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The original was posted on /r/monero by /u/elit3dr4gon on 2024-07-02 17:33:21+00:00.
Hi All,
Tommy from AllArk here.
We have been working on an instant and private way to send stablecoins to quickly hop in and out of the Monero ecosystem, avoid volatility as well as cash out.
And we are happy to announce our support for XUSD!
XUSD is a stablecoin on ETH/ARB chains that uses Railgun’s protocl to hide the sending address, receiving address, amount sent, IPs and balances of all parties involved. You can now mint as little as $10 of XUSD on AllArk using Monero. We also offer cashing out XUSD to your Bank account soon.
Think of it as a compliment to Monero, we will also be introducing XUSD to Monero swaps soon so you have a private and quick way to park your funds.
Railgun is the privacy protocol and we did this for a few reasons.
Zero-Knowledge Proofs (ZKPs) offer a transformative approach to privacy and efficiency in blockchain technologies. Particularly, their implementation in Eth via solutions like Railgun presents a significant leap in securing user data while ensuring quick transactions. To comprehend the benefits thoroughly, an exploration into the dual aspects of privacy and speed in contrast to slower blockchains is essential.
Privacy Advantages Zero-Knowledge Proofs fundamentally enhance privacy by allowing verifications of transactions without disclosing the underlying data. Railgun, an Ethereum-based privacy solution, leverages ZKPs to enable private smart contract interactions and transactions. This privacy ensures users can execute smart contracts without revealing contract hashes, transaction amounts, or participant identities, thereby considerably reducing the risk of data breaches and unauthorized access.
Privacy in ZKPs is crucial, especially on public ledgers like Ethereum, where transaction data is often transparent and accessible to anyone. By implementing Railgun, users regain control over their personal information and transactional details, fortifying against data misuse. Additionally, robust privacy protocols are vital for applications dealing with sensitive information, such as healthcare data, financial records, or corporate contracts, amplifying the trust and security inherent in these systems.
Speed Benefits Zero-Knowledge Proofs bring a notable improvement in transaction speeds through efficient verifications. In blockchain networks, the process of verifying transactions traditionally involves resource-intensive computations. Railgun’s utilization of ZKPs minimizes these computational burdens by enabling quick proof validations, thus accelerating the transaction timelines. This is particularly indispensable in a network like Ethereum, known for periods of congestion and high gas fees due to its vast user base and activity levels.
Comparatively, slower blockchains suffer from prolonged transaction confirmation times due to less optimized consensus mechanisms or lower throughput. For instance, networks like BTC, with its Proof-of-Work protocol, experience significant delays that can extend from minutes to hours. Such sluggish confirmations can impede practical usability for applications requiring rapid processing, such as decentralized finance (DeFi) platforms, spot payments or supply chain management systems.
Comparison to Slower Blockchains Implementing ZKPs on a high-throughput blockchain like ETH starkly contrasts with their inclusion on inherently slower blockchains. While slower blockchains might still benefit from privacy enhancement, the efficiency gains are less pronounced due to the underlying systemic delays. ETH’s robust infrastructure allows for maximizing the potential of ZKPs, delivering swift transactions without compromising privacy.
In conclusion, solutions like Railgun that integrate Zero-Knowledge Proofs usher in a new era of blockchain utility by significantly bolstering privacy protections and transaction speed. While slower blockchains can benefit from ZKP implementations, the overarching efficiency and user experience on Ethereum demonstrate a superior pragmatic application of these advanced cryptographic techniques.
Hope this helps some of you awesome Monero people out there!
Cheers
Tommy from AllArk