Iron Fish, an L1 blockchain endeavour that emphasizes transactional privacy via zero-knowledge proofs, recently launched its mainnet. This move is witnessed after a development that took years to accomplish before the launch. The team at the back of Iron Fish remained successful in collecting up to $28M in a round of funding. Andreessen Horowitz led the respective funding round back in 2021.
Iron Fish Introduces a Privacy Blockchain on Mainnet
The project has witnessed up to 3 testnet phases. These stages spanned between 2022 and the initial quarter of this year till the release. The L1 is seemingly getting significant interest as it had more than 60,000 nodes when its latest testnet phase came to an end. Iron Fish is moving into a packed sector of privacy-focused blockchain protocols and payment networks taking into account Aleo, Aztetc, Oasis, Secret Network, and zCash.
The blockchain takes benefits from zero-knowledge proofs (ZKPs) that denote a cryptographic technique permitting someone to prove to others that they hold certain information. One party can also prove the truthfulness of a statement without disclosing any particulars regarding the respective information. This technique can be utilized either to assist the blockchains in scaling or achieving privacy in transactions. The latter purpose is achieved by Iron Fish.
The platform is additionally based on a proof-of-work consensus thus the consumers can run specialized machines for the mining of the company’s local crypto token. Notwithstanding the energy consumption related to the proof of work consensus, it has turned out to be effective in offering security against data manipulation as well as network takeovers. Apart from that, the respective consensus also maintains decentralization.
The L1 blockchain network of Iron Fish also attempts to offer a completely-compliant layer in the case of Web3 and the digital assets, as stated by Elena Nadolinski. She is the chief executive officer and founder of Iron Fish. The executive mentioned that the use of zero-knowledge proofs as well as the resilient encryption standards enables Iron Fish to let the consumers carry out transfers completely privately.
The Platform Intends to Outcompete Blockchains that Let Consumers Be Easily Traced
As per the executive, the consumers can do this without having any compromise on accessibility. The team mentioned that the platform is endeavouring to secure a good position within the privacy-related sector by offering local mechanisms to likely perform better than the blockchains where it is more straightforward to trace the consumers.
