Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.
Suterusu’s zk-ConSNARK operates as a layer two that does away with the trusted setup but in a way that ensures the proofs are of a constant size.
Although it’s now well-known that blockchain transactions aren’t private, privacy generally continues to be a problem for many people and entities using public blockchains. Nobody is required to give a name to send or receive tokens, but once someone knows your public blockchain address, they can trace any transactions you make using that address. It’s akin to someone being able to watch your bank account for deposits and withdrawals. Regardless of how much you trust someone, there are very few people you’d trust with that kind of visibility into your finances.
Therefore, privacy protocols emerged to provide users with a way to shield their transactions from public view. Most are based around zero-knowledge proofs like Zcash’s zk-SNARKs technology. However, other projects are now using the same technology and iterating to offer enhanced privacy protection. Suterusu’s Suter Shield is one such example, which also provides an innovative incentive mechanism designed to stimulate adoption among a wide array of users.
What Is Suterusu?
Suterusu has identified several core problems with the zk-SNARKs technology, which it has solved with its own version, called zk-ConSNARK. One core issue with zk-SNARKs is that it requires a trusted setup, where a trusted entity needs to generate the secret keys necessary to keeping transaction data private. Of course, this creates a kind of back door where the trusted party may not be trustworthy and could launch a double-spending attack. Other projects have sought to overcome this but at the expense of scalability, as the proofs tend to be so large as to cause blockchain bloat.
Suterusu’s zk-ConSNARK operates as a layer two that does away with the trusted setup but in a way that ensures the proofs are of a constant size. Unlike its competitors, such as the Ethereum-based Tornado Cash, it cloaks both the transaction addresses and the value. Furthermore, the generic nature of Suterusu design allows it to be deployed on any blockchain platform that supports smart contracts. So far, the project has launched on Ethereum and the increasingly popular Binance Smart Chain (BSC).
The project recognizes that one of the most effective forms of privacy is to have a high volume of transactions using the protocol, in the same way it’s easier to stay hidden in a crowd.
Therefore, along with the technology, Suterusu also introduces an innovative liquidity mining, or “privacy mining,” incentive to use the Suter Shield. Users are rewarded in SUTER whenever they use the protocol. However, rather than making rewards proportionate to the value of funds locked by the Suter Shield, users receive rewards based on the transaction volume they put through the protocol.
This mechanism means that every user has an incentive to use the Suterusu protocol when transacting on Ethereum or Binance Smart Chain. Even the lowest value transactions earn rewards. It’s a bet that seems to be paying off, as Suter Shield is already accruing some impressive user statistics. According to the project, it has already accrued over 1,000 users per week on its Ethereum implementation.
The crucial point here, though, is that the mechanism democratizes access to blockchain transaction privacy. Privacy mining programs that pay rewards based on locked values rather than volume are only attractive to those who are already wealthy, as only they can truly benefit from the incentives on offer. Suterusu is ensuring that privacy is available to everyone and rewarding them for making use of it.
Privacy mining of SUTER tokens is now available on the Binance Smart Chain, where it has attracted over 5,000 deposits from over 1,600 users and a collected service fee that is worth close to half a million USDT within 24 hours following the launch.