Sacred: A new Privacy DApp for DeFi
Sacred is a new privacy DApp, based on ZK-SNARK technology and platformed on the Conflux Network. Public blockchain’s distributed ledger technology divulge the transaction history of all wallet addresses (ie. see Etherscan) and thus, addresses are vulnerable and publically available after transaction reveals. Backed by the Conflux Network, Sacred gives user’s agency to privatize transactions, has low gas fees, and a sound crypto-economic model.
Privacy on public blockchains should be accessible by anyone — Lack of agency over identity and high gas fees are barriers to participation
While blockchain has transformed our financial infrastructure globally by providing transaction security, blockchain only offers a thin layer of privacy for users. As it stands today, crypto users do not have many frictionless and easily accessible financial privacy options. When registering for an exchange you provide personal information and your wallet address during the verification process. Furthermore, depositing crypto onto exchanges publically exposes wallet addresses, and by extension your financial holding and activity history. If you are not a heavy crypto user, imagine transacting in a world where everyone knows what you’ve bought, how much money you have, and where you keep it.
Privacy solutions do exist in the market, however, they are either antiquated and require users to exchange solely on their protocol, or gas fees are so high ($40.00 -$200.00), private smaller-scale transactions are inaccessible to most users. One of the only tactics to manage privacy has been to keep your address a secret, which is close to impossible.
In the current crypto cycle of 2021, the industry is focused on delivering a conventional financial experience to blockchain through decentralized finance (DeFi) services. DeFi rose to $13 billion at the end of 2020 and to over $27 billion as of Feb 05th, 2021.
Accessible privacy is missing from the DeFi toolset. DeFi tools and primitives that support cross-chain interoperability are being developed and Sacred is excited to be a key player contributing to the DeFi cross-chain technology movement.
Sacred is a new privacy DApp platformed on the Conflux Network. Engineered by ZK-SNARK technology, Sacred empowers users to take back ownership of their financial information by providing anonymous transactions through a secure mixer. This cryptographic tool offers privacy by breaking the chain between the sender and the receiver so that no outside party can link the transactions together. Sacred is a community governed project that respects and values privacy in the DeFi ecosystem. Mass adoption of blockchain technology is on the horizon we are looking forward to adding value to the DeFi ecosystem with technology that supports identity, financial privacy and accessibility. Sacred will be going live with its’ BETA application in late April, early May. Over the next few weeks, we will be providing updates on our DeFi Tool through Medium, Twitter, and the Discord channel.
For those of you who wish to be notified you can also sign up here and we will send out an email when we launch. — Sacred
About Conflux Network
The only state endorsed public, permissionless blockchain project in China, Conflux Network is an open-source, layer-1 blockchain protocol delivering heightened scalability, security, and extensibility for the next generation of open commerce, decentralized applications, financial services, and Web 3.0.