Solana has introduced a new “Confidential Balancs” feature to strengthen privacy in its blockchain. It provides better tools to upgrade developers, users and organization, so that they can maintain their token transactions with legal and regulatory requirements.
According to pre -reports, the world’s largest derivatives marketplace CME Staff on March 17 Has announced to do, which will give users a chance to trade in the future at its price without purchasing Solana Token.
Solana launched Undisclosed Balancs feature
This new feature of Solana is an important step given the increasing demand for Defi (Dentralized Finance). Through this solana wants to ensure that the transactions on the network are safe, while there is also cooperation with regulatory and large organization. This feature challenges the transparency of the traditional blockchain of privacy, as most of the transactions in most traditional blockchain such as Bitcoin and Etreum are public. This transparency can sometimes cause problems for business and users.
Undisclosed Balancs Working Process of Feature
Undisclosed balance feature Solana The old “Confidential Transfers” of K is based on the feature, which was previously introduced under the token2022 program. The purpose of this was that when users sending tokens, the details of the amount sent should not be public. Now Solana has improved it further, which can also hide the amount of mint or burn of tokens and the transaction fees can also be hidden. In this way, despite keeping financial information safe, it will not be shown publicly.
Auditor Keys, Privacy and Transparent Balance for Organization
Solana has introduced a new solution Auditor Keys for the security of privacy as well as organization. These special tools give permission to see the information about financial organization, regulatory and tax agencies to see private transactions, but this information is not public. This means that the data required for financial audit, anti-land laundering check or tax reporting can be obtained without any public revelations. This method allows organization to follow regulatory rules, while users do not have a violation of privacy.
Privacy for mobile wallets through Javascript library
So far, Solana’s undisclosed balance features were developed mainly with rust toolchain created for developers, which were unable to take advantage of the features associated with it. But now Solana is developing the Javascript based library, which will help add privacy to mobile and web wallets. Through these libraries, users will be able to verify locally on their smartphone or laptop without any heavy server infrastructure.
This step is a major step towards users to make privacy transactions simple and user friendly. After its implementation, more wallets and applications will adopt undiscLosed balance feature, so that users will be able to control their privacy and select public/private transaction settings.
Conclusion
Solana’s undisclosed balances feature feature is an important step in blockchain technology, which establishes balance between privacy and transparency. This allows the organization to follow the regulatory rules, while maintaining the privacy of users. In addition, applying privacy for mobile wallets through JavaScript library will make this feature more accessible and user friendly. This initiative of Solana can give a new direction to privacy in Crypto World.
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