Sui Network SUI $1.43 24h volatility: 1.2% Market cap: $5.36 B Vol. 24h: $481.00 M has hinted at the coming of private transactions on the layer-1 blockchain.
The protocol believes that this initiative will enable seamless, regulation-compliant on-chain payments without user opt-in.
His post comes at a time when the cryptocurrency industry is becoming concerned about the threat that quantum computers pose to cryptography, with Bitcoin BTC $87 959 24h volatility: 0.0% Market cap: $1.76 T Vol. 24h: $35.25 B as the focus.
Sui’s Privacy Transactions to Safeguard Users
On Dec. 30, Mysten Labs co-founder and Chief Product Officer Adeniyi Abiodun confirmed the potential rollout of privacy transactions on the Sui network by 2026.
He stated that this will be achieved via inherent privacy primitives at the protocol level. In the long run, seamless, regulation-compliant on-chain payments without user opt-in will be the result.
The team is attempting to build a system of full confidentiality, where only the sender and receiver can view details of the transactions between them.
Sui’s approach will rely on early privacy components developed 2-3 years ago. It will use built-in protocol tools to support DeFi and app development, a step that could position it as a leader in scalable, private blockchain transactions.
It will still maintain Sui’s hallmark high throughput and low fees. Adeniyi highlighted that Sui intends to be a world leader in the growing privacy-centered ecosystem.
This is particularly of interest because of the rising regulatory scrutiny, especially with the talks about upgrades in quantum computing and the potential threat.
Sui’s privacy pivot can be seen as a proactive defense against the incoming risks associated with quantum technology.
The network stands to enjoy institutional attention, as the solution will appeal to many such entities.
What Future Does Quantum Computing Hold for Bitcoin?
Tech experts are saying that quantum machines could eventually crack Elliptic Curve Cryptography (ECC). This is the foundation of most blockchains’ signatures and addresses, including Bitcoin.
Last October, crypto analyst Charles Edwards advised that a solution is needed to the quantum computing threat by next year, especially if proponents “actually care about Bitcoin.”
In his opinion, Bitcoin holders have downplayed the potential threat of the quantum-resistant upgrades. There are a few experts who support Edwards’ position on theater, but not Michael Saylor.
The executive chairman of the Bitcoin treasury company Strategy doesn’t agree that quantum computing holds the worst concerns for Bitcoin. He believes that the technology will strengthen Bitcoin.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
