Solana developers are pushing for new frontiers in the ecosystem with the launch of the Confidential Balances Token Extension. Now live on the mainnet, the developers described Confidential Balances as the “first ZK-powered encrypted token standard built for institutional compliance.” Using this technology will come without a need to sacrifice the sub-second finality that Solana is known for.
Solana Confidential Balances: the Core Use Case
The Solana Confidential Balances solution is designed for developers and helps amplify privacy configurations. It is a set of three token extensions that integrate privacy in Encrypted balances and transfers, mint/burn operations with a discrete total supply, and discrete fee handling.
Solana developers who want to implement this solution can currently gain implementation for three basic settings. As revealed, these include Server-side Rust backends, WaaS integrations for custodial solutions, and Decentralized Applications (DApps) with trusted confidential token handling.
As a protocol building for enterprise adoption, the developers said this solution is useful for encrypted payroll systems. In addition, Confidential Balances can help secure B2B payment transfers, privacy-preserving wallets, and consumer dApps on Solana.
This solution is one of the latest releases from the Solana developers this year, cementing its role in boosting Web3 innovations.
Solana Rebranding Effort: PumpFun Reference
Over the past year, the Proof-of-Stake (PoS) network has recorded ups and downs amid a massive adoption trend. This massive adoption also triggered challenges of outages and general misuse of its products.
As the dominant hub for memecoins over the past few months, PumpFun, the ecosystem’s top meme launchpad, recorded a drop in engagement. This follows an extreme tactic users deploy to draw attention to their launched tokens via its livestream feature.
The backlash fueled its suspension in countries like the United Kingdom, forcing the launchpad to halt the feature five months ago. With the rebranding effort, PumpFun relaunched the livestream feature. This has further repositioned Solana as a hub with new products to watch out for.
SOL Price Amid Market Rout
The price of Solana is also in the spotlight in the altcoin world amid the global market rout. At the time of writing, the coin was changing hands for $103.47, down by 1.44% in 24 hours.
An earlier SOL price analysis made a projection on whether Solana can fuel the next altcoin rally. However, despite jumping as high as $112.29 in the past 24 hours, the coin is yet to pare off the more than 18% loss it accrued in the past week.
Amid the volatility, the coin remains bound to general financial market trends even though ecosystem developments can boost sentiment in the long term.
The post Solana Unveils Confidential Balances Token Extension, Here’s Everything to Know appeared first on CoinGape.
