Last week we started talking about privacy on
@SeiNetwork.
This will come to Sei via a private transaction layer called Sedna.
Sedna will give roughly 90% of the benefits of privacy but takes 0.01% or less of the work a full ZK layer would take.
Privacy is relevant in two domains: pre-execution and post-execution.
Pre-execution privacy means simply that a transaction is private up until the point of finality, where it can't be reverted.
This is the domain where privacy matters most.
By having transactions public pre-execution, users are exposed to a whole world of risk that makes using a blockchain unfavorable.
In some ways this is the original sin of of crypto. All MEV stems from this. Public transactions can be frontrun, backrun or sandwich attacked by other users. They can also be reordered or outright excluded by validators.
This happens on layer 1 blockchains all the time and largely the space has come to accept it.
I don't, and I believe the space has set itself back by years in accepting the rampant levels of MEV we see today.
Financial transactions need to be predictable. For retail and institutions to use blockchains, those chains need to be predictable.
With Sedna, Giga will have this. Presently
@Sei_Labs is finalizing v2 of the Giga whitepaper, which explains the interaction between Giga and Sedna, and more.