Following a $3.5 million seed round in November, Elusiv has developed rapidly to make privacy in Web 3 practical.
Recently, the protocol launched on Solana Mainnet, bringing “a suite of zero-knowledge encryption features to the Solana ecosystem that overcomes a central Web3 pain point: Ensuring privacy remains a human right without sacrificing security, safety, and decentralization.”
Elusiv‘s utilization of zero-knowledge based systems for private transactions and decentralized compliance solutions “dissolves this dilemma, empowering privacy for both the user and network.”
Functionally, it also “provides the foundation for regulators to protect privacy rights without fearing exploitation for illicit activities marking the end of privacy and compliance being mutually exclusive in Web3.”
Anatoly Yakovenko, Co-founder of Solana says:
“Elusiv’s application of zero-knowledge has the potential to open blockchain transactions and payment to a host of new users and use cases. Compliance that preserves privacy is key for any large-scale adoption by financial institutions, governments, and companies that often have similar privacy concerns to those of users. I’m looking forward to seeing what developers build on Elusiv.”
Elusiv launches its initial feature set “allowing users to top up a private balance and send private transactions.”
In addition, Elusiv is compatible “with Solana Pay and supports both SOL and
SPL-tokens.”
Basic compliance features “include proof of ownership and the ability to create viewing keys to give users control over what transaction information they share if desired.”
The Elusiv protocol can be “accessed via a user-friendly WebApp and creates seamless accessibility to privacy for the Solana ecosystem.”
Julian Deschler. Co-founder of Elusiv says:
“We are thrilled to announce the launch of Elusiv on Solana mainnet. By encrypting transactions with advanced cryptography, our protocol provides unparalleled protection for user privacy while also maintaining the highest levels of security, safety and decentralization. The Elusiv SDK enables developers to create secure applications that empower users to enjoy complete freedom and control over their financial data.”
In the following weeks, Elusiv will continuously “release new features. Innovative zero-knowledge compliance systems will bridge the gap between privacy retention and decentralization.”
Previously, it has been a challenge “to achieve user privacy in a decentralized setting without sacrificing the safety and security of a network – as was the case with Tornado Cash.”
With Elusiv, users can “control what information they share and when. In addition, it provides a protocol that flags bad actors without forfeiting the right to privacy of all the individual users in the network.”
This brings mutuality to the privacy dilemma, “catalyzing mainstream adoption of Web3.”
Shi Khai Wei from LongHash VC explains:
“Privacy remains one of the most striking pain points in Web3 that remains underserved. Today, with the launch of Elusiv on mainnet, we move one step closer to mass adoption.”
Florian Liss, CTO of Staking Facilities, adds:
“Wanting to keep your on-chain activity and balances private doesn’t mean you have something illegal to hide. No one should have to fear legal consequences for exercising their lawful right to privacy, and Elusiv’s cutting-edge zero-knowledge technology with built-in compliance provides the ultimate protection.”
To increase usability, builders and developers can use Elusiv’s SDK to enable existing applications like wallets, DeFi protocols, payment solutions, and more “to implement zero-knowledge privacy efficiently.”
Integrations and partnerships with Solana-based applications Solflare and SolanaFM are already confirmed.
This composability will “expand privacy-enhancing technology to everyday users and set the foundation for multichain expansion and more real-world use cases.”
Elusiv will also “open-source its codebase after the mainnet launch.”
Features that are still in development will be “open-sourced upon release. Elusiv has already been audited by OtterSec and ABDK.”
As privacy remains a complex problem for Web3, Elusiv’s comprehensive approach will “enable new and existing applications to overcome this challenge without compromise.”
Experience the future of privacy “with Elusiv’s WebApp and ensure privacy remains a fundamental human right.”