This project aims to solve the problem of lack of privacy within the blockchain, most specifically, in the NEAR blockchain. Banking secrecy is assured by law in most democratic countries, and transactions made with fiat currency in the traditional banking system are private. Only the two parties involved in the transaction know about it (other parties such as regulators might also request access).
For crypto to be broadly adopted as an improved financial system, it must not only offer all the new features it proposes but also meet the assurances that the existing financial system gives to its users.
Inside a blockchain, we are not 100% anonymous. We have what is called pseudo-anonymity. It is possible to infer something about a user inspecting its wallet usage using the transaction explorer.
When blockchain becomes mass-adopted and users start to pay for their day-to-day items and services, it is not ideal if the sellers of said services or products could know how much funds you have, with what you spend those funds, etc. That's where privacy comes in.
To have a user-owned internet, we must be transparent and fair. But, that does not mean that everyone must be able to know what everyone is doing. Users must be free to disclose what they are doing, but they should not be forced to do so.
Users might seek privacy for different reasons. There are a few use cases that are valid to be mentioned: