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5 Projects Pioneering Privacy on Ethereum

5 Projects Pioneering Privacy on Ethereum

Building and maintaining privacy is a complex proposition involving diligence on a number of potential attack vectors.

Privacy is a human right that must be maintained in our efforts to build an open, decentralized financial system.

Fortunately, the DeFi and greater Ethereum communities recognize that built-in-privacy is critical to the development of a decentralized ecosystem.

Here are 5 of the projects building and defending privacy in the Ethereum ecosystem:

5. Ramp

Moving money between fiat and cryptocurrency remains one of the major obstacles for those wanting to maintain their privacy while using digital assets.

Cryptocurrency users who value their privacy will likely be familiar with LocalCryptos, rebranded from LocalEthereum, the Ethereum-focused version of the (in)famous LocalBitcoin.

LocalCryptos and LocalBitcoin provide location-based message boards (similar to Craigslist) that enable users to meet up and trade cryptocurrency for cash in real life.

Unlike LocalCryptos or LocalBitcoin, Ramp provides a simple, peer-to-peer application for purchasing cryptocurrency with fiat.

The solution leverages a decentralized escrow system that uses payment oracles to verify the submission of digital assets to a smart contract and fiat currency to a wire transfer.

Once the oracle verifies the wire transfer, it releases the digital assets from the smart contract and sends them to the recipient.

While decentralized exchanges have come a long way in terms of sourcing liquidity and providing usable interfaces, centralized exchanges remain one of the few options that many have for obtaining digital assets.

Having bridges between cryptocurrency and the traditional financial system that minimize the amount of personal information and potential reporting required to facilitate transactions is an important step toward enabling the private use of digita...

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