- Summary:
- Elusiv, a blockchain-based financial transaction platform has raised $3.5 million. We discuss how it intends to revolutionize payments.
Elusiv has raised $3.5M in seed funding to help develop its Zero-Knowledge-compliant privacy technology. LongHash Ventures and Staking Facilities Ventures were the primary investors in the funding round. Big Brain Holdings, Anagram, Cogitent Ventures, Equilibrium, Marin Ventures, Token Ventures, Moonrock Capital, Monke Ventures, SolanaFM, and Jump Crypto are among the other investors.
Furthermore, angels included the founders of Solana, Zeta, Notify, Solflare, and UXD Protocol. The funds will be used to expand the company’s development team, pay for security assessments, and port the company’s service to more blockchain platforms.
The Elusiv mission and why its transactions are different
The Elusiv team’s long-term goal is to establish itself as an indispensable part of the blockchain’s monetary infrastructure. By implementing low-cost compliance solutions, it protects the privacy of both customers and businesses without compromising security. Because of the protocol’s full functionalities, Elusiv can seamlessly integrate into existing wallets and other systems.
Elusive also has the added benefit of functioning even if just one of the parties involved is attempting to protect their anonymity. When compared to current alternatives, which require the usage of the same service by both parties, this is a major improvement. The goal is to make ordinary transactions private while allowing users complete discretion over which of their transactions they wish to share with the world.
How do compliance and privacy play out?
Elusiv has developed a number of novel compliance systems that make use of Zero-Knowledge proofs and cutting-edge cryptography in order to ensure compliance. At a time when regulators are tightening the laws, enabling privacy in a complying manner is essential to encouraging widespread usage.
At its most fundamental, it permits users to let outside parties view their internal financial dealings. Users can achieve this by selecting trusted third parties to view all transactions or sharing specific transaction viewing keys. Additionally, customers can show other parties that their payments were never sent.
As an added layer of security, the platform’s advanced compliance system reaches a consensus on bad actors using a distributed network of trusted execution environments (TEEs). Even if malicious actors keep custody of their money, Elusiv cannot provide them with anonymity. The system’s ability to disclose 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 intends to release “Elusiv Virtual Machines.” This means that developers will be able to create their own ZK applications in much less time and at a much lower cost.