Solana Introduces Privacy Token Functionality Called “Confidential Transfer”

- Solana's v1.16 update introduces privacy transfers or confidential transfers on Solana network to create user privacy.

- Solana’s v1.16 update took about 10 months to develop and test. Solana launched testnet of v1.16 update on June 7, 2023.

-Confidential transfers can be used for SPL tokens (they can be compared to ERC-20 tokens but use for Solana network). It creates encrypted transactions of SPL tokens. 

-Confidential transfers utilizes zero-knowledge proofs to encrypt the balances and transaction amounts of SPL tokens.

Solana’s fully diluted market cap is $12.00 billion. While, BNB Chain’s fully diluted market cap is $31.515 billion. BNB Chain is 2.62625 times more valuable than Solana. Solana is 7^th largest crypto by market cap. While, BNB ranks 3^rd.

For more information visit elius.dev/blog/all-you-need-to-know-about-solanas-v1-16-update#confidential-transfers