Rajarshi Mitra
Independent Analyst
- The objective is to authorize full freedom from the fiat system.
- Chainlink recently unveiled DeFi instruments to promote privacy.
Chainlink recently unveiled a feature called “Mixicles.” According to them, Mixicles is a “new approach to enabling privacy for smart contracts with an initial focus on decentralized finance. Mixicles allow #DeFi smart contracts to achieve a new level of privacy, giving them much wider usability.”
The “decentralized finance (DeFi)” market on Ethereum (ETH) is on the rise over the past few months. However, this market, unfortunately, suffers from a lack of privacy. Users want decentralization as well as privacy.
Currently, the data of transactions and smart contracts can be leaked with the blockchain system. In its recent white paper, Chainlink stated:
“Smart contracts naively implementing financial instruments on blockchains (permissionless or permissioned) can leak critical business intelligence: Monetary amounts, instrument terms, and participating counterparties. In today’s complex capital and derivatives markets, privacy is both a given and a legal requirement of most contracts.”
DeFi can be deemed as a downside for those looking for financial privacy, as there are numerous cases in which an open blockchain model may actually hamper secrecy. This is where Chainlink feels that MIxicles will be able to help out. Its concept is to integrate decentralized finance applications with the use of oracles and mixers/tumblers to create a solution that preserves the privacy of financial instruments. Callisto Network, a platform derived from Ethereum’s technologies, has recently integrated Chainlink’s Oracles into Callisto-based applications.
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