Introducing Elusiv — Compliant Privacy that scales
We believe privacy should be a guarantee for anyone, anywhere. Unfortunately, at its current state, the blockchain space fails to offer even a fraction of the privacy that is needed for mainstream adoption. Although there are already existing solutions, they are inadequate due to their poor user experience and limited scaling capabilities. That is why we are excited to announce Elusiv — a compliance in mind zk-based protocol for sending and receiving SOL or SPL-tokens on Solana privately. What this means exactly and why the Solana ecosystem urgently needs such a solution is outlined in the following paragraphs.
Just imagine if your bank made your balance, your transaction history, and all other info about your financial activity publicly accessible to anyone. Even if you had nothing to hide, this data could be heavily misused to your disadvantage and is simply not something you’d want everyone to know. Although it may not seem intuitive at first glance, blockchains are built precisely on this principle of full transparency. Anyone can join a public blockchain network and thus read, write and participate in it. With the Elusiv protocol, we are not changing any of these basic characteristics of a public blockchain. We simply use cryptography to break the link between the sender and receiver of a transaction to protect the user’s private data. A system like this is crucial in order to be able to map our financial systems and all kinds of other applications to the blockchain in the future.
Even in its current v0 state, our program makes it extremely simple to send and receive money privately. Just create a pin, select the desired token you want to send, and send it. Done — for just a fraction of a cent!
However, privacy should never come at a trade-off to safety. Therefore, we not only propose a zero-knowledge system for private transactions but also zero-knowledge compliance solutions which offer users more security about who they are interacting with while still maintaining privacy.
This means users can interact with each other and know each other’s identities but have zero-knowledge about the other’s wealth or spending habits, all on a general-purpose chain.
In short: we want to bring bidirectional privacy with optional KYC and compliance solutions to Solana to ensure everyone’s right to privacy.
In addition to simple transactions, we are currently focusing on bringing privacy to all kinds of existing protocols in the Solana Ecosystem. This opens up countless opportunities, such as trading on-chain without publishing your p&l, buying NFTs privately, or private token vesting.
Our decade-long vision is for Elusiv to become the backbone of the blockchain financial ecosystem — providing everyday users & merchants with privacy while still maintaining safety through low-trade-off compliance solutions — be it for the purchase of a $5 coffee, or a multi-million dollar equity trade. Ultimately, we envision a future where a standard transaction is private and users can choose which transactions to make public using Elusiv, instead of the inverse that is currently the case. Only then can DeFi become the new global Fi.
Plenty of glass still needs to be chewed! If this problem space resonates with you — we’d love to have you involved — send us an email at firstname.lastname@example.org. Keep up to date by joining our Discord and following us on Twitter. Look out for content on our technical approach to building scalable privacy, our thoughts on Solana’s privacy evolution, and more. You won’t want to miss when we publish our whitepaper! ;)