How DeFiner 2.0 Protects Users' Privacy
DeFiner was founded in February 2018 in Minneapolis, MN, as a permissionless DeFi lending protocol that allows users to configure their lending terms in a simple and easy process while ensuring users' privacy is protected to the fullest extent possible.
DeFiner is supported by Techstars and Microsoft, as well as a number of well-known investors such as NexCubed, Techstar, SNZ, and others.
Decentralized finance is predicated on making every transaction completely transparent. Every transaction is recorded on a public blockchain, where anyone can track and trace the activities of each user's address.
Though the users' addresses were intended to create anonymity, and blockchain transparency is what makes crypto interesting and decentralized, there are drawbacks, the most notable of which is the ability to use current data analysis and mining tools to trace/identify users. Anyone with the right knowledge can use publicly available data to determine the identity or location of a wallet address.
The inability to provide users with the necessary privacy protection is currently a barrier to true financial freedom, which also includes the freedom to conduct transactions outside of public view.
DeFiner's true mission is to address privacy concerns within the Decentralized Finance ecosystem. The release of DeFiner 2.0 is a significant step in this direction.
Privacy protection is a key feature of DeFiner 2.0, as a new privacy function has been added to the DeFiner smart contract.
The new update, in a truly novel approach, allows users to transfer funds into the contract without disclosing any information.
When a person deposits funds from Address A into the Definer smart contract, he is able to do an internal privacy protected transfer to Address B before withdrawing the funds.
DeFiner internally encrypts transfers from Address A with zero-knowledge proof, and the user is given an encryption key that only he has access to. The key will be required only when the user wishes to withdraw funds.
DeFiner acts as a blackbox, removing any trace/link between the deposit and the withdrawal, ensuring that the users' privacy is protected by removing any record of relational information between the deposit and withdrawal addresses.
The DeFiner 2.0 privacy update is a huge step forward for DeFiner because it demonstrates the company's determination to be an innovative and disruptive DeFi lending protocol that values users' financial freedom and privacy.
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