Leveraging Zero-Knowledge Proofs on the Arcual Blockchain

Privacy in the Art World

In the world of art transactions, confidentiality and privacy are paramount. Buyers and sellers alike desire to keep their involvement discreet. Arcual recognises this fundamental need and seeks to create an ecosystem where transactional data remains concealed.

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1. Anonymity through Stealth Addresses

Arcual incorporates technology similar to stealth addresses, ensuring transaction privacy while adhering to KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations.  Participants will generate addresses based on a single public key, this allows for all transactions to be untraceable, whilst simultaneously enabling those participants to prove ownership of an address at any given time.

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2. Zero-Knowledge Proofs

ZKPs are cryptographic proofs of computational integrity, which enable the verification of computations without revealing the actual data. An illustrative example: Proving a sum of numbers equals 100 without disclosing the individual numbers - or quantity of numbers - added. Applied to art transactions, ZKPs allow for agreements to be carried out without other participants in the network being privy to sensitive data (e.g. the artwork, amount, or buyer). 

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3. Ensuring Privacy in Transactions

Arcual's ZKPs guarantee complete privacy and anonymity throughout the transaction process.

Transactional parties (e.g., gallery and collector) can view all details within the transaction, such as amounts and terms, ensuring transparency between involved parties without disclosing it to the wider network (even the network operator).

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4. Seamless Privacy Integration

Privacy is an inherent aspect of Arcual's blockchain ecosystem, all transactions are private and anonymised through our privacy layer. Users and market participants interact with applications seamlessly, benefiting from embedded privacy features without needing to address them directly.

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Arcual's approach to privacy sets a new standard for secure transactions in the art market. By integrating ZKPs, Arcual ensures that all participants can engage in transactions with confidence, knowing their identities and sensitive transaction details are shielded from unauthorised access. Arcual is bringing a new standard of data privacy to the art industry, paving the way to maintain a secure and confidential art market online.

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Stay tuned for more from Arcual Blog!

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