Data Ownership Protocol To Conceal Blockchain Data To Promote Privacy

Crypto transactions are transparent as the data is stored on the blockchain where everyone can see it. The privacy cost is a challenge to those seeking to keep their transactions anonymous.

The Data Ownership Protocol (DOP) is a protocol seeking to safeguard user information. The protocol has been created on the Ethereum blockchain, and it uses zero-knowledge cryptography for its offerings.

Data Ownership Protocol Could Be A Gamechanger To Ethereum

DOP allows users to gain complete control over their data. The revolutionary protocol also ensures that a user decides the information they want to share and those they share the information with. It further helps to maintain privacy.

The DOP protocol will have safeguards such as zero-knowledge KYC and a governance committee. These offerings ensure that bad actors are prevented from using the network. The feature will be crucial in keeping cybercriminals and terrorists at bay.

Those who use this protocol can make transactions without worrying about the people they are interacting with, which will foster the overall growth of the ecosystem.

During the first phase of the DOP, fully private crypto transactions will be enabled on Ethereum. This phase allows users to send and receive assets without revealing the balances and transaction details.

The technology behind this protocol has already been completed, allowing users to transact freely without being concerned about their financial activity being exposed.

Giving Users Control Over Their Data

DOP’s offerings extend above privacy to give users control over their data. Users can choose the holdings and the transaction activity they want to reveal. This way, users can choose a customized profile of the transactions and information they want to make public on the blockchain.

In the future phases of this tool, the developers will create apps atop the protocol. The offering will also ensure decentralized lending and trading while ensuring privacy and facilitating the internal DOP ecosystem, including NFT markets, ICO platforms, and decentralized exchanges.

DOP will ensure that cryptocurrencies will come to the mainstream. Users will also get a chance to have control over their data. This ensures that all users are no longer subjected to the transparency of public blockchains.

The protocol is already making a presence in the industry. In August, they backed a Binance Campus event that saw DOP available to leading influencers across Latin America. In November, the platform will be among the sponsors of the Binance Blockchain Week.