What is Light Protocol? Light Protocol is a privacy infrastructure layer built and developed on the Solana ecosystem. It can be said that privacy is an extremely painful issue for the entire society, but it also faces many legal risks.
So what benefits does Light Protocol bring to users and projects on the Solana ecosystem? Let’s find out together in this article!
What is Light Protocol?
Projects can integrate Light Protocol to achieve some of the following purposes:
- Protect users’ identities on the blockchain by moving privacy – preserving tokens.
- Inheriting privacy protection features from zk – SNARK technology.
- Integrate Light Protocol to get the best privacy protection services instantly.
Up to now, Light Protocol has announced and provided an available framework so that projects can easily integrate and access Light Protocol.
Mechanism of Action
The core technology of Light Protocol is zk – SNARK. With zk – SNARK allows you to prove the correctness of a transaction without revealing any information in that transaction including the sender, recipient or amount.
Light Protocol has many development roadmaps to apply zk – SNARK, but currently the new project is focusing on enabling privacy protection for money transfer transactions.
- Step 1: The user will create a zk – SNARK proof to prove that he has SOL in the Light Protocol platform.
- Step 2: Pass that zk – SNARK proof to the RPC.
- Step 3: The Relayer will sign the transaction confirmation on behalf of the wallet address owner and perform the transaction.
- Step 4: Light Protocol will send SOL to the recipient and reward the Relayer
With this operating mechanism, when transferring money, the user is not the one who directly signs the transactions, but the Relayer will be in charge of it and receive rewards from the protocol. Besides, verifying zk – SNARK proofs is a trustless interaction between the user, Relayer and Light Protocol.
For the above two reasons there is no direct connection between the customer and his money transfer action.
Development Roadmap
In the future, Light Protocol plans to support more devices such as mobile phones or new asset types such as USDC or tokens with SPL standards on the Solana ecosystem.
Core Team
According to the team, they are a small group with experience in cryptography, software engineering, and UI UX design.
Investor
October 17, 2022: Light Protocol announced the successful raising of $4.2M in a Seed round led by Polychain and with the participation of Solana Ventures, Hypersphere, DAO5 and many other Angel Investors.
Tokenomics
Update…
Light Protocol Information Channel
- Website: https://shield.lightprotocol.com/
- Twitter: https://twitter.com/LightProtocol
- Discord: discord.gg/WDAAaX6je2
Summary
Privacy is essential in the crypto market. As for Solana’s ecosystem, the project continues to complete more pieces of the ecosystem and provide basic rights to users. However, privacy in the crypto market still faces many legal obstacles, so in my opinion, people can continue to follow the project to have more investment opportunities.
