As a researcher who has closely followed the developments of Nocturne and their privacy-focused protocol, I’m deeply disappointed by their recent announcement of shutting down the company. It’s disheartening to see such a promising project come to an end just four months after discontinuing the protocol itself.
Four months after halting the privacy-focused protocol Nocturne, the company responsible for its development has declared that it will be shutting down.
The privacy-focused Ethereum project, Nocturne, which raised approximately $6 million in financing from investors including Bain Capital Crypto, Polychain Capital, and Vitalik Buterin, is unexpectedly ceasing operations less than a year after the funding was secured.
I regret to inform you all that we’ve made a difficult decision as a team. Following the deactivation of last year’s privacy feature, we’ve decided it’s best to close down the company. The frontend will continue to allow withdrawals until the end of this month. Afterward, we will convert these processes into something new.
— Nocturne (@nocturne_xyz) June 5, 2024
On June 5th, Nocturne’s team made an announcement that users can continue making withdrawals from their application’s website until the end of June. After this date, however, the team will transition the withdrawal process into a self-service format that can be accessed through a GitHub repository. The reason behind this change was not disclosed in the announcement.
Nocturne
Following Nocturne’s decision in February, they announced the closure of their v1 protocol and planned to concentrate on creating a new application-focused product instead. The team explained that the immature state of the layer-2 infrastructure was the cause for the shutdown, stressing that the shift to public layer-2 networks was essential before ensuring privacy could be achieved.
“The concern over cost and user experience takes precedence for users. Additionally, the importance of privacy in cryptocurrency hinges on its practical use. Until these major hurdles are addressed, privacy issues rank lower in priority.”
Nocturne
The Ethereum network’s Nocturne project aimed to provide an option for personal accounts, enabling users to securely exchange cryptocurrencies without revealing their transactions publicly.
In October 2023, Nocturne secured $6 million in a seed funding round, jointly spearheaded by Bain Capital Crypto and Polychain Capital. Notable Ethereum co-founder Vitalik Buterin and other Ethereum community members also contributed to the round. Initially, the team planned to allocate these funds towards launching and enhancing private account functionalities on Ethereum.
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2024-06-06 11:02