tomi Announces The First Privacy Stablecoin With Its Upcoming Privacy Layer
The anonymous team behind tomi, a DAO-governed, surveillance-free Web3 infrastructure, launches tomi Privacy Layer (TPL), an encrypted Layer 2 protocol, that enables users to transact on Ethereum privately
NEW YORK, April 19, 2023 /PRNewswire-PRWeb/ -- tomi (https://tomi.com/), an anonymous project led by eight crypto veterans, launches TPL, its encrypted privacy layer. Current erc20 tokens allow users to see the wallet address, balance, and history of other users, preventing private transactions on Ethereum. TPL empowers users to hide that information and preserve their privacy utilizing ZK-ROLLUPS and snark proofs. tomi also unveils the upcoming tomi private usd (tpUSD), its stablecoin pegged to the value of the U.S. dollar and the first token on TPL.
One of blockchain's earliest value propositions was to empower consenting parties to transact freely and privately. While Bitcoin and Ethereum do offer immediate and disintermediated transactions, their public ledgers enable governments and corporations to fully trace transactions. That blindspot has led to the development of privacy coins, such as Monero and Zcash, as well as privacy layers on top of the major L1 blockchains that foster discreet transactions away from big brother's watchful eye. Such L2s on Ethereum, however, don't let users communicate with Ethereum directly.
Now, anyone can engage in private transactions and smart-contract execution via TPL directly on Ethereum applications. TPL's privacy-enhancing technology enables users to prove the validity of a statement without revealing any sensitive information.
ZERO-KNOWLEDGE ROLLUPS Zero-knowledge rollups (ZK-rollups) are layer 2 scaling solutions (https://ethereum.org/en/developers/docs/scaling/) that increase throughput on Ethereum Mainnet by moving computation and state-storage off-chain. ZK-rollups can process thousands of transactions in a batch and then only post some minimal summary data to Mainnet. This summary data defines the changes that should be made to the Ethereum state and some cryptographic proof that those changes are correct.
TPL offers:
- Privacy: a zero-knowledge roll-up built with a privacy-first architecture that enables users to access their favorite apps on L1 while maintaining complete privacy.
- Accessibility: The transactions through zero-knowledge proofs on Ethereum can reduce transaction costs.
- Adaptability: Developers will be able to use TPL SDK to transfer funds, interact with L1 protocol and other services privately.
- Scalability: TPL can handle medium to large amounts of transactions With full privacy.
TPL is the latest product in tomi's broader bundle of privacy-preserving tools under the umbrella of tomiNET, its alternative internet ecosystem. tomiNet kicks off a clean slate for the Internet, one where Google and Facebook don't have power over people's identities, Amazon doesn't crush small businesses and host more than a third of the world's data, and government and corporate surveillance is impossible. tomiNet threatens businesses, fiat currency systems, and power and data brokers around the world. As such, there are many reasons for which the 90+ tomi team members feel their safety may be at stake and choose to follow Satoshi's footsteps in remaining anonymous.
About tomi
Led by an anonymous group of eight senior crypto veterans , tomi offers a DAO-governed Web3 infrastructure with surveillance-free alternative to the World Wide Web. tomi is committed to advancing privacy and anonymity and will continue to develop new technologies to achieve those goals.
Media Contact
Press contact, tomi, +1-347-568-7305, [email protected]
SOURCE tomi
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