RAILGUN was founded on the idea that everyone should have access to security solutions that keep their habits hidden.
When people think of cryptocurrency, the first thing they might think of is privacy. After all, the first half of the word, ‘crypto’, refers to concealing information in unbreakable code.
Yet, there’s another side to the blockchain that people might not entirely understand as they go about their lives, one that shows actions and transactions to anyone who cares to look it up. This kind of transparency was introduced as a way to combat fraud, but it also opens doors for bad actors to peer into your spending and then use that information for their own gain. The technology makes it possible for people to ‘follow’ addresses, so they can identify patterns that can ultimately hurt the wallet holder.
RAILGUN is a smart contract that shields your wallet address so your information is completely hidden. Let’s see why this matters and why the right technology can offer you enhanced privacy on the blockchain.
Why Is Privacy So Important for Crypto Users?
RAILGUN’s clientele come from all walks of life for any number of reasons. Some want privacy to protect themselves from data collectors or fraudsters. Some don’t want people to copy their darkpool-style strategies after doing all the research on their own. Some just don’t want to talk to friends, potential partners, or even their bosses about their transaction history.
Decentralized finance was never meant to shine a light onto your personal and professional life. It was created to help people break away from institutions that charge an arm and a leg for providing basic banking services. So if you want to use Ethereum, it shouldn’t come at the cost of giving up more information. (In other words, if you would prefer strangers not to know that you paid an attorney in crypto over a dispute with your neighbor, you should have that right.)
How does RAILGUN Work to Shield Its Users?
RAILGUN uses zero-knowledge proof technology that ensures users can make transfers, perform trades, and use decentralized apps however they want. Whether people want to use a leverage platform or add liquidity to their holdings, RAILGUN was designed to do more than other security solutions on the market today.
One of its main advantages is the company’s access to Distributed Exchanges (DEXs) and dApps. When compared to other options that operate outside the primary blockchain layer, the increase in nodes ensures that users benefit from the full security of the network.
Not only does RAILGUN improve people’s privacy, it also allows people to retain the convenience and flexibility that was likely what attracted them to crypto in the first place. Other privacy programs, like mixers, will restrict people’s use (e.g., only allowing fixed denominations, barring interactions with smart contracts, etc). This trustless technology is functional enough to keep your information hidden without throwing up excessive roadblocks.
Privacy in finance can be complicated by everything from brick-and-mortar transactions to system hacks. While you certainly can’t prevent all information from getting out, RAILGUN was founded on the idea that everyone should have access to security solutions that keep their habits hidden.
Nick is a crypto expert and blogger at RAILGUN. Ulven is also a Computer Science major at MIT, where his research focus is blockchain technologies and cryptocurrencies.