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RailWay mobile wallet comes with DeFi user privacy approach

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Railgun’s DeFi protocol has released the Railway mobile wallet so that users can carry out DeFi activities on the Ethereum blockchain while maintaining privacy. Railway is the first mobile wallet using zero knowledge (zk) technology that operates directly on the chain.

According to Mihan Blockchain and quoted by CoinDesk, the RailWay wallet protects users’ transaction history and ensures that transactions are untraceable with tools such as EtraScan. This allows users to interact with decentralized exchanges, decentralized applications and liquidity regulations while maintaining privacy. This mobile wallet, which is the first zero-knowledge wallet; It supports Android and iOS operating systems.

Alan Scott, co-founder Railgun As the field of DeFi expands, it is important for developers to create effective privacy protection programs, he said.

Scott said in this regard:

If the future of finance is in the hands of DeFi, the privacy infrastructure must be in place to protect consumers.

Railway Wallet uses the open source code of Railgun to develop the wallet. On the eve of the release of this wallet, cyber security companies Trail of Bits, Hacken and ABDK Consulting have audited (finding bugs and penetrability) its code. The Zokyo security team has given this wallet a perfect score.

In recent months, lawmakers have put pressure on some privacy protocols, claiming they are being used to hide illegal funds. For example, in August, the Office of Foreign Assets Control, which oversees the Treasury Department, sanctioned Tornadocush and dozens of related wallets. This sparked debate in the crypto community about reasonable expectations of privacy.

But although some lawmakers are concerned that privacy-protecting services are being used by illegal activities, Scott acknowledged that users’ high expectations for privacy in DeFi are as natural as privacy in other areas of life.

Scott said in this regard:

Whenever I go to a restaurant, I tell them about my food allergies, but I don’t tell them all of my medical history. In my opinion, this condition applies to financial affairs as well.

In 2021, DAO Railgun signed a $10 million deal with Digital Currency Group (DCG), the parent company of CoinDesk, to develop a privacy protocol for the DeFi domain.

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