DeFi Privacy Protocol Railgun Launches Protected Mobile Wallet App
Categories: Crypto News
DeFi PrivacyProtocol Railgun Launches Protected Mobile Wallet App
Decentralizedfinance (DeFi)privacy protocol Railgun has launched the Railway Wallet mobile app, enabling usersto privately carry out DeFi activities on the Ethereum blockchain.
RailwayWallet protects users’ transaction histories and ensures they cannot be trackedwith tools like Ether scan, allowing users to privately interact with decentralizedexchanges (DEX), decentralized apps (dapps) and liquidity provisions. Themobile wallet, which is the first zero-knowledge Ethereum Virtual Machine (EVM)prover to run completely on mobile, is compatible with both Apple’s iOS systemand Android.Railgun co-founder Alan Scott says it’s important for developers tobuild effective privacy apps as the DeFi space continues to expand.
As a layer 1application, Railway Wallet will take advantage of security featuresprovided by the Ethereum blockchain’s main network, in addition toutilizing Railgun’s open-source code. In the run-up to the on-chain wallet’slaunch, cybersecurity firms Trail of Bits, Hacken, and ABDK Consulting haveaudited the code, with Zokyo Security Team giving the code a 100 rating.
In recentmonths, regulators have pushed back against some privacy protocols, which theyclaim may be used to obfuscate dirty money trails. In August, for example, the U.S.Department of the Treasury’s Office of Foreign Assets Control sanctionedthe Tornado Cash protocol and roughly four dozen wallets associated with it,reviving discussions about reasonable expectations of privacy in the cryptocommunity.
But althoughsome regulators are concerned about privacy services enabling nefariousactivities, Scott argues it's normal for users to have high expectations ofprivacy in DeFi spaces, just as they would expect privacy in other aspects oftheir lives.
“Whenever Igo to a restaurant, I may tell them about my nut allergy, but I don't hand themthe entirety of my medical records, '' Scott said. “And I think the same thingis quite applicable to finance.”
In 2021,Railgun DAO struck a $10 million deal with Digital Currency Group (DCG), theparent company of CoinDesk, to create a privacy protocol for the decentralizedfinance (DeFi) space.