Railgun, a privacy protocol making waves in the crypto world, is facing some heat over claims that it’s being used by sanctioned entities like North Korea. But Railgun is standing firm, saying it’s all about privacy and honesty.
Key points about Railgun:
- Founded in January 2021
- Uses zero-knowledge (ZK) cryptography
- Faces accusations of being used for illicit activities
- Has a system called Private Proofs of Innocence to block bad transactions
- Backed by Ethereum co-founder Vitalik Buterin
- Handled nearly $1 billion in transactions
- Over $25 million worth of crypto locked up on Ethereum alone
- Their native token, RAIL, has seen a rally in its price
Starting in January 2021, Railgun uses fancy tech called zero-knowledge (ZK) cryptography to keep users’ wallet info and transactions safe. This lets people use decentralized apps (DApps) without giving up their identities. Some folks are comparing Railgun to another privacy tool called Tornado Cash.
Even though Railgun is getting more popular, some are saying it’s helping bad guys do bad stuff, especially since reports are linking it to cyber attackers in North Korea. But Railgun says they have a system called Private Proofs of Innocence that stops bad transactions and people from using the platform.
Ethereum big shot Vitalik Buterin is backing Railgun, saying privacy is super important in the crypto world. He thinks Railgun’s way of doing things makes it harder for bad people to mess with the platform.
And Railgun is doing pretty well despite the drama. They’ve handled nearly $1 billion in transactions and have over $25 million worth of crypto locked up just on Ethereum. Plus, their token, RAIL, is doing great, especially after Buterin talked it up and someone sent a bunch of Ethereum to the platform.
So, even with all the noise, Railgun is sticking to its guns, keeping things honest and secure in the crypto world. As more people join in and use Railgun, it’s playing a big role in making sure privacy and transparency stay strong in decentralized finance.
Disclaimer
FAQ
Railgun is a privacy protocol that utilizes zero-knowledge cryptography to ensure user anonymity in cryptocurrency transactions.
Railgun faces scrutiny over allegations of its use by sanctioned entities, including North Korea, for illicit activities.
Railgun employs Private Proofs of Innocence, a system designed to block and prevent bad transactions, enhancing its security measures.
