Anonymity on Ethereum: Vitalik Buterin Lends Support to Emerging Startups

Enabling the creation of private accounts in Ethereum is the goal of Nocturne Labs. In a seed funding round that raised $6 million, the specialist in anonymous transactions received support from several notable entities, such as Robot Ventures, Bankless Ventures, and more. To the surprise of many, Vitalik Buterin, co-founder of Ethereum, reached into his pocket to support the project.

Vitalik Buterin’s Affection for Private Accounts

Expanding Ethereum by all means, that’s always been Vitalik Buterin’s approach. He doesn’t hesitate to discuss the potential integration of various features into the blockchain. The idea of providing the benefits of Artificial Intelligence (AI) to Ethereum users also appeals to him.

Vitalik Buterin invests in Nocturne Labs, which aims to bring private accounts to Ethereum https://t.co/1S58bKiG3Y

— The Block (@TheBlock__) October 25, 2023

The article from The Block addressing this topic mentions a seed funding round that began early in the year, back in January. It took Nocturne Labs seven months to see their efforts rewarded. This resulted in the $6 million fund, with contributions from Bain Capital Crypto, Bankless Ventures, Robot Ventures, Polychain Capital, and Vitalik Buterin.

Luke Tchang, co-founder and CEO of Nocturne, clarified that this funding round included token subscription rights.

What Does Nocturne Labs Really Want?

Nocturne Labs is an American startup with the ambition to develop a protocol that supports anonymous crypto transactions on Ethereum. With this initiative, Luke Tchang’s team will provide access to ‘internal’ accounts supported by Nocturne.

Here is an exhaustive list of the advantages provided by Nocturne:

• Receive/deposit crypto funds into an anonymous Nocturne account.
• Zero-knowledge proof (ZK) of the existence of funds.
• Use crypto assets to pay, trade, stake, and more.

In other words, Nocturne will make cryptocurrency asset ownership confidential. Users who are attracted to its services will no longer need to worry about potential data disclosure regarding their cryptocurrency assets, whether they are receiving payments, making purchases, or storing bitcoins (BTC) or ethers (ETH) on the blockchain.

Now we understand why Vitalik Buterin supports Nocturne Labs’ initiative. He, who has caused panic through unexplained transfers of ETH, may be able to conceal his transfer activities by November, when Nocturne’s protocol is set to deploy on the mainnet.