Elusiv is Live on Solana Mainnet!
Following a $3.5 million seed round in November, Elusiv has developed rapidly to make privacy in Web 3 practical. Today, we are proud to announce the protocol’s launch on Solana Mainnet, bringing a suite of zero-knowledge privacy features to the Solana ecosystem that overcomes a central Web3 pain point: Ensuring privacy remains a human right without sacrificing security, safety, and decentralization.
Solving Web3’s privacy dilemma
Privacy is one of Web3’s most challenging and complex problems. With 2022 ending with the sanctioning of Tornado Cash, this topic was exacerbated and revealed the ramifications bestowed upon honest users for the actions of a few, subsequently eradicating their fundamental right to privacy.
Elusiv’s utilization of zero-knowledge based systems for private transactions and decentralized compliance solutions dissolves this dilemma, making privacy empowering for the user and network. Functionally, it also provides the foundation for regulators to protect privacy rights without fearing exploitation for illicit activities, marking the end of privacy and compliance being mutually exclusive in Web3.
Solana Co-founder Anatoly Yakovenko says, “Elusiv’s application of zero-knowledge has the potential to open blockchain transactions and payment to a host of new users and use cases. Compliance that preserves privacy is key for any large-scale adoption by financial institutions, governments, and companies that often have similar privacy concerns to those of users. I’m looking forward to see what developers build on Elusiv.”
Zero-knowledge privacy solutions live on Solana
Elusiv launches its initial feature set allowing users to top up a private balance and send private transactions. In addition, Elusiv is compatible with Solana Pay and supports both SOL and SPL-tokens. Basic compliance features include proof-of-ownership and the ability to create viewing keys to give users control over what transaction information they share if desired. The Elusiv protocol can be accessed via a user-friendly WebApp and creates seamless accessibility to privacy for the Solana ecosystem.
In the following weeks, Elusiv will continuously release new features. Innovative zero-knowledge compliance systems will bridge the gap between privacy retention and decentralization. Previously, it has been a challenge to achieve user privacy in a decentralized setting without sacrificing the safety and security of a network — as was the case with Tornado Cash. With Elusiv, users can control what information they share and when. In addition, it provides a protocol that flags bad actors without forfeiting the right to privacy of all the individual users in the network, bringing mutuality to the privacy dilemma and catalyzing mainstream adoption of Web 3.
Shi Khai Wei from LongHash VC explains, “Privacy remains one of the most striking pain points in Web3 that remains underserved. Today, with the launch of Elusiv on mainnet, we move one step closer to mass adoption.”
Florian Liss, CTO of Staking Facilities, adds, “Wanting to keep your on-chain activity and balances private doesn’t mean you have something illegal to hide. No one should fear legal consequences for exercising their lawful right to privacy, and Elusiv’s cutting-edge zero-knowledge technology with built-in compliance provides the ultimate protection.”
Making privacy tooling more accessible
To increase usability, builders and developers can use Elusiv’s SDK to enable existing applications like wallets, DeFi protocols, payment solutions, and more to implement zero-knowledge privacy efficiently. Integrations and partnerships with Solana-based applications Solflare and SolanaFM are already confirmed. This composability will expand privacy-enhancing technology to everyday users and also set the foundation for multichain expansion and more real-world use cases.
Moreover, we have been actively supporting ecosystem initiatives to increase awareness around privacy and make it accessible for developers to incorporate zero-knowledge solutions into their applications. Currently, developers can join Solana’s GRIZZLYTHON and use the Elusiv SDK to build new zero-knowledge privacy applications or implement these features into existing ones. Elusiv will also open-source its codebase after mainnet launch. In addition, some features that are still in development will be open-sourced upon release. OtterSec and ABDK have already audited Elusiv.
Join the evolution of privacy!
As privacy remains a complex problem for Web3, Elusiv’s comprehensive approach will enable new and existing applications to overcome this challenge without compromise. Experience the future of privacy with Elusiv’s WebApp and ensure privacy remains a fundamental human right.
Be sure to keep an eye out for more content, tutorials, and events as we build through 2023! To stay updated, follow us on Twitter and join our community on Discord.
