Railgun DAO, a blockchain project that utilises zero-knowledge cryptography to better protect user privacy when making transactions, has recently announced its collaboration with Chainway, a Turkish-based developer, to bring the "proof of innocence" feature onto the project. This feature is designed to meet anti-money laundering and sanctions compliance standards set forth by the US Treasury Department and will allow users to create proofs that their transactions are from an approved list of transactions that have not been in contact with any blocked or restricted addresses.
As per the agreement, Chainway's "proof of innocence" tool which was released in January 2021 will be integrated into Railgun's system which is currently deployed on Ethereum, Polygon, Arbitrum and Binance Smart Chain. Additionally, this tool remains entirely zero-knowledge based which means that a user's privacy is always intact.
Further, for verification purposes, users can access list of blacklisted addresses from a array of third party forensic tools including Elliptic, TRM Labs or Chainalysis. The co-operation has also given a timeline for the practical implementation of this feature. A proof of concept is expected by the end of the second quarter of 2021 while the entire delivery time is set to be in the third quarter.
Digital Currency Group, which is a large investor in Railgun DAO, has acquired and staked $10 million of RAIL token while donating $7 million in stablecoins to the project's DAC treasury in order to support its development. This transaction is aimed at providing necessary security infrastructure to the users of the project.
In conclusion, the collaboration between Railgun DAO and Chainway for Proof of Innoncence tool addresses the issue of ensuring necessary security infrastructure for the users of the platform alongside meeting the US Treasury Department standards. This integration is expected to be rolled out in two phases, with the proof-of-concept expected in late second quarter of 2021 and full delivery being expected in the third quarter.
Yana Long
- 2023-05-08
Railgun DAO and Chainway Unite for Proof of Innocence Tool
Railgun DAO has announced their collaboration with Chainway to bring the "proof of innocence" feature onto the project. This feature is designed to meet anti-money laundering and sanctions compliance standards set forth by the US Treasury Department and will allow users to create proofs that their transactions are from an approved list.
