Summary
- OP Labs, the developer of Optimism, unveiled Privacy Boost, an enterprise privacy feature.
- The feature runs on OP Mainnet and will be expanded to other blockchains.
- It uses zero-knowledge proofs (ZKPs) and trusted execution environments (TEEs) to support corporate on-chain services and institutional blockchain adoption.
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Ethereum layer-2 network Optimism has introduced a new privacy feature for enterprise users, aiming to help companies protect sensitive data on-chain while meeting regulatory requirements.
Crypto media outlet Decrypt reported on April 21 that OP Labs, the developer of Optimism, unveiled Privacy Boost. The feature runs on OP Mainnet and is expected to expand to other blockchains.
Privacy Boost is designed for decentralized finance, or DeFi, allowing transaction amounts and counterparty information to remain shielded from public view while still enabling compliance verification. It is intended to help companies meet know-your-customer, or KYC, and audit requirements.
The technology uses zero-knowledge proofs, or ZKPs, and trusted execution environments, or TEEs, to preserve privacy without sacrificing processing speed. That allows companies to build on-chain services without exposing asset holdings or trading strategies.
OP Labs said the feature is focused on creating an environment where institutions can use blockchain for real-world financial services. It added that the fully transparent structure of existing blockchain transactions had limited corporate participation.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
