• tpUSD will allow users to transact privately.
• tomi Privacy Layer (TPL) uses zero-knowledge proofs to preserve user privacy.
• tpUSD will be the first token on TPL.

tomi, a crypto project led by eight anonymous crypto veterans, has launched a new encrypted Layer-2 protocol on Ethereum.

Current ERC20 tokens allow users to see other users’ wallet addresses, balances, and histories, preventing private transactions on the Ethereum mainnet. tomi claims to solve this with the launch of tomi Privacy Layer (TPL), an encrypted privacy layer empowering users to hide their information and preserve their private data by utilizing zero-knowledge rollups and SNARK proofs.

ZK-rollups are a Layer-2 scaling solution that increases throughput on Ethereum by moving computation and state storage off-chain. ZK-rollups can process thousands of transactions in a batch and then only post minimal summary data to the mainnet. This summary data defines the changes that should be made to the Ethereum state and some cryptographic proof that those changes are correct.

TPL offers users features such as:

• Privacy: A zero-knowledge rollup built with a privacy-first architecture that enables users to access their favorite apps on L1 while maintaining complete privacy.
• Accessibility: The transactions through zero-knowledge proofs on Ethereum can reduce transaction costs.
• Adaptability: Developers can use TPL SDK to transfer funds and interact with L1 protocol and other services privately.
• Scalability: TPL can handle large amounts of transactions with complete privacy.

In addition to its privacy layer product, tomi is planning to launch a new privacy stablecoin, tomi private USD (tpUSD). tpUSD will be the first token on the new Layer-2 network. 

TPL and tpUSDC are the latest product in tomi’s broader bundle of privacy-preserving tools under the umbrella of tomiNET.

On the Flipside

• Tomi has yet to announce the exact date of the launch of its stablecoin.

Why You Should Care

Privacy is one of the most important features of crypto, and was one of the core aspects of its inception. Tools for preserving this privacy in the face of heightened regulation are attractive offerings to enthusiasts in the space.

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• Source: https://dailycoin.com/tomi-introduces-privacy-stablecoin-and-layer-2-protocol-on-ethereum/