Base

Privacy is critical for unlocking the full potential of an onchain future

That’s why we’re bringing on the team behind @ironfish to develop privacy-preserving primitives across Base

Read more: https://www.coinbase.com/blog/Coinbase-acquires-team-to-accelerate-privacy-efforts-on-Base

“developing privacy-preserving tools and technology that are safe, accessible, and compliance-friendly.”

> privacy 
> compliance

Private but backdoored USDC incoming lol

The danger is there, but there's also hope. 

@ironfish seems to follow the Monero paradigm, with private transactions and view keys (that can be used to let, if you want, a third party to view transaction details). That's a good design, imo, because it allows parties that have to follow compliance rules (companies, professionals), to hide their transaction details from everyone, but also allows audits.

Tricks with polynomials and Riemann-Roch spaces. Breaking into the platonic realm to pillage forbidden abstractions. Starknet grantee.

The danger is there, but there's also hope. 

@ironfish seems to follow the Monero paradigm, with private transactions and view keys (that can be used to let, if you want, a third party to view transaction details). That's a good design, imo, because it allows parties that have to follow compliance rules (companies, professionals), to hide their transaction details from everyone, but also allows audits.

https://ironfish.network/learn/faq

Dad, geek, conversation liquidity provider. vrypan.net (home), @l--o--l (fun).

Companies would like to use private txs (who wants everyone to know how much they paid their suppliers, who they are doing business with, etc?), but on the other hand without view keys they can't comply with tax authorities, and other regulation or laws. So this is a good approach. 

The actual danger comes from the extent that this is happening on a chain. If the details of 90% of tx (probably much less) are known to authorities, then they can probably deduct the details of the rest.

But if we actually want our employer to be able to pay us onchain, and us pay our rent, insurance, etc onchain, then there does not seem to be any other way.

Fair enough, I guess if you’re building on base and don’t need compliance you can use private txs. Shouldn’t we assume any company that needs to comply will comply though? Circle’s USDC for example.

Also, is the disclosure of the usage of view keys by other entities enforced? How do we know when privacy is being preserved?