What are we building?
A cryptocurrency that does not compromise on privacy.
How is this different than other cryptocurrencies?
Many popular cryptocurrencies (Bitcoin, Ethereum, and many others) offer the least private way of transacting. They are a permanent ledger that publicly broadcasts all the details of a transaction – analogous to tweeting out your bank statement. We believe privacy is a requirement for a true global currency. We also believe cryptocurrencies should be easy to use – both to the end consumer, and to the miner. We developed a fast syncing technique that lets miners download significantly less data and onboard faster than existing cryptocurrency systems.
How are we achieving privacy?
We are working with cutting edge cryptography using zero-knowledge. Zero-knowledge proofs (ZKPs) are a breakthrough tool in cryptography that prove honest computation. By using ZKPs we can build private transactions that fully hide the sender, the recipient and the amount, while providing a proof that the transaction is valid. Every transaction on Iron Fish is private such that no one sees the details of an account unless the owner grants read-only permissions via view keys. This level of privacy is unprecedented when compared to other cryptocurrencies or traditional banking plans.
Why use Proof-of-Work (PoW)?
Proof-of-Work (PoW) was pioneered by Bitcoin to create a consensus mechanism between decentralized and trust-less parties. While we don’t like the environmental aspects of PoW, current alternatives, like PoS, haven’t caught up.
Why build a new privacy coin?
While there are other privacy coin projects such as Monero, Zcash, and Grin, they all have drawbacks on either privacy, usability, or both. We’re building a cryptocurrency that takes no compromise on privacy with a strong focus on usability.
We’re working with some of the most exciting tools in cryptography and decentralized systems to create a frictionless, internet-native global currency system. Interested? Check out our Careers page!