The world is moving toward becoming digitalization. Whatever we do, each our action is logged, analyzed and sold. So in modern reality, privacy is on demand and the most valuable than ever.
Common cryptocurrencies like Bitcoin, Ethereum are built on the principle of complete transparency, so they provide a low level of privacy. And even though some privacy coins exist, they are often hard to use or have no real use cases or do not comply with the level of safety they claim.
A low level of privacy hides huge untapped potential, and if there was a really accessible privacy coin, it would help reveal that hidden potential of how industries could develop and expand, eliminating present borders for numerous products and companies. And such coin exists. Greet the Iron Fish project.
What is Iron Fish About
Iron Fish is a decentralized, publicly accessible blockchain project built on proof-of-work (PoW) protocol and meant to provide privacy guarantees on every transaction within it.
The project’s creators believe that privacy is a crucial requirement for blockchain users and it can expand the use of cryptocurrency in the same way as the advent of the SSL/TLS layer in the ’90s paved the way for e-commerce and benefited numerous industries.
The Iron Fish project allows its clients to decide on their own: whether to keep information private or public, so it’s a user’s decision and choice. Thus, the project is putting back the power of choice into the hands of users.
The Iron Fish project is building a new Layer 1 blockchain to become the universal privacy layer for all of web3. The blockchain is developed using zero-knowledge proofs (zk-SNARKs) and the highest industry standards for encryption, which allows users to conduct fully private transactions.
The Iron Fish blockchain is fairly simple and easy to use, giving users the right to decide their transactions’ privacy. On Iron Fish, anyone can create a wallet and run their own node. Just download Iron Fish and go ahead. Here is a guide on how to install Iron Fish: https://ironfish.network/docs/onboarding/installation-iron-fish.
Unique Features of Iron Fish
Iron Fish aims to change the world by making it private and accessible. The platform is aimed to improve user experience by offering a full end-to-end product: from your mobile phone wallet to your own bank account in a tab of your browser. Aimed at developing a truly decentralized banking system, the project founders want to make it as easy as possible for anyone to use and access it.
Iron Fish guarantees a complete privacy technique by implementing shielded transactions and zero-knowledge proofs. Each operation on the Iron Fish blockchain is anonymous. Every user can configure one’s account by their wish, choosing whether to give out read-only access or disclose a particular transaction in the case of a dispute or regulatory compliance.
The Iron Fish Cryptocurrency
The project’s native crypto Iron Fish was designed following the Sapling protocol as a fully private payment method. Every account is equipped with a view key to grant its holder read-only permission for the details of that account. The Iron Fish networking layer supports WebRTC with WebSockets, making it trivial for all users to make a P2P connection with no other setup requirements. The first Iron Fish implementation can be extended to run a full node directly in the browser in future iterations. The project developers aim to lower the barrier to entry so that any person feels comfortable enough to run a full node on his PC.
Regulatory compliance
The developers combined regulatory compliance and privacy in Iron Fish, even though it may sound impossible. Despite the high level of transaction privacy, every user account has a set of view keys that enable a financial organization or exchange to carry out a full audit of the accounts they manage. It ensured full compliance with AML standards.
Team and Backers
It’s not a secret that the list of companies backing a project and a developer team that stands behind it can tell a lot. The Iron Fish team has a rich background working on some of the world’s most beloved products at Airbnb, Facebook, Google, Uber, etc. They are craftspeople and brilliant minds that are engaged in decentralized computing and cutting-edge cryptography. The project works remotely while currently headquartered in San Francisco.
Well-known companies from the crypto industry have become Iron’s backers (L1s, bridges, custody). The project’s early investors are those who invested in the world’s most transformational technologies.
Wrapping Up
Iron Fish is a fast-growing project with a solid team of experienced, bright minds. The team members are truly experts in their fields. The core of the project is an easy-to-use and functional blockchain that leaves the right to decide on the level of openness by its users. So working with a secure platform Iron Fish that complies with all the AML standards, users are free to decide what part of their transactions they want to disclose and configure their accounts according to their requirements.
This unique working technology aims to expand the use of cryptocurrency and lead to a new class of industries of borderless products and companies.
