LongHash Ventures and Staking Facilities Ventures have led Elusiv’s initial investment round, which resulted in the company securing $3.5 million in funding. A leading Zero-Knowledge-based compliance privacy system, Elusiv intends to put the funds toward expanding its development staff, funding security assessments, and bringing its solution to numerous blockchains in the future.
Other investors include Jump Crypto, NGC Ventures, Big Brain Holdings, Anagram, Cogitent Ventures, Equilibrium, Marin Ventures, Token Ventures, Moonrock Capital, Monke Ventures, SolanaFM, and a number of angel investors, such as the creators of Solana, Zeta, Notify, Solflare, and UXD Protocol.
Elusiv is a Zero-Knowledge privacy protocol that places a significant emphasis on compliance. It allows users to transfer and receive funds on-chain in complete secrecy. Elusiv ensures the users’ safety and protects their privacy by excluding harmful actors from the privacy protocol, even when the users are dealing with normal, non-private wallets on the blockchain. In addition, Elusiv Virtual Machines, which are an extension of Elusiv, make it possible for the rapid development of solutions that use more broad ZK circuits.
Backbone Of The Blockchain Financial Ecosystem
Elusiv intends to establish itself as the central pillar of the blockchain financial ecosystem. The company will do this by protecting the privacy of ordinary users and merchants while at the same time ensuring their safety through low-risk compliance solutions. It will keep ordinary transactions secret while at the same time allowing users the flexibility to decide which transactions to disclose using Elusiv. The Elusiv protocol is completely composable.
This indicates that Elusiv may be immediately integrated into wallets and protocols, with the extra bonus of being able to function properly even if just one participant is utilizing it to safeguard their anonymity. When compared to other options, which demand that both parties make use of the same service, this is a major improvement. For instance, if Person A wants to transmit money to Person B in complete secrecy, Person B does not necessarily need to use Elusiv in order to receive the funds. Similarly, Person B has the ability to secretly accept payments even if Person A is not utilizing Elusiv.
LongHash Ventures’ General Partner and Chief Operations Officer Wei Shi Khai said, “Privacy is a human right worth protecting, and has been a persistent pain point in Web3. We at LongHash Ventures are excited by Elusiv’s strong position to address this space with its user-friendly and scalable integrations while maintaining a practical approach to compliance. Moving forward, we see privacy as a key modular layer in our multi-chain infrastructure thesis, especially as more social and identity use cases mature.”
Using Zero-Knowledge Proofs & Advanced Cryptography
Elusiv has developed a variety of innovative compliance solutions, including Zero-Knowledge proofs and advanced cryptography, in order to fulfill its obligation to ensure compliance. By either providing individual transaction viewing keys or designating so-called trusted third parties (TTPs) to monitor all transactions, users of Elusiv are able to grant other parties visibility into their private transactions and assets.
This functionality is available at the most fundamental level. With just one or two clicks of a button, users are able to demonstrate to third parties that their transactions have not been handled, for instance, by a known bad actor. This can be done in a number of ways. In addition to this, Elusiv’s advanced compliance system reaches a consensus regarding malicious actors through the utilization of a decentralized network of trusted execution environments, also known as TEEs.
The bad actors do not risk losing control of their assets, but Elusiv does not allow them to remain anonymous. Since the system permits the disclosure of the transactions of harmful actors in retrospect, it becomes unattractive for these individuals to use Elusiv in the first place, which in turn ensures the safety of all other users of the platform.
Louis Bauer, Venture Partner at Staking Facilities Ventures, said, “Elusiv is building the ground layer for more sensitive transactions to happen on-chain. Enabling privacy in a compliant manner so blockchains can eventually gain wider adoption. Their focus on strong integration partnerships will help bring this closer to the average user, while Elusiv VMs allow developers to deploy their own ZK-proofs in a cost-effective way. We are excited to back such a hungry and dedicated team as they contribute to growing and maturing the blockchain ecosystem.”
Novel Projects For Financial Privacy
Elusiv also has plans to launch what it calls “Elusiv Virtual Machines,” which would enable software developers to incorporate Zero-Knowledge Proofs into their applications without having to worry about the intricate cryptography that is required. It indicates that software developers will be able to construct their very own ZK apps in a fraction of the time and at a fraction of the expense.
Elusiv co-founder Yannik Schrade said, “Financial privacy is a requirement for individual freedom. However, advancing the adoption and acceptance of privacy-preserving tech also requires capable compliance. ZK and new decentralized technologies allow us to overcome the notion that privacy and compliance are exclusive and instead enable us to form a new kind of symbiosis between privacy and compliance.”
LongHash Ventures, who led the seed funding round for Elusive, is a prominent Web3 investment fund and accelerator that works in close collaboration with startups to help them establish their Web3 model and tap into the tremendous potential of Asia. More than 60 different companies have received funding from LongHash Ventures, and some of those companies include Polkadot, Instadapp, Zapper, Astar, and Balancer.
They work together with project creators to develop the tokenomics, governance, and communities of their own projects. LongHashX Accelerator is Asia’s first and premier Web 3 accelerator. It has teamed with Polkadot, Algorand, and Filecoin, amongst other companies, to establish more than 50 worldwide Web3 projects that have together raised more than $150 million over the course of the past 4 years. They are dedicated to achieving their goal of accelerating the growth of the Web’s upcoming generation.
