Definition: Private payment is a payment method that uses encryption technology to protect the privacy of both parties involved in the transaction, ensuring that the transaction amount, participants, and transaction details remain confidential and are not revealed to outside parties.

Background: The transparency of on-chain data is a double-edged sword. For financial applications, fully revealing transaction amounts, account balances, and other sensitive information can not only compromise personal privacy and reveal business secrets but also impede large-scale and compliant deployment of financial services on the blockchain.

To address this issue, the BenFen Chain natively supports private accounts and private payments at the Move Virtual Machine (VM) level. Once a user's assets are stored in a private account, the actual balance is fully hidden on the blockchain. Additionally, users can make private payments. When a transaction occurs between two private accounts, external observers only see one encrypted interaction record, without being able to discern the specific transaction amount. This mechanism ensures the confidentiality of fund transfers and provides essential privacy protection for various financial scenarios.

Private Payments