November 15, 2023 – New York, United States
Nocturne a protocol enabling on-chain private accounts today announced the successful deployment of Nocturne version one to Ethereum mainnet.
This marks a significant milestone in the journey towards a more private and accessible Ethereum.
For the first time, users will have a compatible and easy-to-use product resembling a private on-chain account.
Nocturne version one is a step towards compatible on-chain privacy that functions simply as another account rather than a distinct tool or ecosystem.
Users will find transacting with Nocturne similar to using a smart contract wallet, with the added benefit of privacy.
Nocturne version one is currently out-of-the-box compatible with any DeFi protocol that represents state via output tokens e.g., Uniswap swap tokens, Aave aTokens, Compound cTokens and more.
There are plans to later extend this compatibility to arbitrary protocols.
Luke Tchang, CEO and co-founder of Nocturne, said,
“With Nocturne version one’s launch, we’re moving away from the notion of a ‘privacy tool.’ Privacy should be embedded at the account layer, and the version one launch is the first step in making this possible.
“Our goal is to ensure that everyone from individual users to large institutions can transact securely without exposing their financial history to the world. This is more than a product it’s a commitment to making Ethereum more accessible and enabling secure and private money over the internet.”
Nocturne is built on the belief that privacy on public blockchains will only become mainstream if it’s seamlessly integrated with the existing user experience.
Nocturne’s objective is straightforward to create private user accounts on layer ones and layer twos that are fully compatible with existing Ethereum accounts.
To read more about private accounts, please see Nocturne’s recent blog post.
Privacy he keystone for Ethereum’s growth
Though DeFi and other on-chain activities have surged in popularity, privacy concerns have prevented broader acceptance and use of crypto as money.
Recognizing that the typical user may be uneasy with the idea of their financial dealings being public, and that institutions demand confidentiality for their transactions, Nocturne addresses these critical barriers head-on.
Privacy isn’t just a feature it’s foundational to the broader adoption of crypto.
Nocturne’s future vision
As they continue building new versions, Nocturne’s long-term vision is to make the experience so seamless that by default, every Ethereum user automatically has a private account which mirrors their public account.
In short, a seamless parallel account layer for privacy.
Nocturne’s plans for achieving its longer-term vision include the following.
- Transition to a more permissionless protocol by migrating to proof of innocence, as described by Vitalik and Ameen Solemani in the ‘Practical Privacy and Compliance‘ paper.
- Bring Nocturne accounts closer to usable as general wallets by extending Nocturne’s protocol compatibility to arbitrary smart contracts.
- Improve the compatibility of Nocturne accounts with EOAs and smart accounts through a scheme that allows for public wallet authorization to be leveraged within Nocturne for security.
How to access
Nocturne version one is live and can be accessed through a dedicated private vault UI, allowing users to discreetly manage their assets.
The current UI capabilities include deposits, transfers to new burner addresses and private swaps and staking. To get started, visit the website.
About Nocturne Labs
Nocturne Labs is a forward-thinking blockchain technology company committed to addressing the most critical privacy and user experience challenges within the Ethereum ecosystem.
With a pioneering protocol for private accounts, Nocturne enables users to transact safely with built-in privacy.
This marks a substantial stride in advancing the usability of public blockchains.
Backed by notable investors such as Bain Capital Crypto, Polychain Capital, Bankless and Vitalik, Nocturne is led by a team of experienced developers dedicated to enabling a more secure and accessible Ethereum.
For more information, visit the website.
Contact
Kayla Gill, PR manager at Serotonin
This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.
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