New Solana (SOL) Update Brings ‘Confidential Transfers’ for Increased User Privacy – The Daily Hodl

A new update to Ethereum (ETH) competitor Solana (SOL) has enabled confidential transfers for the project’s token standard.

Solana’s network of validators was able to reach a supermajority, approving the adoption of Solana’s v1.16 update after nearly 10 months of development and testing.

The update includes the rollout of confidential transfers for SPL tokens, the token standard for Solana network tokens (like ERC-20 tokens for Ethereum), according to a recent press release from Helius, a Solana developer platform.

Confidential transfers will use zero-knowledge (ZK) proofs to encrypt the balances and transaction amounts of SPL tokens.

Explains Helius,

“The primary focus of this feature is to improve user privacy through a renowned emphasis on confidentiality rather than anonymity.

Confidential transfers leverage Twisted ElGamal Encryption for mathematical operations on the encrypted amounts. These transfers are validated using Sigma Protocols, a specialized category of zero-knowledge proofs where one party (the prover) can demonstrate to another party (the verifier) that they know of a certain secret without actually disclosing the secret itself.”

Solana’s native token, SOL, is trading at $22.19 at time of writing. The eighth-ranked crypto asset by market cap is down nearly 6% in the past 24 hours and more than 4% in the past seven days.

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• Source: https://dailyhodl.com/2023/10/10/new-solana-sol-update-brings-confidential-transfers-for-increased-user-privacy/