While the improvement of blockchain computing performance is driving the acceleration of blockchain applications, the lack of privacy and transaction data protection are important factors that could restrict the general development of blockchain.
To this end, IOST recently reached strategic partnership with the privacy protection centered project Suterusu, both parties will carry out in-depth technical cooperation on blockchain privacy protection and applications.
Suterusu will use their zero-knowledge protocol ZK-ConSNARK to build a Layer-2 sidechain for IOST enabling functions such as private transfers, private finance and private contracts on IOST, also, it can provide IOST based DeFi projects higher levels of privacy protection.
Privacy protection: protection of personal data on the Internet. The main reason why for the internet to be so relevant in the changes produced in human society throughout the 20th century and so important in our daily life is because of the data generated through this network. The problem comes when in order for that data to be processed and used, privacy is affected and data must become visible, that is, for this data to be useful, it must be visible. This situation has caused data to be frequently sold and misused, while Internet giants can make huge profits individuals can only be used by Internet companies to become various recommended counters based on the data they generate.
Addressing data leaks and misuses requires technological innovation.
Privacy computing is the cutting-edge technology that by changing the way data is used, can make data “usable and invisible”, this is the real deal and what is actually needed for privacy protection. In fact, both the GDPR in Europe and California ’s legislation on privacy data protection show that the new proposition of data protection on the Internet age is clear. As result, privacy computing is becoming a hot track for the active participation of large global Internet companies and financial companies.
Privacy is also an extremely important topic in encryption. Companies and individuals may not wish to publish all their information on the blockchain without any kind of restrictions and let them be read by others at will. Taking Ethereum as example, its smart contract technology does not provide privacy protection, so users’ data on smart contracts can be seen and tracked by anyone, this greatly limits the application of their technology in real world. For data and information that may need higher privacy protection, public ledgers that expose information on the blockchain are not suitable, hece, when IOST provides such kind of privacy protection on-chain, it will greatly benefit the cooperation between IOST, more enterprises and governments.
Suterusu’s technology is based on their original zero-knowledge proof protocol ZK-conSNARK, which supports heterogeneous blockchains to implement privacy protection functions, without the need for “trusted presets”; optimized ZKP for faster proof speed; and SuterVM that supports smart contracts, which can achieve privacy protection for digital assets.
Regarding the partnership between IOST and Suterusu, Suterusu CEO Hou Zheng Peng said: “IOST has improved the computing efficiency of the public chain, especially in terms of decentralization and smart contracts, also, the IOST ecosystem construction strategy very innovative. Suterusu will use the knowledge in the field of privacy protection technology to make a positive contribution to the construction of IOST ecosystem.”
IOST X Suterusu: The combination of public chain and privacy protection will provide more application scenarios for IOST in digital finance and DApps such as zero-knowledge identity authentication.
A. Digital finance
On-chain. transactions are the basic function of the blockchain. Suterusu can support IOST to protect the core information of transactions made on the IOST chain. Suterusu’s zk-conSNARK does not require a “trusted preset” and can achieve “constant-level traffic”. These two characteristics will also directly improve the security and verification efficiency of IOST mainnet transactions.
2. Decentralized payments
Blockchain payment can be used to expand financial services and improve cross-border financial efficiency. The concept of “controllable anonymity” has been explicitly proposed in the Digitial Currency Electronic Payment (DCEP) plan proposed by the People’s Bank of China, Suterusu can provide “controllable anonymity” for IOST in the payment field, which is of great help for the application and adoption of IOST decentralized payment.
3. Decentralized Financial DeFi
In the DeFi, Suterusu can support IOST and implement a smart contract function with more application value. For example, some preset rules can be set for the contract: Regulations in different countries that may be different. Certain assets can only be sent to users of certain nationalities; or certain assets can only be received by accounts that meet certain conditions, such as the number of assets held to a certain level and the length of time held. Everyone can see that these preset rules are enforced, but information about the amount of the transfer, what kind of assets and the person who transferred it is protected.
B. Decentralized applications such as zero-knowledge authentication
Currently, password-based authentication protocols are widely used on websites. So when users log on to the website, their identity will be immediately leaked to the webmaster; however, if users use zero-knowledge proof of identity, they can guarantee their privacy when logging on to the website. Basic Attention is a project based on the blockchain to help users browse the Internet without trace, with tens of millions of monthly active users, it is one of the most widely adopted projects in the blockchain field. The partnership between IOST and Suterusu will provide privacy protection for the construction of decentralized applications based on IOST, guaranteeing the user’s data privacy and data security.
Through this partnership, IOST will achieve on-chain data privacy protection; this will greatly broaden the practical application of IOST public chain technology and will also provide more private and security services to the IOST mainnet users.
In the future, IOST will go hand in hand with Suterusu to conduct in-depth technical research and cooperation in cryptography applications, blockchain privacy protection and other aspects, working together on mass adoption, so that blockchain technology truly benefits everyone.
About the Suterusu team
Suterusu, giving all tokens privacy.
CEO Hou ZhengPeng
Mr Hou has been engaged in the development and promotion of open source projects for many years. He is the co-founder for Ubuntu Chinese community and has worked for multiple Linux distribution vendors. After entering the blockchain industry, he has mainly worked in investment and incubation.
CTO Lin Huang
Mr Lin holds a PhD in cryptography from Shanghai Jiaotong University and a PhD in privacy-protected distributed systems from the University of Florida. He was a postdoctoral researcher at Lausanne Polytechnic Institute, responsible for applied cryptography research on genomic data protection and blockchain-based data monetization; later he was the deputy chief engineer of the Hong Kong Applied Science and Technology Research Institute and was responsible for the structure and design of solutions of several blockchain projects.
CSO Guo Dazhi
Mr Guo has a PhD in economics from Central University of Finance and Economics. He has many years of research on blockchain technology innovation and application. He is the author of “Blockchain Reshaping Economy and the World”.
IOST X Suterusu | Providing Layer 2 Privacy Protection and Enabling More Application Scenarios for… was originally published in IOST on Medium, where people are continuing the conversation by highlighting and responding to this story.
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