Last week we saw some major backing for the Secret Network’s blockchain when major blockchain players, Arrington Capital and Blocktower Capital, invested in the privacy smart contract platform. This signals the rise of privacy-focused financial blockchain projects, which are vital if DeFi (decentralized funding) is to have any future. We expect privacy in our “normal” financial life, so we will expect this in the blockchain world.
Today there’s a new signal that this privacy movement is on the rise in DeFi with the announcement by decentralized finance firm Sienna Network that it has raised $ 11.2 million from institutional investors and its public backers. Of that increase, the private token sale raised $ 10 million from investors including NGC, Inclusion Capital, Lotus Capital, FBG, Skyvision Capital, and others. In addition, $ 1.2 million was raised on the DaoMaker and Polkastarter exchanges.
Sienna Network builds on the aforementioned Secret Network and is a decentralized financial platform where asset owners can switch to privacy-conscious tokens.
Sienna is one of more and more blockchain startups addressing the industry-wide problem of “front running”. Here – says Sienna – bad actors hijack future deals with public DeFi blockchains.
Monty Munford, chief evangelist and principal of Sienna Network, said, “Sienna helps access the privacy-sensitive blockchain in a user-friendly way because of the inherent privacy design of the blockchain. Sienna does not store login information, wallet information, transaction information, or anything else. It doesn’t even track its website or share any information with anyone. “
This is how a front-running scam works: A transaction on Ethereum can be prevented by someone else by simply paying a higher transaction fee. It’s the close real-world equivalent of triumphing on a trade just because you paid a broker a higher fee. In other words, it will be a disaster if it continues to happen, and the entire decentralized finance infrastructure is threatened because of that threat.
Tor Bair, CEO of Secret Network, said, “We believe Sienna will be a key pillar of Secret DeFi and help drive the mass adoption of a more secure, decentralized financial ecosystem.”