– Solana’s version 1.16 update introduces “Confidential Transfers”, enhancing user privacy with encrypted token transactions.
– The update has reached a super-majority of validator adoption after ten months of development and an audit by Halborn.
– The update includes multiple performance optimizations, stability improvements, and enhanced Zero-Knowledged Proof capabilities.
– The addition of Confidential Transfers allows for blockchain transactions without revealing key details of the transaction.
– The feature uses zero-knowledge proofs to encrypt balances and transaction amounts of Solana Program Library (SPL) tokens.
– The update also improves Solana’s zero-knowledge support and reduces RAM usage hardware requirements for validators.
– Other improvements include a refined gossip pull-requests peer sampling system and a new repair request feature.
– Solana introduces resizable data accounts for better resource allocation.
– Some features in the update are still being rolled out via a feature gate system.
– The introduction of native privacy features may have implications for exchange listings due to local regulations.
– Solana’s update helps bridge the compatibility gap with Ethereum.
– Solana’s version 1.16 update offers improved security, privacy, and performance features.
Solana’s version 1.16 update introduced “Confidential Transfers,” which enhance user privacy with encrypted SPL token transactions. The update has been in development for ten months and has gone through an audit by blockchain security firm Halborn. It has now reached a super-majority of validator adoption. One of the main features of the update is the addition of Confidential Transfers, which allows for blockchain transactions without revealing key details such as the transaction amount. The update also includes performance optimizations and stability improvements, as well as enhanced Zero-Knowledge Proof capabilities. Solana now natively supports a highly efficient elliptic curve (BN-128), which decreases proof generation and verification costs and can be interoperable with Ethereum smart contracts.
The native privacy option for SPL tokens in Solana has received little attention, but it is seen as a significant improvement by industry insiders. It uses zero-knowledge proofs to encrypt balances and transaction amounts of Solana Program Library (SPL) tokens, improving user privacy. The feature utilizes Twisted ElGamal Encryption and Sigma Protocols to provide confidentiality without revealing the secret itself.
The introduction of native privacy features in Solana may have implications for exchange listings, as privacy coins have been delisted in certain jurisdictions due to regulations. The update also brings other benefits, such as improved zero-knowledge support, reduced RAM usage requirements for validators, a refined gossip pull-requests peer sampling system, a new repair request feature, and resizable data accounts for better resource allocation.
Not all features in the update are live yet and will be rolled out gradually through a feature gate system. Features will be activated at certain Solana epochs, which are predetermined periods during which validator rotations, reward distributions, and other network operations occur.
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