EthSystems

Building confidential systems for institutional Ethereum

[EthSystems @eth_systems]

Today we're launching EthSystems.

We build confidential systems for institutional Ethereum.

Institutions want to use Ethereum, but one of the biggest problems is the lack of built-in, modular privacy tools.

We were the Ethereum Foundation's Institutional Privacy Task Force (IPTF) for the past year. We had hundreds of conversations with central banks, regulators, tier-one banks, and asset managers, shipping open source work the whole time.

Wall Street has found crypto as an asset class, but not yet as commercial infrastructure. Institutions want to run real flows on Ethereum: stablecoins, tokenized assets, settlement. These are businesses with billions of dollars on the line, and no bank will operate in full public view. On a public ledger, confidentiality is the hard part: each party to a transaction should see what it has a right to see, and nothing more.

We have a year of proof of work: private bonds, confidential stablecoin transfers, private settlement across chains, the Ethereum Privacy Map, and more. All with protocol specs and security properties, at our website.

We've spent a decade working on privacy in crypto. We know there's no silver bullet. Different use cases need different systems, each designed, specified, and hardened properly, and someone has to do that work. That's why EthSystems exists.

We're an independent, for-profit company, backed by long-term Ethereum-aligned investors. This is a decade-long transition, and we aren't going anywhere.

If you're an institution that wants to build on Ethereum, talk to us. We're hiring: BD in New York, protocol engineers, ops: [email protected]

[EthSystems @eth_systems]

Read more in our announcement write-up here:

https://t.co/DnPSlZc6e3

[EthSystems @eth_systems]

New write-up: Introducing EthSystems

What's in it:

- What we mean by "confidential systems for institutional Ethereum"
- The institutional demand we've seen up close, and why the YOLO phase of crypto is over
- Who we are, from Goldman Sachs and Status to the EF's Institutional Privacy Task Force
- What we shipped this past year: private bonds, private stablecoin transfers, cross-chain DvP, shielded pools, the Ethereum Privacy Map
- Why a for-profit company, and what an engagement looks like
- How to work with us

Read: https://t.co/jT0VrlXD46

[EthSystems @eth_systems]

Today we're launching EthSystems.

We build confidential systems for institutional Ethereum.

Institutions want to use Ethereum, but one of the biggest problems is the lack of built-in, modular privacy tools.

We were the Ethereum Foundation's Institutional Privacy Task Force (IPTF) for the past year. We had hundreds of conversations with central banks, regulators, tier-one banks, and asset managers, shipping open source work the whole time.

Wall Street has found crypto as an asset class, but not yet as commercial infrastructure. Institutions want to run real flows on Ethereum: stablecoins, tokenized assets, settlement. These are businesses with billions of dollars on the line, and no bank will operate in full public view. On a public ledger, confidentiality is the hard part: each party to a transaction should see what it has a right to see, and nothing more.

We have a year of proof of work: private bonds, confidential stablecoin transfers, private settlement across chains, the Ethereum Privacy Map, and more. All with protocol specs and security properties, at our website.

We've spent a decade working on privacy in crypto. We know there's no silver bullet. Different use cases need different systems, each designed, specified, and hardened properly, and someone has to do that work. That's why EthSystems exists.

We're an independent, for-profit company, backed by long-term Ethereum-aligned investors. This is a decade-long transition, and we aren't going anywhere.

If you're an institution that wants to build on Ethereum, talk to us. We're hiring: BD in New York, protocol engineers, ops: [email protected]

[EthSystems @eth_systems]

Why a for-profit company? Commercial engagements need a commercial counterparty. The model is simple: we continue the work we've been doing, only now we charge for it.

We believe censorship resistance, open source, privacy, and security matter for institutions too. Our approach is pluralist: pragmatic about real-world constraints, principled about the properties worth preserving.

We're complementary to the other spin-outs, with a focus on depth over breadth and technical execution. We left the EF on good terms and will keep collaborating. We'll also continue to do public good work like open source, protocol specifications, mapping the ecosystem, write-ups, and community engagement.

Our mission: help institutions build confidential systems on public Ethereum without giving up what makes Ethereum worth using.

We are backed by @BitMNR @Sharplink @ethereumjoseph @snzholding and a handful of other investors.

If this future is exciting to you, come join us, as a contributor or as a customer.

