ZK Protocol Elusiv gets a $3.5 million injection from VCs led by LongHash Ventures

LongHash Ventures and Staking Facilities Ventures led the $3.5 million initial fundraising round for Elusiv, a Zero-Knowledge compatible privacy protocol. The money will be used to expand the company’s development staff, pay for security assessments, and port the company’s service to more blockchains.

Several other VCs, such as the creators of Solana, Zeta, Notify, Solflare, and UXD Protocol, have also invested. Other investors include Jump Crypto, NGC Ventures, Big Brain Holdings, Anagram, Cogitent Ventures, Equilibrium, Marin Ventures, Token Ventures, Moonrock Capital, Monke Ventures, and SolanaFM.

In order to help startups in Asia capitalize on the region’s enormous potential, LongHash Ventures has become a preeminent Web3 investment fund and accelerator. Polkadot, Instadapp, Zapper, Astar, and Balancer are just a few of the more than 60 companies in which LongHash Ventures has invested.

The exciting promise of Elusiv ZK protocol

The Elusiv Protocol allows users to privately send and receive funds by using Zero-Knowledge Proofs. Zero-Knowledge Proofs (ZKP) is a technology that allows you to prove you know something without revealing what that information is. Businesses and organizations are already using Zero-Knowledge Proofs in order to protect user privacy.

Complete composability is built into the Elusiv protocol. Elusiv’s seamless integration with wallets and protocols means it may be used for privacy with as little as one user. Compared to current alternatives, which need the usage of the same service by both parties, this is a major improvement.

Elusiv has created many novel compliance solutions that employ Zero-Knowledge proofs and state-of-the-art cryptography to ensure compliance. Elusiv’s most fundamental feature is the ability for its users to provide access to their private transactions and assets by either providing specific transaction viewing keys or appointing trusted third parties (TTPs) with access to all transactions. By clicking one or two buttons, users may reassure third parties that their transactions have not been sent by, say, a known bad actor.

In addition, Elusiv’s cutting-edge compliance technology reaches agreement regarding dangerous actors via a distributed network of trusted execution environments (TEEs). While bad guys have control of their money, Elusiv prevents them from hiding their transactions. The system’s ability to expose the past transactions of bad actors makes Elusiv less appealing to them, ensuring the security of all other users.

To let developers employ Zero-Knowledge Proofs in their applications without having to understand the intricate cryptography, Elusiv wants to release “Elusiv Virtual Machines.” This means that developers may create their own ZK apps in much less time and at much lower cost.

The Elusiv protocol is a Zero-Knowledge solution for secure on-chain money transfers that places a premium on regulatory conformity. By preventing malevolent actors from accessing the privacy protocol, Elusiv ensures the privacy of its users while still ensuring their security while using standard, non-private blockchain wallets. In addition, Elusiv VMs, an add-on to Elusiv, allow for the quick construction of solutions that make use of more broad ZK circuits.

Examples of ZK Proofs

Authentication using Zero Knowledge Protocol (also known as Zero Knowledge Password Proof, ZKP) prevents password theft by never exchanging passwords. This is awesome since it ensures that no one else can view your private conversations or the files you share with one another.

By using ZKP, you may demonstrate to the other “end” of a communication channel that you are aware of a secret (or several secrets) without actually disclosing the secret(s). While the “Verifier” is sure that the “Prover” knows the secret, the phrase “zero knowledge” comes from the fact that the “Verifier” learns nothing (or “zero”) about the secret. It’s unclear why proving your knowledge of the secret without divulging it would be necessary. When you can’t be quite sure the other person is telling the truth, but you need them to believe that you do. So, how does it actually work?

I tell you that I know how to turn lead into gold, and need you to invest in my scheme.

You don’t trust me, and want to see full details of the process.

I don’t trust you, because if I show you, you can just do it yourself.

It would be nice if I could some how prove my scheme works without giving you any details, but for a real world process, it isn’t possible.

However, in some cases, it is possible to do this with a mathematical process. Password hashes are a good example. I want a computer to be able to tell whether a password is correct, but I don’t want to keep a list of passwords around. The computer has to be able to know if the password is valid without know what the password is.

The trick is to take a mathematical fingerprint of the password, called a hash, give that to the computer, and see if it matches the hash it has stored. A simple hash function might be “divide by 97 and take the remainder”. There are 97 possibilities (0 – 96), and knowing one tells you almost nothing about the password, and there is only about a 1% chance of a random guess being right. With real hash functions, there are billions or trillions of possibilities, making an lucky guess almost impossible.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Felix Küster

Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

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