Espresso Systems, a scaling and privacy system for Web 3 applications, has launched its first product in testnet. Configurable Asset Privacy on Ethereum is a smart contract application that lets asset creators define customizable privacy policies that determine who can see what information about the asset holders and transactions under certain circumstances.in a funding round led by Greylock Partners and Electric Capital, with participation from Sequoia Capital.
“What we're trying to do is crack open the area in the middle to make privacy a flexible, programmable, configurable feature of how we interact with Web 3 products,” Espresso Systems co-founder Jill Gunter told CoinDesk in an interview. “With CAPE, this is our first showcase of the functionality that we've developed.”
The need for some form of privacy in Web 3 is often touted as the path to bringing more companies and institutions into crypto. Gunter noted that the implications of CAPE could be important for institutional players, for example, who might want to get involved with crypto but don’t want to leak their proprietary data or investment strategies to the whole world.
CAPE also has crypto-native use cases. A stablecoin provider with a U.S. dollar product could hide user transactions from the general public while the issuer maintains real-time insights. A decentralized autonomous organization could move its treasury into CAPE to limit access to balance and transaction information to just the administrators.
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