Interoperable privacy solution Panther Protocol nabs $8 million from investors
The world of decentralized finance is growing at a tremendous pace. In February 2020, the total value locked in DeFi space was a meager $1 billion. By April 2021, the locked-in value in DeFi surpassed a humongous $100 billion. As for the number of DeFi users, there are 1.75 million DeFi users, as per the ConsenSys Q1 2021 report on Ethereum’s DeFi ecosystem. At the same time, the challenges in the DeFi space have grown, too.
One of the most pressing issues in the DeFi space today is privacy. Many crypto users and traders are wary of making any transactions that may reveal their identity. They fear being subjected to surveillance and economic espionage while participating in DeFi-related transactions. Their concerns are not unfounded, considering the immutable and transparent nature of blockchain. Thus, the demand for transactional privacy is high.
High Demand for Privacy Among Crypto Investors
The one thing that whales, retail crypto investors, and institutional traders fear the most is someone copying their strategies via a reverse engineering technique. We cannot blame them – After all, DeFi and crypto space as a whole is a very competitive field where traders can lose their MOJO in an instant. Realizing the high demand for privacy in DeFi space, Panther Protocol has come up with an innovative solution to alleviate the privacy concerns of crypto traders. Its founders are Oliver Gale, the pioneer of CBDC, and Dr. Anish Mohammed, a well-known expert in zero-Knowledge Proofs technology.
Recently, 140 investors took part in a private sale conducted by Panther Protocol. They invested $8 million, which shows the high upside potential of an interoperable privacy protocol in DeFi. Some of the leading VCs to invest in Panther Protocol were Master Ventures, Rarestone Capital, Alphabit Fund, Kosmos VC, Protocol Ventures, Arcanum Capital, MarketAcross, Titans Ventures, Nextgen, and more. After the successful private sale, Panther Protocol is expected to open its public sale in Q3 2021.
As for how the Panther Protocol works, we must first understand what zAssets are. zAssets are the collateralized digital assets, and users will have to mint them to begin using Panther Protocol. To mint zAssets, users can collateralize digital assets like BTC, ETH, and USD, for instance, and they will receive zBTC, zETH, and zUSD, in return. Traders can use these zAssets on any DeFi protocols confidently as they are specifically devised to offer utmost privacy.
As for the utility of zAssets, Oliver Gale, CEO & Co-founder of Panther Protocol perfectly sums it up in his quote:
“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.”
A Game-Changing Technology
Panther Protocol will solve the eternal dilemma of maintaining equilibrium between privacy and compliance for crypto users once and for all. This feature will come in handy in some specific instances where users have to meet compliance requirements of the protocol by providing some basic information. Panther Protocol empowers the user to decide how much privacy they need for their transactions.
The users are in control of deciding if they want to opt for a fully private transaction or partial, depending upon the compliance requirements of the DeFi protocol they are using. One such feature of Panther Protocol is known as Zero-knowledge disclosures. With zero-knowledge disclosure, users can ensure that the underlying data is not shared with the DeFi protocol while proving compliance.
Many institutional investors will especially consider the zero-knowledge disclosures a lifesaver, as it helps them tackle two challenges responsible for limited institutional investment in the DeFi space – Privacy and Compliance. To offer the zero-knowledge disclosures feature, Panther Protocol uses zero-knowledge proof technology along with trust providers. It was about time to begin tackling the privacy challenges in DeFi to continue growing at a rapid pace. Thus, Panther Protocol is entering the industry at the right time.
Disclaimer: This is a paid post and should not be treated as news/advice.
OhNoCrypto
via https://www.ohnocrypto.com
Anjali Sriniwasan, @KhareemSudlow