[2023] October Updates
Navigators! Uptober has not only blessed our net worths but also the amount of developments in our ecosystem.
The Private Finance Syndicate is excited to announce the launch of our Substack newsletter. Every month, a newsletter article covering global privacy news, updates about the syndicate, and insights into partnership announcements will be published. Furthermore, the PFS Substack will delve into in-depth discussions about critical topics related to personal freedom, advancements in online anonymity, and alternative solutions for individuals seeking to escape the surveillance state. If you’re new to the PFS and want to learn more, we’ve also published this article that addresses the most commonly asked questions about our syndicate.
Another milestone last month was Particl joining the PFS. In their own words, Particl is a privacy-first, pro-liberty dApp platform that completely eliminates the need for middlemen. By harnessing the power of blockchain, peer-to-peer, and privacy technologies, you can now enjoy the benefits of decentralized and free alternatives to apps that are essential to our daily lives.
As part of this exciting news, it was announced that Navcoin is on its way to full integration into BasicSwap, Particl’s native DEX. Currently, the integration appears to be functional, but it is not officially supported until a more stable method for running and synchronizing nodes is identified. Nothing feels more encouraging than seeing other projects double down on true decentralization by prioritizing their development of DEXs.
In dev news, the transaction factory code has been completed for the new Navcoin core. This module will enable the creation of transactions and it also incorporates logic to verify their accuracy.
Mxaddict is actively working on synchronizing our repository with the most recent updates in Bitcoin. This will enhance the performance of our testing procedures and pave the way for integrating the Transaction Factory code. In the meantime, gogoex, has been in the final stages of designing a new address encoding format for receiving addresses, drawing inspiration from the Bech32 format. All the steps leading up to our blockchain update are coming along nicely.
We would like to extend a PSA regarding the Whisper Wallet app. We are aware that the beta version has currently expired and are actively working to revalidate the application through TestFlight. We hope the issue will be fixed soon.
And to round up this newsletter, we would also like to remind our community that there is still an unsolved riddle waiting to be cracked. Stay engaged, stay curious and let’s see who’s sharp enough to win this challenge.
PriFi News
In keeping up with the theme of this month, we have some spooky news concerning the privacy sector.
Ledger “Recover” goes live. The Recover service is meant to provide a backup for users’ seed phrase by encrypting, duplicating and dividing the phrase between three parties: Ledger, security firm Coincover and an independent backup service provider. It goes without saying that giving key access to a third party goes against the fundamentals of self-sovereignty and, as pointed out here, would give the state the ability to access your crypto in the event of a subpoena.
Vitalik pushes towards bringing private accounts to Ethereum through crypto startup Nocturne. To maintain regulatory compliance, Nocturne has implemented a deposit filtering system that distinguishes between clean and illicit funds. This approach revolves around the “proof of innocence” concept, which poses a potential risk as it presupposes a presumption of guilt rather than innocence. Yet another perfect example that regulation does not prioritize the interests of the users.
The EU is continuing its regulatory crypto witch hunt. Beginning in 2026, crypto firms in Europe must provide their account holders’ financial details to tax authorities. There’s nothing more to say here besides repeating the obvious. Allocate to real privacy coins, use decentralized exchanges, and store your crypto in secure cold wallets.
THORSwap is walking back on its core principles. As announced last month, they will start screening addresses, which translates to chain surveillance and permission seeking. You either go underground as a DEX, or live long enough to see yourself become a CEX…
As always, stay safe and stay private!
