Interoperable privacy solution Panther Protocol is looking to bring privacy into decentralized finance (DeFi), as well as the wider crypto asset universe. The startup has raised $8 million from a private sale to get the ball rolling. A roll-call of notable investors pitched in, including the likes of Moonwhale, Alphabit Fund, Kosmos VC, and several others.
Panther Aims To Enable Privacy In DeFi
Touching on the idea that decentralization does not guarantee the anonymity of its users, Panther Protocol aims to make it possible for anyone to transact in decentralized finance (DeFi) without worrying about their privacy.
Panther says that this will be possible through its fully collateralized private assets called zAssets. These private synthetics that can wrap around any digital assets will enable users to transact confidentially in the DeFi space.
Speaking on the company’s mission, Panther Protocol CEO and co-founder Oliver Gale, said:
“We believe zAssets will become an ever-expanding asset class for users who want their transactions and strategies the way they should always have been; private. Stablecoins, utility tokens, and NFTs will all become infused with privacy. Institutional DeFi and Web3 require privacy to scale and disrupt legacy systems. Our entire team is thrilled with the overwhelmingly positive response to our value proposition. These successful fundraising rounds allow us to expand a growing team of rockstars in cryptography, technology, and product.”
But even as it looks to encourage privacy, the Panther protocol will also ensure that it complies with privacy laws. The blockchain startup aims to do this through its selective private disclosures, which enable users to choose how much information they want to share publicly.
Its zero-knowledge proof disclosure system also enables users to comply with regulatory goalposts without compromising their privacy. This way, cogent information like the sender, receiver, and metadata (describing the transaction) will remain private.
Even though cryptocurrencies are generally decentralized and pseudonymous, they are not anonymous, meaning anyone can see transactions on permissionless blockchains like Bitcoin and Ethereum. Panther aims to ensure privacy in a user-friendly and intuitive way.
Interoperability Is Automatic With zAssets
Privacy and compliance are not Panther’s only concerns. According to its white paper, Panther Protocol is also looking to solve the interoperability challenge blockchains face. Interoperability allows a blockchain (both public and private) to communicate with other blockchains.
If a user owns zAssets, they will connect with other blockchains as these synthesized digital assets are built to be cross-chain. The Panther development team says its protocol will also solve scaling problems through its zAssets.
Another functionality will be end-to-end private smart contract execution, where only the transacting parties will know what is going on.
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