Today Obscuro announced it has launched its DeFi privacy protocol on Ethereum. Targeted at both retail and corporate users, Obscuro aims to support various applications such as private transactions, sealed auctions, gaming and private NFTs.
The project initially started as part of enterprise blockchain firm R3, which also has a confidential computing solution, Conclave, the inspiration for Obscuro. R3 spun out the project, which is led by James Carlyle, the former Chief Information Officer of R3.
The new permissionless protocol is a Layer 2 Ethereum network that initially focused on enabling transactions to be conducted in private. A common issue with public blockchains is that queued transactions are visible to all, enabling profitable opportunities to be front run by miners or validators, so-called miner extractable value (MEV).
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