In its February 2020 monthly report, Neo Global Development (NGD) announced a partnership with Suterusu, a second layer privacy protocol.
Suterusu was established in August 2019 with a vision to increase the privacy of smart contracts, transactions, and data for various blockchain networks. In a conversation with Neo News Today, Suterusu CTO, Huang Lin, said Neo is the first public blockchain that will implement its second layer privacy solutions.
According to the project yellowpaper, Suterusu intends to be a non-custodial solution that uses a series of smart contracts to facilitate private transactions. To use the solution, NEO is transferred to a “Fund” smart contract, which locks the NEO, creates a Suter account with a secret key, and credits the Suter account with the proportional quantity of Suter token.
After confirmation, the balance can be transferred confidentially to a recipient using the Suter blockchain. To complete the process, the recipient can use the “Burn” contract on the Suter blockchain to unlock the NEO from the Fund contract, proving its identity using its own secret key.
In addition to Neo, Suterusu has established partnerships with public blockchains such as IOST and Theta, both of which Suterusu intends to develop second layer privacy solutions. Suterusu has also established relationships with Standard Tokenization Protocol (STP) and SWFT for business asset tokenization and instant payments in their DeFi ecosystems.
Suterusu is the second privacy-focused project to collaborate with Neo, following NGD’s December 2019 partnership announcement with Incognito Chain.
More information on Suterusu can be found at the below link:
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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