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Lucerne, Switzerland, July 27th, 2023, Chainwire
Swisstronik, the layer-1 network for building scalable, decentralized applications that ensure users’ privacy while remaining regulatory compliant, is delighted to announce the launch of its first testnet. Swisstronik Testnet 1.0 is available now, bringing immediate benefits to dApp developers including robust encryption and enterprise-grade transaction security through its utilization of Intel SGX technology.
The project is aiming to foster real-life adoption of blockchain through a robust, user-friendly and secure network that relies on hardware and software solutions to address challenges around legal compliance, data privacy, and interoperability. Swisstronik aims to become the preferred blockchain solution for dApp developers, individuals, enterprises and anyone else who cares about compliant and safe solutions while staying true to crypto’s ethos of privacy and decentralization.
The launch of Swisstronik Testnet 1.0 comes at a time when interest in networks that can support secure, private transactions in a highly regulated environment is growing. Existing privacy solutions are too focused on anonymity, which is anathema to regulations. Amid the tightening regulations around crypto globally, increased regulatory action against cryptocurrency exchanges and early adoption of central bank digital coins (CBDCs), it’s clear that the crypto industry urgently requires a compliant yet privacy-preserving, decentralized alternative. Once CBDCs launch, the industry will require a compliant and compatible bridge between them and the rest of the cryptocurrency ecosystem. This is the gap Swisstronik is aiming to fill with its identity-based blockchain platform powered by the first of its kind Web3 Compliance Suite – a self-regulating network of local personal data verifiers and compliance partners that allows seamless yet compliant cross-border operations..
Swisstronik’s Compliance Suite is created to reduce any company’s regulatory burden by doing compliance management in a more cost-effective and user-centered manner to ensure privacy and safety for every user. Moreover, because all interactions are executed inside fully encrypted Intel SGX enclaves, Swisstronik nodes cannot access the details of any transaction. The SGX enclaves can be likened to creating a protective wrapper around the EVM, ensuring all transaction information is hidden from the rest of the network. It means every transaction on Swisstronik’s blockchain is fully isolated and safeguarded from prying eyes.
In a future update, Swisstronik will bolster its privacy and security features with the addition of zk-SNARKs – cryptographic proofs that allow one party to provably verify information without having to reveal it. Based on zero-knowledge proofs, zk-SNARKs will be especially useful for verifying KYC data and other personal information of users.
Swisstronik Testnet 1.0 is fully compatible with the Ethereum Virtual Machine (EVM) standard, meaning developers can seamlessly migrate Ethereum-based dApps and smart contracts to its ecosystem. Future versions of the Swisstronik Testnet will implement the Inter-Blockchain Communication (IBC) protocol, further enhancing the interoperability among Cosmos based-blockchains.
Swisstronik anticipates a great deal of interest among dApp developers looking to build compliant offerings and explore data security concepts such as Intel SGX and zk-SNARKs, having received more than 750+ applications for early access to its testnet, despite not making any active efforts to promote the network.
To ensure the integrity of its testnet and increase confidence within the community, Swisstronik is delighted to announce the launch of its first Bug Bounty campaign, with a $70,000 reward fund. The campaign will end on September 15, 2023, after which any bugs found will be fixed before the launch of Swisstronik Testnet 2.0 in the autumn.
About Swisstronik
Swisstronik is building a scalable layer-1 network to address challenges around legal compliance, data privacy, and interoperability in order to boost real-life adoption of the blockchain. Its goal is to become the go-to solution for developers building compliant, privacy-preserving dApps and cryptocurrency users who value data protection and transaction secrecy.
Swisstronik is the first platform that lets anyone build compliant yet private dApps with zero legal expertise. It does so with an unprecedented combination of two functionalities – a first of its kind Web3 Compliance Suite that gathers international regulators, KYC issuers and other legal service providers in a self-regulating network, and combination of programmable, hardware-based protection technology based on Intel SGX, and cryptographic techniques based on zero-knowledge proofs. As a result, Web3 companies can become KYC, AML and DPR compliant with minimum costs by launching on Swisstronik or integrating one of its utilities in their dApps on other chains. And users can be sure their data stays private & secure even during identity checks.
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Alexandra Serebrennikova
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