👋Introduction
Last updated
Last updated
Encryptify is building a user-friendly, privacy-first DeFi service platform, making access, use, and integration of the latest on-chain privacy & encryption technologies as easy as possible for users and developers.
Within the web3 ecosystem, there are countless protocols and services using what are essentially the most widely-used DeFi mechanisms: sending and receiving assets, swapping, staking, yield farming, lending, fundraising, token claims, airdrops, (conditional) payments, and governance.
All of these, for the most part, have one thing in common:
The on-chain settlement happens publicly, revealing the user's fund in- and outflows, spending habits, and net worth.
Additionally, they are all repetitive.
Looking at them from a UX perspective, even these widely-used mechanisms, which should be easy to use, can be pretty hard to deal with, even more so for novice web3 users. Doing UX right becomes increasingly important when onboarding new users and even more important when we are trying to - collectively - onboard the often talked about "next billion users to web3".
To solve the privacy dilemma of public blockchains, there are an increasing amount of new and cutting-edge solutions available, mainly made possible by zero-knowledge-proof technology, and we can see an initial wave of privacy-related base layers coming up, like Oasis, Aztec, Polygon Miden, or Aleo.
However, implementation and integration are still challenging at this stage, especially when building applications that must not accidentally leak state. For developers who are unfamiliar with the often advanced cryptography concepts, this can be time-consuming and error-prone.
It is clear, though, that for crypto to propel into its next growth stage, it's essential to address the fundamental need for privacy while maintaining blockchain technology's trustless and powerful nature.
"The big future challenge for this ecosystem is privacy. The status quo involves putting large amounts of information on-chain, which is something that is "fine until it's not", and eventually will become unpalatable if not outright risky to more and more people." Vitalik Buterin
At Encryptify, we believe that on-chain privacy should be the standard in a decentralized world, not an option. For this to happen, we see an intrinsic need to lower the barriers for on-chain privacy adoption, allowing everyone to start using a better version of DeFi.
