#Privacy #Web3 #IronFish #BlockChain
Privacy has always been a major issue when people are using all kinds of services on Web2, and it has also been a major issue when developers and communities are building and using the services on Web3. To start with, projects such as Monero, Tonado.cash, etc are built to protect users’ transactions or information. Then there are also new public blockchains such as Oasis Network, Aleo, Secret Network, and more.
Recently, a new privacy platform named Iron Fish is attracting markets attention, as its planned mainnet launch is getting closer and a potential airdrop for incentivized testnet users is expecting to happen soon.
Early Foundation and the Core of Iron Fish
Although the name Iron Fish sounds strange and new to many users, it is actually a project founded as early as 2020. Iron Fish was named after the submarine code used by Navajo coders during World War II, a metaphor for the protection and defense capabilities of encryption technology, as Elena Nadolinski, the founder of Iron Fish wrote on the blog that ‘it shows the power of cryptography, how a complex modern concept can be described using relatively simple words’.
Iron Fish uses a Proof-of-Work(PoW) network and uses zk-SNARKs and the Sapling protocol to provide the highest level of privacy protection for each on-chain transaction. One of the highlights of the project is that the network wants to protect privacy without compromising the accessibility of on-chain transactions. To do this, Iron Fish provides each on-chain address with an additional view key, which allows the address holder to grant read-only access to others.
“zk-SNARK” stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge”, which allows people to prove that they have certain information without having to disclose it and without any interaction between the parties to prove and verify it. During an on-chain transaction, zk-SNARK allows the sender to prove all the information such as their address or without disclosing any of the information involved, allowing the transactions to be completed and verified in milliseconds.
Development and Growth
The first testnet of Iron Fish was launched in December 2021, which soon attracted over 10,000 participants and over 11,000 unique miners. Phase 2 of the testnet was later launched in May 2022, allowing participants to help with the stress-test by hosting nodes, sending transactions, reporting bugs and more. According to the numbers released by the Iron Fish team, over 39 million transactions sent were fully shielded, with over 31,000 participants and over 11,000 nodes. Daily transactions peaked at more than 200,000 on average. Launched in January, 2023, phase 3 of the Iron Fish testnet introduces multi-asset support, allowing users to mint their own custom assets. Users can also burn their assets.
After 3 phases of the testnet, over 50 million transactions were sent and over 70,000 nodes were created to support the network. The team soon announced the launch of Iron Fish mainnet on March 14th, 2023, but was postponed to April.
Fundings and Investors
Although Iron Fish has been underwater for nearly over 3 years, it has completed multi-rounds of funding, including a $5 million seeding round by Slow Ventures and a $27 million Series A round led by a16z with participation from Elad Gil, Sequoia Capital, and several other institutions and investors.
Conclusion
Iron Fish wants to be the universal privacy layer for cryptocurrencies, the true SSL layer for the blockchain. The first step in achieving this goal is to build a solid foundation that ships an easy-to-use, privacy-first first layer blockchain. The project’s roadmap is also being developed gradually and steadily as it progresses. As privacy-related chatter on the Web3 network continues, Iron Fish has the opportunity to continue to grow.
*Risk Warning
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