Privacy Pools Adds Stablecoin Support
Privacy Pools, a privacy solution on Ethereum backed by co-founder Vitalik Buterin, has announced it will now support stablecoins, including USDT, USDC, and DAI. This advancement allows the use of stablecoins like cash while ensuring privacy in transactions. Developed by Ameen Soleimani and Zak Cole, Privacy Pools employs an 'Association Set Provider' mixnet design, proposed by Buterin, to avoid illicit funds while maintaining privacy compliance. Users can deposit ERC-20 tokens via a 0xbow Wallet, utilizing zero-knowledge proofs for anonymous asset withdrawal to shielded addresses. The startup behind this technology, 0xbow, is supported by investors including Buterin and firms like Bankless and Public Works.
FAQ
❓ What are Privacy Pools?
Privacy Pools is a privacy protocol on Ethereum that supports stablecoins, allowing users to make anonymous transactions.
❓ How does Privacy Pools maintain compliance?
It utilizes a mixnet design called 'Association Set Provider' to filter illicit or unwanted funds while enabling privacy.
❓ What stablecoins does Privacy Pools support?
Privacy Pools supports USDT, USDC, and the algorithmic DAI stablecoin.