Location / Date: Georgia, USA – February 2, 2021 3:00 PM UTC 4 minutes to read
Contact: Bryan “Snappy” Doreian, Source: PIVX
PIVX (Instant Protected Verified Transaction), a digital cryptocurrency focused on protecting users’ financial data, enabled the new SHIELD protocol on its mainnet on January 30, 2021. This new implementation of zk-SNARK Sapling in a blockchain from proof of stake introduces unprecedented user financial data protection. .
A customized advanced user interface provided through the basic PIVX wallet allows users to effortlessly protect their financial data (amounts, transactions, addresses, etc.) through the SHIELD protocol. The final result ? It provides users with a simple, efficient and fast way to ensure that any transaction and all financial data can be protected, ensuring that those SHIELD transactions sent by major PIVX wallets remain secure, private and protected.
Read more: PIVX Financial Data Protection Protocol
One of the main benefits of the SHIELD protocol is the ability to send and receive Transparent and Shield transactions, giving users freedom of choice over how their transaction data is presented on the blockchain. An additional feature available with SHIELD transactions is the Encrypted Memo feature, allowing a secure attachment of information or text messages, including, if necessary, personally identifiable information to meet the needs of the merchant, AML / CFT laws as well. than the FATF travel rule.
Thus, PIVX offers every user the freedom and choice to protect their financial data, while providing frictionless means to comply with modern financial regulations.
Read more: PIVX regulatory compliance
One of the next steps for PIVX, which is already being worked on, is to allow users to wager coins protected using SHIELD, resulting in even higher levels of protection while participating in a network. proof of stake. Under PIVX’s previous protocol, the number of protected rooms in the network reached over 25%, making it the largest privacy room pool in the industry.
Now, with the launch of the SHIELD protocol, PIVX is expected to boast an even higher number of protected coins on its blockchain, which will further increase the overall privacy of all of its users.
PIVX Global Ambassador Bryan “Snappy” Doreian said:
âWe saw an incredibly positive response to the rollout of v5, which included SHIELD. There has been a growing wait for SHIELD to activate, and we are proud that PIVX is the very first project to successfully deploy zk-SNARK Sapling in Proof of Stake, the latest blockchain development helping users secure their rights. and protect their data while transacting online. “
As the world becomes more and more digitalized, with many countries and people jumping straight into digital currencies after being previously unbanked, the urgent need to preserve and protect their data, not to mention anyone’s financial data, is always present. Banks, businesses, and even governments all go to great lengths to ensure that they try to protect sensitive data that is transmitted between two or more entities, especially financial data.
With the explosion of the digital ledger era, progress has been accelerated and apparently little thought has been given to the simple fact that with public digital ledgers, every bit of financial data becomes transparent, observable, and disseminable. This includes transaction amounts, total balance amounts, etc. Not only is it potentially dangerous for individuals to have all of their financial transactions publicly available, but it also means untold attack vectors against corporations or even nation states.
Imagine a group of marginal actors able to trace all the financial transactions of a country, identify patterns and be able to say disrupt a food supply chain, simply based on knowledge of the main suppliers, transactions , etc. from this country. Or, imagine a business being able to observe the inbound and outbound flows from its competitors to suppliers or subcontractors, and then be able to disrupt those relationships.
Leaving your financial history open to the public puts the individual, associated individuals, the business and more at risk. Protocols like SHIELD pave the way for our new digital frontier, paving the way for how to approach financial data protection while ensuring regulatory compliance. This is accomplished by the means of enabling the confidentiality of transactions while simultaneously being able to share any required information with only the intended recipient.
This feature not only mimics the current means of secure transmission of funds on a global scale, it makes these protections of privacy and financial data even more accessible to the world, and with it, makes the adoption of crypto. – more human-centered currencies.
For more information on how PIVX makes blockchain and cryptocurrencies more accessible and user-friendly while protecting their identities and data online, please visit the PIVX website.