Much has been said in recent days about the major defections suffered by the Facebook stablecoin project, Libra. Although several companies including PayPal and credit card giants MasterCard and VISA have decided to withdraw from the Libra Association, there are still 21 member groups in the association. And there are other groups that are interested in taking part in the controversial initiative. One of these is Suterusu.
Suterusu is a blockchain project whose main objective is to offer tools to guarantee online privacy. This was stated by the managing director Zhengpeng Hou in an interview with The Cryptonomist.
Suterusu: “Libra is a great project, but it needs time.”
If there is one aspect on which Facebook still has a lot to work on, it is that of privacy. The group would like to join the Libra Association, which recently met in Geneva to approve the paper and elect the members of the board. “Libra is a great project” and if given the opportunity Hou says that “we [at Suterusu] would be delighted to contribute our zk-ConSNARK to the project”.
The founder of the blockchain group, the name of which in Japanese means “Stealth”, believes that Libra only needs a little time to demonstrate the validity of the project. The initiative, which should take shape from 2020, has already had positive effects for the crypto sector.
“It has already brought educational impact to a more broad audience, and spread the word about blockchain”. Suterusu, who wants to implement an anonymous crypto based on the ZK-ConSNARK cryptographic function, is convinced that “it will get better for them – both in success commercially and politically”.
“The [blockchain] solutions that we are advancing will be helpful to companies like Amazon and other e-commerce platforms”.
Another company that aims to be commercially successful is Suterusu, whose privacy solutions based on the blockchain have as their main purpose – in Hou’s own words – to “secure e-commerce consumers and their data”.
Suterusu’s management is convinced that its technology will allow hi-tech giants such as Amazon to create their own private, lightweight and functional crypto network and let it interact with other networks that use Suterusu technology.
One day customers will demand that their privacy is guaranteed and large groups such as that of Jeff Bezos will have to adapt to the growing demand for protection of sensitive data.
“I know people in the e-commerce world are very interested in blockchain and are developing their own solutions”. This is clearly a great result for the blockchain, because – observes Hou – “we are trying to solve the same problems that afflict supply chain economics and e-commerce”.
“Both of our solutions are aligned and will be helpful to companies like Amazon and other e-commerce platforms. Our blockchain-based privacy solutions that utilize zk-SNARK technology can secure e-commerce consumers and their data.
In the increasingly interconnected world that we live in, where billions of pieces of data are transferred with impressive speed, privacy is continually being abused by businesses and governments.
Cascading effect on global business payments
Suterusu would like that the next generation of blockchain technologies would include cryptographic functions as a fundamental prerequisite.
Thanks to the new cryptographic functions called zk-SNARKs, cryptocurrencies will be able to offer real digital privacy. These “Zero-Knowledge Proofs” are not new projects, but according to Suterusu their use and popularity are increasing in the cryptographic universe. Just think of the other “privacy coins”, such as Monero, Beam and Zcash.
Suterusu is one of the latest additions to the blockchain landscape. It is incorporating the zk-SNARK functions to experiment with them in various real-world use cases. The private networks developed will not only transform peer-to-peer digital operations but will also have a cascading effect on corporate payment systems around the world, according to Suterusu.