BARTER Confidentiality

Confidentiality is one of the most important issues in the modern Internet. With the creation of Bitcoin, many started believing that their transactions were completely anonymous for the rest. But actually this is not true, because the result of each transaction is recorded in a public blockchain, thus the buyer’s balance will immediately be available to the store upon payment for goods at the checkout and everyone can see your balance if your wallet number is recognized. Thus, the bitcoin blockchain is not anonymous, but it’s pseudonym, where the pseudonym is the wallet address.

If we talk about smart contracts on the Ethereum platform, they, as well as transactions in Bitcoin, are transparent to all network participants. Perhaps the reason is that corporations are still developing centralized private blockchains for their business to keep corporate secrets, access to which is provided only within the organization. The results of such blockchain contracts are stored in this register theoretically publicly, not for the entire Internet community, but only for some individuals who have access to such information.

In order for the data to be more decentralized and remain public only to verify the accuracy of the information, Barter proposes a barter contract solution for the OTC dark pool based on the Enigma Project protocol — this will be the key element of the entire project, starting which the development of the MVP product began. As it is known, the key feature of the Enigma protocol is that the final result of the executed smart contract for the platform is encrypted for the public, using the screened transaction type zk-SNARKs, thereby restricting access to secret information for everyone, while respecting corporate secrets within the public blockchain.

Barter focuses on the privacy of participants of the transaction, as the platform is potentially designed for large-value exchanges with the conclusion of a digital legal contract. When entering into a smart contract, a digital copy of the barter agreement is recorded in the blockchain, but it may not be available publicly at the request of the parties to the contract and a private key will be required for viewing. The zk-SNARKs privacy protocol allows you to use several types of secret transactions: when one of the parties needs to be confidential or need to hide only the cost of transactions or when both parties and the value of their transaction must remain secret.