHIELD protocol, PIVX is predicted to boast a good larger variety of protected cash on its blockchain, which can additional improve the general privateness of all of its customers.
“We noticed an extremely optimistic response to the rollout of v5, which included SHIELD. SHIELD activation was anticipated and we’re proud that PIVX is the very first venture to efficiently deploy zk-SNARK Sapling in Proof of Stake, the newest blockchain improvement serving to customers safe their rights and shield their knowledge whereas by finishing up transactions. on-line.” mentionned PIVX International Ambassador Bryan “Snappy” Doreian.
Because the world turns into increasingly more digitalized, with many international locations and other people leaping straight into digital currencies after being beforehand unbanked, the pressing have to protect and shield their knowledge, to not point out anybody’s monetary knowledge, is all the time current. Banks, companies, and even governments all go to nice lengths to make sure that they attempt to shield delicate knowledge that’s transmitted between two or extra entities, particularly monetary knowledge.
With the explosion of the digital ledger period, progress has been accelerated and apparently little thought has been given to the straightforward proven fact that with public digital ledgers, each monetary knowledge turns into clear, observable and disseminable. This contains transaction quantities, whole steadiness quantities, and many others. Not solely is it probably harmful for people to make all of their monetary transactions accessible to everybody, however it additionally means untold assault vectors in opposition to companies and even nation states.
Think about a bunch of fringe actors capable of hint all of a nation’s monetary transactions, determine patterns and be capable of say disrupt a meals provide chain, merely understanding that the principle suppliers, transactions, and many others. . of this nation to have the ability to observe the inflows and outflows of its opponents to the suppliers or subcontractors, after which to have the ability to interrupt these relations.
Leaving your monetary historical past open to the general public places the person, associates, enterprise and extra in danger. Protocols like SHIELD pave the way in which for our new digital frontier, innovating the way in which to method monetary knowledge safety whereas making certain regulatory compliance. That is achieved by way of enabling transactional confidentiality whereas concurrently having the ability to share any required data with solely the supposed recipient.
This characteristic not solely mimics the present technique of safe transmission of funds on a world scale, it makes these protections of privateness and monetary knowledge much more accessible to the world, and with it, makes the adoption of crypto. – extra human-centered currencies.
For extra data on how PIVX makes blockchain and cryptocurrencies extra accessible and user-friendly whereas defending their identities and knowledge on-line, please go to the PIVX web site.
Identify of the contact: Bryan “Snappy” Doreian
Contact e mail: [email protected]
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