Railgun, the smart contract that provides privacy on Ethereum, is now coming to the Binance Smart Chain. Users will finally be able to use decentralized finance on the two most popular platforms in a way that comprehensively protects their privacy.
Railgun protects the privacy of the user through the implementation of zk-SNARKs, allowing them to call other smart contracts through the Railgun privacy system. Effectively, this allows users to hide their trading strategies, holdings and identity. Having launched a successful beta test on Ethereum earlier this year, Railgun is ready to launch its system on other Ethereum Virtual Machine-compatible platforms, beginning with the BSC.
Airdropped RAIL tokens for stakers
Users have been free to stake and participate in voting since the launch of Railgun’s RAIL governance token on June 30. One incentive for doing so has just been announced on Twitter: anyone staking their RAIL tokens on Ethereum will be airdropped Binance Smart Chain Railgun (BRAIL) tokens on the BSC after two snapshots are taken. Those who have opted to stake their RAIL tokens on Ethereum may claim their airdropped BRAIL tokens on the BSC at the same address they use for Ethereum.
The first snapshot would take place on Aug. 31, with the second on Sept. 30. It is worth keeping in mind that once RAIL tokens are staked, there is a 30-day lockup period after tokens are unstaked, during which they cannot be transferred or restaked.
Deployment on the BSC in November
As per the Railgun roadmap, the smart contract facilitating private DeFi transactions is set to be deployed on the BSC in November. This is after the relayer network has been built up, enabling interaction with smart contracts and decentralized exchanges.
Later in December this year, the team is targeting a release on Polygon. Other EVM-compatible blockchains are set to follow.
Railgun — Building a no-trust private ecosystem
The backbone of Railgun is its implementation of zk-SNARKs. This allows users to interact with smart contracts in a way that protects their privacy without relying on layer-two solutions. Everything built on Railgun is built on the first layer of the blockchain, be it Ethereum or the BSC. The no-trust ecosystem is made up of three parties — the users, the relayers and the Railgun smart contracts.
Since zero-knowledge proofs provide integrity for the data passed along the rails, neither the user nor the relayer needs to trust one another. What Railgun is building and deploying across EVM-compatible ecosystems is a privacy layer for all of DeFi.
Railgun protects the privacy of DeFi users
The team behind Railgun is laser-focused on the importance of maintaining privacy in smart contract interactions. This comes as no surprise as the need for privacy has never been greater.
As it currently stands, DeFi traders on Ethereum and the BSC may copy one another’s strategies, or leverage publicly available data to gain an edge over their competitors. Having the ability to hide one’s strategy can mean the difference between a buck (or million) made or lost.
Beyond money-making, Railgun upholds the sanctity of users’ information. Railgun believes that privacy should be the default, not the exception. And thanks to this conviction, Ethereum and the BSC get to enjoy a layer of true privacy woven directly into their respective blockchains.
Privacy is no longer the missing link in DeFi; Railgun is making it available to all.