Panther Protocol, an interoperable end-to-end privateness protocol for decentralized finance, at this time introduced that it has raised $22 million throughout its current public token sale.
The sale, which closed in solely 90 minutes, brings the entire quantity raised by the corporate to $32 million, together with a personal token sale in June.
Launched in 2020, Panther’s platform is constructed utilizing zkSNARK, a type of zero-knowledge cryptography that permits one occasion to show they possess sure info with out revealing that info. Using this know-how, it’s doable to safe delicate monetary transactions between events even on extremely clear methods comparable to blockchains the place visibility is the norm.
The rise of blockchains, the know-how underpinning fashionable cryptocurrencies comparable to bitcoin, has created a wholly new trade referred to as decentralized finance that runs on programmable, self-executing good contracts. It is an element of what’s known as web3, or the decentralized net, which eschews middlemen or centralized operators for processing monetary transactions.
The DeFi market itself could be risky, however this yr alone it has exploded in worth reaching $109.3 billion market worth in September, up from $31.2 billion in January, in response to DeFi Pulse.
DeFi helps quite a lot of transactions, belongings and industries together with stablecoins, that are pegged in worth to a forex just like the greenback; utility tokens, which exist to fund the event of a startup; and nonfungible tokens or NFTs, which use the blockchain to characterize digital belongings comparable to paintings, in-game gadgets and music.
“This raise demonstrates the demand for privacy across the digits economy,” stated Oliver Gale, Panther Protocol chief government and co-founder. “Be it privacy applied to Web3 traffic, the metaverse or token-based economies, Panther’s vision of interoperable, compliance compatible ecosystems will be realized.”
Panther’s know-how can presently join Ethereum, Polygon, Flare, Songbird, Near and Elrond. The firm is growing a set of software programming interfaces and software program improvement kits designed to permit customized integrations. The goal is to allow a developer neighborhood to construct privateness options into their web3 and DeFi functions with out the necessity for extremely expert cryptography expertise.
Using Panther’s protocol, customers obtain full privateness through the transaction of tokens even throughout public blockchains by default. It can be doable to fluctuate the veil of transparency for different use instances for retail and institutional makes use of with customized and selective disclosure. By setting belief and viewability roles, customers can disclose information to trusted counter-parties.
Finally, utilizing the zero-knowledge proof system, Panther can permit extremely regulated industries to supply compliance info with out disclosing the underlying information. This would permit auditors to belief that transactions had occurred as a DeFi financial institution’s ledger claimed they occurred with no need to unseal the data, for instance.
“We are at a place in the history of privacy where we are reconciling privacy’s dual nature,” Anish Mohammed, Panther Protocol co-founder, stated. “Panther has managed to allow both privacy and authenticity, by combining zero-knowledge proof systems and selective disclosures.”