Iron Fish
Platform
The name, Iron Fish, is culled from the US Navajo Code Talkers, who in World War II utilized it as a codename for a submarine. It is an allusion to the power of cryptography to protect and defend. Iron Fish uses zk-SNARKs, a kind of zero-knowledge proof. A zero-knowledge proof (ZKP) is a cryptographic method utilized in proving and verifying a statement without revealing the underlying data. zk-SNARKs protect Iron Fish users’ balances and user identities. According to CEO Elena Nadolinski, in an email to Coindesk:
“Iron Fish is a new privacy-focused cryptocurrency where every transaction is private, using the strongest privacy mechanism known today based on zero-knowledge proofs. As we continue to add features, Iron Fish will become a shielded layer for many assets, even ones on different chains, and provide a platform for true digital cash (via fully private stablecoins). In Iron Fish, zero-knowledge proofs allow you to make a transaction without revealing your balance, or the recipient, or even who you are — instead, there’s a cryptographic proof accompanying an encrypted transaction that simply proves you have enough funds to cover it.”
Iron Fish also utilizes the Sapling protocol, created by Zcash, for constructing and verifying shielded transactions in the context of a blockchain. These “view keys” grant the holder read-only access to every activity associated with that specific account. Iron Fish supports encrypted memo fields, facilitating compliance with the FATF rule (Travel Rule) for Virtual Asset Service Providers (VASPs) by letting them keep a record of information for the reason behind transfers.
Get AMBASSADOR’s stories in your inbox
Join Medium for free to get updates from this writer.
“Iron Fish is a new privacy-focused cryptocurrency where every transaction is private, using the strongest privacy mechanism known today based on zero-knowledge proofs. As we continue to add features, Iron Fish will become a shielded layer for many assets, even ones on different chains, and provide a platform for true digital cash (via fully private stablecoins). In Iron Fish, zero-knowledge proofs allow you to make a transaction without revealing your balance, or the recipient, or even who you are — instead, there’s a cryptographic proof accompanying an encrypted transaction that simply proves you have enough funds to cover it.”
Iron Fish has a variety of features:
- Privacy: The Layer 1 blockchain leverages zero-knowledge proofs (zk-SNARKs) for encryption to give users control over who sees transaction details through account view keys or transaction decryption keys. The company is building Iron Fish to be an SSL layer for blockchains.
- Usability: Iron Fish was created to be intuitive for developers and users. The company is building a set of tools for users to run and transact $IRON on different platforms.
- Decentralized: Iron Fish is a proof-of-work (PoW) chain available to users to create wallets, run their own node, and mine $IRON.
- Regulatory compliance: Iron Fish accounts come with a set of view keys allowing an exchange or financial organization to see an audit of the accounts they manage and comply with AML obligations.
