Why Suterusu (SUTER) Might Be The Next Big Privacy Coin?
With all the talk of CBDCs, crypto taxation and people suggesting the use of privacy coins as a means to keep their holdings on the low, I did a bit of research into a few. Fortunately, there’s a prospering platform in this area that is yet to be known. But before we proceed to our main discussion, its better that we should understand first “What are privacy coins?”
Privacy coins are cryptocurrencies that specialize in keeping you and your transactions hidden. Although the media portrays crypto as an anonymous, dark web currency, it’s actually quite transparent. Most blockchain networks broadcast every transaction and wallet balances publicly, so tracing someone’s financial activity isn’t all that difficult.
Therefore, Privacy coins focus on keeping transactions anonymous and untraceable. Anonymity disassociates your identity from your wallet and specific transactions while untraceability prevents outside parties from piecing together your blockchain activity. They do this in a process called chain analysis.
Anonymous Cryptocurrencies
Protecting individual anonymity one step further, projects like Zcash, Monero, Dash, Beam, and Grin adopted a more sophisticated cryptographic tool called (ZK-SNARK) to advanced user anonymity. However, there is a fundamental conflict between the throughput, functionality, and security that the existing anonymous cryptocurrencies fail to address due to the limitation of the SNARK schemes they have adopted.
What is Suterusu?
Suterusu provides a handy tool for the swift development of privacy-preserving blockchains, it acts as a privacy launchpad allowing other projects to add privacy features without needing to make any changes at the protocol level. These projects can simply launch a sidechain on Suterusu and inherit confidential payments and smart contracts with little effort. The main innovation here is their ZK-ConsSNARK, a type of constant size zero-knowledge proof that is used to obfuscate the core information of a transaction, including the amount sent and transaction participants.
In addition, the system also eliminates some of the challenges faced by other privacy coin protocols, such as the need for a reliable setup and long proof-checking times. The SUTER token is used to control private smart contracts running on the Suterusu blockchain as a gas and is also used as part of the on-chain governance system for voting.
Undervalued Project
The project’s partnerships with IOST, NEO and more is clearly what brings the project’s significance to bring a better ZCash privacy level to all blockchains. In this fast moving industry, Suterusu’s upgrade to a more efficient kind of zero-knowledge proof can be seen to be successful and promising. While there is just so much going on that the best privacy protocol title can still be claimed by anyone with the better tech. To me, Suterusu has checked all the boxes and definitely set a bar. Now it’s time to see if others can push the bar even higher.
