Privacy-focused Stablecoin on Solana
Problem to Solve:
The transactions on a public blockchain are visible to anyone, it can be difficult to maintain privacy with respect to financial matters. This can be a problem for individuals or organizations that want to keep their financial information private, as it may be vulnerable to being viewed by outsiders. It can also be a problem for businesses that want to maintain the privacy of their financial data in order to protect their competitive advantage.
A few considerations:
1. How secure the solution is so that individuals and institutions can trust that?
2. Is it reliable enough to not disclose the recipients and amounts while maintaining privacy?
3. Is it easy to use? (Most of the time privacy comes with lots of complication and extra effort on the users' end, making privacy a game for the elite class)
Possible Solution:
A privacy-focused stablecoin which leverages Solana's two key points: Scalability and speed to provide secure and easy-to-use Zero Knowledge transfers.
Some of the potential use cases include but are not limited to:
- A public donation platform that maintains donor anonymity
- A grant funding platform/fundraising platform that maintains public privacy
- Peer-to-peer payment splitting
- Private business payments to make payments to suppliers, contractors, or other partners without revealing the details of the transaction to the public
- Secure online marketplaces allowing buyers and sellers to transact securely and privately.
Resources:
Scalability is Boring, Privacy is Dead: ZK-Proofs, What are They Good for?
Some projects working on privacy include: Light Protocol, Elusiv
A list of DeFi projects that have won Solana global hackathons in the past
Related Ideas
