The introduction of e-Commerce
Almost as soon as the internet was created, so was e-commerce. For financial transactions to happen online, a secure communication channel was needed to protect user credit card data. The invention and adoption of SSL, what is now HTTPS, opened up the floodgates to e-commerce. Today, online shopping accounts for 20% of all retail sales, with HTTPS being the standard for almost all websites. At the time however, governments put heavy restrictions on even this type of encryption, scrutinizing it for being used for nefarious purposes.
Bitcoin & the housing bubble
Following the 2008 financial collapse, the trust in the centralized economic system declined. The Greece government had a debt crisis, the Venezuelan bolivar depreciated, and many economies went into a recession. It was during this time that Bitcoin, a decentralized and trust-less cryptocurrency system was born — a true innovation in forming a new type of currency. Today Bitcoin is primarily used as a store of value and a hedge against inflation. However, Bitcoin lacks privacy and suffers from slow transaction time and costly transaction cost.
Digital only payments
Day to day payments accelerated their progression to being digital-only. Following the pandemic, cash was replaced by contactless or online payments. Never before in human history has an individual been this traced in what we do, what we buy, or where we go, and credit card companies profit greatly from selling your payments data. While major cryptocurrencies like Bitcoin or Ethereum offer alternative solutions to payments, they are fundamentally not private, allowing anyone in the world to view all transaction details. Though privacy preserving tools and other privacy coins exist, they all have flaws that prevent them to be safe or usable.
Bitcoin was born out of the 2008 recession. Iron Fish is being born out of the 2020 pandemic, during a time when digital payments are dominant and our privacy has never before been this violated. We are working on providing a currency that makes privacy approachable and easy to use, while providing the strongest privacy guarantees available. Not only is privacy a right, but it also leads to innovation, creativity, and safety. We chose the name ‘Iron Fish’ because during WW2 the US Navajo Code Talkers used it as a codename for a submarine — displaying the power of cryptography to protect and defend.
How we plan to change the world
Make it Private
We have decided to not cut any corners and adopt the highest privacy-guaranteed technique – using shielded transactions with the help of zero-knowledge proofs. All of our transactions are fully private and anonymous. Each Iron Fish account comes with a set of view keys allowing the user to give out read-only access to their account, or disclose a particular transaction in the case of a dispute or regulatory compliance.
Make it Accessible
Most cryptocurrencies are made by engineers, for engineers, which results in a high barrier to entry for most users. We are working on developing an improved user experience and offering a full end to end product: from your mobile phone wallet to your own bank account in a tab of your browser. If we want to have a truly decentralized banking system, we need to make it easy for anyone to use and accessible.
Who we are today
We are growing quickly, and Iron Fish is rapidly evolving. Our team members and investors are experts in their fields, and each person brings a diverse set of skills and experiences.Explore Careers