Project Description
Iron Fish is a layer 1 blockchain that aims to be the universal privacy layer for all Web3. Iron Fish uses zero-knowledge proofs (zk-SNARKs) and the highest industry cryptographic standards to enable users to conduct completely private transactions - a true SSL layer for all blockchains.
The origin of the name ironfish is based on the decryption of the tribal language used by Native Americans in the United States during World War II. "Submarine" was translated as "iron fish".
Iron Fish is a decentralized, Proof-of-Work (PoW)-based, censorship-resistant, and publicly accessible blockchain project.
It is designed to provide strong privacy guarantees for every transaction, just like how the invention of the SSL/TLS layer in the 90s paved the way for e-commerce and benefited countless industries, privacy in the crypto industry is to protect users and expand cryptocurrency usage. basic requirements.
Blockchain is an open and transparent transaction process. Why should privacy be maintained?
Blockchain needs to take some privacy protection measures to protect the personal privacy and business secrets of participants, while also ensuring the security of transaction records. These include the use of encryption, anonymity and privacy coins, among others.
For example, if a company uploads its financial information for the current quarter to the blockchain for storage, if the financial situation for the current quarter is negative profit, it will inevitably cause investors or partners to lose trust in the company, resulting in a run on the capital chain and an inability to reverse the market situation. At this time, commercial privacy will protect the company's financial information and avoid unnecessary financial runs.
Iron Fish uses zk-SNARKs and the Sapling protocol to enable easy-to-use, fully private payments.
zk-SNARKs (zero-knowledge scalable non-interactive arguments) were chosen as the underlying technology for privacy, which can be used in blockchains and cryptocurrencies to protect user privacy and ensure the anonymity of transactions.
Use cryptography technology to encrypt and transform the original data to achieve the verification process without exposing the original data. It can prove that a certain proposition is true without revealing any information about the proposition.
The zk-SNARKs protocol consists of three algorithms: Setup, Prover, and Verify.
The advantages of choosing zk-SNARKs are:
● Privacy protection: The details of the transaction can be hidden, including information such as the sender, recipient, and transaction amount, thereby protecting the user's privacy.
● Efficiency: The correctness of transactions can be verified in a very short time, which makes transactions on the blockchain network faster and reduces transaction fees.
● Verifiability: Allows others to verify the correctness of transactions, even if they do not have access to the original data.
● No trust required: There is no need to trust any centralized organization or third party, because the verification process is carried out through encryption algorithms.
● Applicability: zk-SNARKs can be used in various applications and scenarios, such as cryptocurrency transactions, voting, identity verification, etc.
Ironfish market situation
Ironfish's mainnet was originally scheduled to be launched on March 14, 2023, but has been postponed to April 20, 2023.
IronFish raised funds twice in the early stages, with the first seed round on April 6, 2021, led by Electric Capital, Elad Gil, MetaStable Capital, A.Capital, Slow Ventures, Dylan Field, Jack Abraham, Juan Benet, Jack Chou, Balaji Srinivasan, Lemniscap, John Lilly and other institutions and individuals raised US$5.3 million in financing.
On November 30, 2021, it completed its Series A financing, raising US$27.7 million from multiple institutions including a16z, Elad Gil, Sequoia Capital, Electric Capital, Dylan Field, Alan Howard, Do Kwon, Matt Luongo, Nathan McCauley, Arrington Capital, MetaStable Capital, A.Capital, Jeff Weiner, and Divesh Makan.
A.Capital's investment strategy projects should be considered to be relatively insightful institutions at present. A.Capital's vision for value investment is currently no less than a16z and red shirt in the lineup of this investment institution, starting with Coinbase, the largest listed exchange in the United States. Uniswap, Opensea, aztec Network, and Optimism are all among the most popular projects currently.
Token information
In a recent AMA live broadcast, IronFish CEO Elena mentioned that the current project funds are open, transparent and very abundant. She is currently focusing on the progress of the main network and has no plans to raise funds. She is relatively confident. After all, the total financing amount is as high as $33 million.
The initial supply of Ironfish tokens is 42 million, and the maximum supply is 256,970,400. At the same time, there will be no public sales. Ironfish is a PoW mechanism and there are no circulating tokens before the main network is online.
basic data
Ironfish has more than 38k users in Discord, and users have minted more than 300,000 assets at the same time, and the network hosts more than 60,000 concurrent nodes, which is still rising.
On October 31, 2022, the technology news media The Information also released the third edition of "50 Most Promising Startups" with a valuation of US$152 million, and was rated as "the most valuable privacy public chain" project".
At present, Dydx, RNDR, Thirdweb, and Nansen still dominate most of the tracks in the current market, including DEX, artificial intelligence rendering, NFT and other tracks.
Related Links:
Official website: https://ironfish.network/
Twitter：https://twitter.com/ironfishcrypto
Discord：https://t.co/IO6mncaw5T