[EthSystems @eth_systems]

New write-up: Introducing EthSystems

What's in it:

- What we mean by "confidential systems for institutional Ethereum"
- The institutional demand we've seen up close, and why the YOLO phase of crypto is over
- Who we are, from Goldman Sachs and Status to the EF's Institutional Privacy Task Force
- What we shipped this past year: private bonds, private stablecoin transfers, cross-chain DvP, shielded pools, the Ethereum Privacy Map
- Why a for-profit company, and what an engagement looks like
- How to work with us

Read: https://t.co/jT0VrlXD46

[Mo @motypes]

Wrapped the Mapping Institutional Privacy session and the Privacy Tools open forum at the @lfdecentralized workshop in London today.

Solid conversations with FIs and builders on what Ethereum infrastructure needs to deliver for institutional privacy.

Thanks to the organizers, @Howden, all speakers & participants for the candid conversations.

Really productive day.

[EthSystems @eth_systems]

All CC0, public domain.

The source: https://t.co/OhqAnJSPie

[EthSystems @eth_systems]

IPTF Map v0.4.0 is out.

This release extends institutional privacy beyond financial institutions to resilience use cases for the public sector, NGOs, and civil society: petitions, humanitarian disbursement, and identity continuity.

🧵

[EthSystems @eth_systems]

Under the hood: pattern and approach schema v2 with structured CROPS and post-quantum analysis on every pattern, and a content QA audit.

[EthSystems @eth_systems]

But PIR only solves the known-index fetch. Two problems don't reduce to that:

- Finding a neighbor leaf in a nullifier tree
- Finding your notes in a crowd of ciphertexts

Both are private selection. That's the harder problem left.

Writeup: https://t.co/IpBduQIS1h

[EthSystems @eth_systems]

Shielding is the most practical primitive to achieve private transactions on Ethereum. Today's architectures come with a lot of trade-offs.

New IPTF writeup: Exploring Hardened Shielded Pools. An extension to our working pool that tackles on-chain state growth and private reads.

[EthSystems @eth_systems]

2. Private reads: before each spend, a wallet fetches an authentication path from the commitment tree. That fetch leaks which note you're about to spend.

PIR (Private Information Retrieval) lets the wallet fetch a known row without the server learning which row was requested.

[EthSystems @eth_systems]

Excited to see @motypes speaking at the Institutional and Policy Forum in Berlin.

Institutional adoption of Ethereum depends on more than infrastructure. It requires privacy, compliance, policy engagement, and credible real-world use cases.

This is exactly the work IPTF is focused on: helping institutions understand how privacy-preserving Ethereum infrastructure can support capital markets, payments, identity, and public-sector systems.

See you in Berlin.

[European Ethereum Institute @EuEthInstitute]

Helping institutions and governments build on Ethereum is a specific kind of work, and it is what he does at the Ethereum Foundation. He'll be at the Institutional and Policy Forum in Berlin on 15 June.

Mo Jalil (@motypes) is Head of Institutional Privacy at the @ethereumfndn, where he helps institutions and governments adopt Ethereum as public infrastructure.

His background spans privacy, AI and capital markets. A former founder and Goldman Sachs alumnus, his focus is on decentralised technologies and their real-world adoption.

He knows the institutional side from the inside, which is exactly what the work requires.

Join us in Berlin: https://t.co/Lu0QKMqvIE

[EthSystems @eth_systems]

The map is open source and open to contributions.

If your privacy work belongs in this knowledge base, open a PR.

Links in the reply below.

[EthSystems @eth_systems]

iptf [dot] ethereum [dot] org is live with a major update!

A comprehensive, navigable guide to privacy on Ethereum: for institutions deploying private infrastructure, and for the end users protected by it.

[EthSystems @eth_systems]

Every approach is evaluated under CROPS: Censorship Resistance, Openness, Privacy, and Security.

Institution-to-institution and institution-to-user power dynamics are each modeled, with per-persona summaries for business, technical, and legal functions.

[EthSystems @eth_systems]

A two-week dispute window lets anyone challenge invalid records via KZG openings.

What lands on-chain: petition outcome and vote tally per eligibility group. No signer identity. No queryable roster. Eligibility uses anonymous group membership proofs, matching the same interface of our resilient identity proof of concept.

Writeup: https://t.co/0HxVCRPIHI

[EthSystems @eth_systems]

Public petition signer lists expose signers to retaliation. In high-stakes contexts, knowing who signed can be dangerous.

New IPTF writeup: Resilient Civic Participation. Prove a petition reached quorum without ever publishing who signed.

Third and final post in our resilience series.

[EthSystems @eth_systems]

Two mechanisms carry the design.

Forward-secure ratchet: each signer advances a local key state that cannot regress. Seed material is overwritten after each slot. A compromised device cannot produce prior signatures.

Proofs are batched and published as EIP-4844 blobs.