Iron Fish launches a privacy-focused blockchain

Backed by a16z and Sequoia Capital, the Iron Fish platform launched a first-layer blockchain mainnet after two years of development. The Block reports.

The network uses the Proof-of-Work consensus mechanism and the zero-knowledge proofs zk-SNARK technology.

Before the launch, developers conducted three testing phases between 2022 and 2023. At its peak, more than 60,000 nodes were active on the blockchain.

\”Using zero-knowledge proofs and robust encryption standards, Iron Fish enables users to conduct transactions that are fully confidential without compromising universal accessibility,\” said Elena Nadolinski, the project’s founder.

Another key aspect of the protocol is interoperability, enabling assets to be moved from other networks, including Bitcoin and Ethereum.

\”We want to support transparent and programmable cross-chain bridges. … In other words, you can leverage Ethereum’s programmability, but if you require privacy, you send funds to Iron Fish for transactions, storage, and exchange in private order,\” added Nadolinski.

Earlier, the network developers outlined the tokenomics of the blockchain. The genesis block will contain 42 million tokens, and in the 12 months after launch miners will increase the supply by 10.5 million coins. Going forward, issuance will gradually decline until it reaches 256,970,400 IRON.

In March, the project team announced an airdrop of 940,000 tokens after the mainnet launch. The coins will go to testnet users who completed the KYC procedures.

Earlier in January, Ethereum co-founder Vitalik Buterin called privacy \”the biggest problem\” of the network. Among the technologies to address it, he cited zk-SNARK.