For cryptocurrency to ever truly replicate physical cash and become a mainstream value transfer mechanism, it needs the ability to be transferred anonymously, like its fiat counterpart.
Although some say cryptocurrencies like Bitcoin and Ether are beginning to fill this role as non-private cash alternatives, the proper framework is not yet in place for end-to-end anonymity, save for dedicated privacy coins like Monero.bu
Raze Network is a new project anchored to the Polkadot ecosystem that’s on a mission to change that. The Substrate-based layer-two for anonymous payments makes it easy for anyone to instantly transfer value, and comes with cross-chain capabilities. With Raze Network, virtually any cryptocurrency can now mimic real cash, bringing the blockchain space one step closer to mainstream usage and adoption beyond merely speculation or a store of value.
Building a Second Layer to Strengthen the Defi Ecosystem
By applying zkSNARKS to its Zether framework, which they can then import as a Substrate-based smart contract, Raze enables cross-chain payments that are guaranteed to preserve privacy. With many organizations and malicious parties increasingly looking to track and evaluate user spending habits, an implementation of this sort is the only way to truly protect your digital footprint.
Raze can bring forth this privacy payment methodology through its one-to-one minting of Base Tokens to Private Tokens. This allows any user to easily create an anonymized version of any token they own. Through these newly-minted privacy tokens, transactions can remain completely anonymous, with the identity of the seller and receiver, as well as the amount of value sent, fully concealed. When the user completes their transaction, they can easily convert the anonymized tokens back into their native base form. This seamless process will allow for simple and anonymous transfer with an easy on- and off-ramp for users.
In the process, Raze will improve liquidity and multichain…