tl;dr
- ChainPort will integrate Iron Fish, a non-EVM privacy-focused Layer 1 blockchain.
- Iron Fish uses ZKPs for transaction privacy and validation.
- Private payments can enable safe crypto transactions and digitize assets in a privacy-compliant way.
- Iron Fish prioritizes privacy to protect users from various attacks.
- The addition of Iron Fish will expand ChainPort’s supported blockchains to 21.
Iron Fish Soon to be Supported by ChainPort
ChainPort's commitment to supporting diverse blockchains continues with the future integration of Iron Fish. Iron Fish is a non-EVM, privacy-focused Layer 1 blockchain. A proof-of-work chain, Iron Fish, ensures transaction privacy and validation by using zero-knowledge proofs, or ZKPs.
Notably, Iron Fish employs ZKPs to validate transactions, ensuring privacy and security for users. This aligns with the broader industry trend of incorporating privacy features into blockchain networks. As a proof-of-work blockchain, IronFish also contributes to the ecosystem's diversity, accommodating different consensus mechanisms.
Iron Fish focuses on privacy in crypto, as transparency can make users vulnerable to various attacks, such as phishing, scams, fraud, social engineering, and theft. Private payments can unlock use cases necessary for mass adoption, such as safe crypto payments between individuals and digitizing assets in a privacy-compliant way.
MEV deterrence is another reason to have privacy in crypto. With the prevalence of MEV practices, giving a layer of privacy to users and service providers would deter some of the more harmful MEV practices. Privacy can also solve the issue of unintended market movement caused by large asset holders and bots monitoring their actions.
The upcoming integration will enable ChainPort to facilitate the bridging of assets to and from IronFish, enhancing accessibility and interoperability within the blockchain space. EVM assets from the other 20 chains that ChainPort supports, such as USDC are now available on Iron Fish, allowing for private access to those assets. The move underscores ChainPort's role as a crucial piece of Web3 infrastructure, fostering connectivity across various blockchains.
ChainPort's decision to incorporate Iron Fish follows its successful integration of Cardano in May 2023, marking ChainPort's openness to non-EVM blockchains. Iron Fish's addition will expand ChainPort's platform to include 21 blockchains, showcasing its commitment to providing a wide array of options for blockchain interoperability.
As the blockchain landscape continues to evolve, ChainPort's commitment to supporting innovative projects like Iron Fish highlights the importance of a robust and interconnected blockchain ecosystem.
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