Last week any of us saw some major betting on of the Secret Network blockchain , as significant blockchain players Arrington Capital and Blocktower Capital invested in the privacy-first smart contract platform. What this is signaling is the rise of privacy-oriented financial blockchain projects, which are crucial if “DeFi” (decentralized finance) is to have any kind of future. We have come to expect privacy in our ’normal’ financial lives, so we will expect it in the blockchain world.
Today there’s a new signal that this privacy movement in DeFi is taking off with the announcement from privacy decentralized finance company < one specific href="https://sienna.network/"> Sienna Network that it has farmed $11. 2 million because of institutional investors and its publik\ supporters. Of that raise, i would say the private token sale lifted $10 million from around the world including NGC, Inclusion Ultima, Lotus Capital, FBG, Skyvision Capital and others. It also improved $1. 2 million towards the DaoMaker and Polkastarter programs.
Sienna Home network is built on the afore-mentioned Solution Network, and pitches on your own as a privacy-first and cross-chain decentralized finance platform which allows asset holders to switch in privacy-oriented tokens.
Sienna is definitely one of an increasing number of blockchain startups tackling the industry-wide problem of ‘front-running’. This one – says Sienna , is where bad actors hijack future trades on umum DeFi blockchains.
Monty Munford, chief evangelist and core contributor which will Sienna Network said: “Sienna helps access to the privacy-preserving blockchain in a user-friendly tactic due to the blockchain’s inherent internet privacy design. Sienna saves low login information, no pockets data, no transaction history, or anything else. It does not perhaps even track its website as well give any information to any Other party. ”
Here’s how a front-running scam is effective: A transaction on Ethereum can be preempted by an individual simply by them paying a slightly higher transaction fee. It’s the close equivalent in the real world to trumping a trade throughout the stock market, just because you cash a higher fee to a deakling desk broker. In other words, it’s a disaster if it continues to happen, and the whole entire infrastructure of decentralized fund is threatened because of this menace.
Commenting, Treffer Bair, CEO Secret Network of freinds said: “We believe Sienna will be a key pillar having to do with Secret DeFi and help motivation mass adoption of a safer decentralized financial ecosystem. ”