Crypto AM shines its spotlight on the Sienna Foundation

DeFi has seen immense growth over the last few years and shows no signs of slowing down. Wonderful use cases have already emerged and it has become apparent DeFi is here to disrupt Wall Street and beyond.

Still, immediate problems need to be addressed in order for DeFi to truly flourish into trillions of dollars. At Sienna we realised some major problems that we wanted to tackle head-on in order to take DeFi to the next level.

Sienna is a privacy-first decentralised finance protocol that enables trustless financial instruments, such as trading and lending with complete privacy.

Sienna wants to solve the problem that existing DeFi protocols are fundamentally flawed, transactions are not private and future trades can be seen by everyone prior to execution. 

Execution priority on Ethereum is driven by transaction fees. A transaction can be pre-empted by simply introducing a transaction and paying a higher transaction fee. 

This is known as front-running and is illegal in the regulated financial system for very good reasons. This exploitation has been prominent ever since DeFi surfaced as a new technology.

To infinity… and beyond

Pseudo-anonymity comes with great compromises, where the weakest link is something that links you to a wallet address. From there, all your activity can be tracked to infinity… and beyond.

Money was meant to be private. One of the best stories I heard was from a crypto start-up that paid their employees in cryptocurrency, but the start-up faced major internal disputes because its employees were able to keep track of other employees’ salaries.

Lack of privacy means we won’t see monumental institutional money coming into DeFi if there isn’t a privacy-first solution. Big institutions don’t want their activities, trading positions and liquidity provision publicly known as it compromises competitiveness.

Additionally, Ethereum is experiencing huge congestion problems with slow confirmation times and soaring transaction fees in the biggest DeFi ecosystem of them all, which has squeezed out smaller investors from decentralised exchanges and lending protocols as they are eaten up by these high transaction fees.

Sienna Network was founded with a vision to change this.  We have introduced a new interconnected DeFi protocol that allows a completely private lending, borrowing and trading experience with great scalability and low transaction fees.

We also provide a bridge for ERC-20 tokens to ensure compatibility with the Ethereum ecosystem, thus making digital money markets efficient and fungible for everyone… and open for institutional investors.

Maintaining privacy has deep roots in banking since the invention of modern banking more than 1,000 years ago in Sienna (Siena), Italy, and for good reason – privacy at this foundational (protocol and code) level is not the same as not knowing who’s doing what – it’s making sure only the relevant parties know what they need to know.

Privacy is an essential factor to the Sienna platform that leverages Secret Network, which allows for private smart contracts and private tokens similar to Monero and Zcash while having all the programmability of ERC-20 tokens.

Secret Network is the first blockchain that supports encrypted inputs, encrypted outputs and encrypted state for the privacy of smart contracts.

Powerful new use cases

By building Sienna on programmable private smart contracts as well as naming ourselves after the Italian city where modern banking began, it enables a variety of powerful new use cases that we are bringing into DeFI.

Programmable privacy allows feeding verifiable sensitive data into a decentralised world without revealing said data. Decentralised identities, credit scores, under-collateralised loans, and privacy for institutions are a few to mention.

Sienna is already in talks with major institutions about using Sienna as their platform of choice for DeFi. More on this will be announced in due course.

Sienna is aiming to become the de facto standard for privacy-first DeFi across multiple blockchains, targeting Ethereum initially, the biggest DeFi ecosystem, followed by other blockchains such as Polkadot, Cosmos and other chains in the near future.

The platform is controlled by SIENNA, the governance token, which is earned by using the Sienna platform via liquidity mining and other initiatives over time, creating a fair distribution for a perfect decentralised future, where SIENNA token holders decide over the entire platform.

Privacy has never been more relevant. We are witnessing uprisings against Wall Street and centralised censorship and the need for privacy as a fundamental human right. The time has come that decentralised finance has the same rights.

The team behind Sienna consists of hugely successful entrepreneurs, developers, former-bankers-turned-crypto and pioneers in emerging technologies.

Sienna is launching its first products in March 2021.

Daniel Delouya, Co-Founder, Sienna Foundation

To learn more about Sienna Foundation, head over to our website https://sienna.network and join our Telegram and Discord channels to join the community and stay up to date with the latest news.