For those in the know, front-running is a problem when it comes to financial privacy in the world of crypto. Because of the nature of the blockchain-based world, that is, transparency, if you know where and when to look, and what to do (I’m looking at you transaction fees), you stand to make a killing.
Allow me to rephrase, perhaps in terms you’ve previously heard; Insider Trading. That is, traders can use the data of pending transactions to maximize profits before the data is confirmed. Needless to say, on regulated markets, this practice is highly illegal.
Enter the Secret Network, a blockchain with built-in privacy-preserving smart contracts, that’s recently garnered $11.5 million of support, namely by Arrington Capital, Blocktower Capital, Spartan Group, and Skynet Trading.
Publically announced today; secretly-based, and privacy-obsessed Sienna Network has raised $10 million through a private and public sale of token from institutional investors including NGC, Inclusion Capital, Lotus Capital, FBG, and Skyvision Capital.
“The coin was launched last week at $6 and it currently sits at around $25 on the Uniswap exchange, amplifying things by another 400%, so looking forward to taking the project further into 2021,” comments Chief Evangelist and Core Contributor, Monty Munford.
According to the company, “Sienna saves no login information, no wallet data, no transaction data or anything else. It does not even track its website or give any information to any Third Party.”