Panther Protocol Brings Privacy and Confidentiality to Flare Network
June 4, 2021 – Midtown, Gibraltar
Panther Protocol is expanding its interoperability by building on the Flare Network. Panther takes the next step in bringing much-needed features to the broader industry by providing a compliance-friendly privacy protocol nother step forward for the DeFi industry and its access to untapped liquidity.
Flare Network will prove to be of great interest to decentralized finance as a new smart contract network bringing the first Turing-complete Federated Byzantine Agreement consensus algorithm to the masses. More importantly, it provides access to approximately 65% of the total value in public networks that are currently not accessible to smart contract platforms. As decentralization remains essential, Flare Network aims to change that narrative.
Under the hood, Flare can provide access to the largest blockchain ecosystems incapable of running smart contracts natively. That includes Bitcoin, Litecoin, Ripple’s XRP Ledger, Dogecoin, Stellar and any other existing chain. In the current stage, Flare will integrate XRP, Stellar, Litecoin and Dogecoin. The network can integrate more coins and ecosystems via governance voting post network deployment.
Considering how Flare Network can provide access to this liquidity, it is of great interest to the Panther Protocol. By building a compliance-friendly privacy protocol on Flare, Panther will bring privacy and liquidity to that 65% in liquidity, even if the native blockchains do not support smart contracts.
Oliver Gale, co-founder and CEO of Panther Protocol, said,
“We are delighted to work with the best in class, enabling privacy rights for individual and public blockchains. Flare has a powerful tech stack with a focus on institutional integration. We are excited to partner with them to build Panther privacy in the Flare ecosystem.”
As a decentralized solution focusing on end-to-end privacy for any digital asset, Panther will be of great interest to virtually all DeFi users. Everyone can benefit from personal financial data protection and confidential cryptocurrency transactions. By minting and burning zAssets confidential clones to the assets they represent the appeal of synthetic assets will increase exponentially.
Hugo Philion, CEO and co-founder of Flare, said,
“One element that arose from the GameStop short squeeze saga was the clear and urgent need to allow for privacy when making investments to avoid asymmetric outcomes. Panther’s design of a privacy-enabling protocol that maintains KYC and AML compliance while keeping users in control of their data is to my mind a highly important development and a very valuable addition to the Flare ecosystem.”
Panther Protocol can accurately price the network’s privacy service with the help of game-theoretic bounds. An initial rollout on the Ethereum network with cross-chain solutions coming onstream is scheduled. During the first quarter of 2022, Panther will introduce a privacy-enabled cross-chain decentralized exchange on a scalable layer-2 solution.
About Panther Protocol
Panther Protocol is an end-to-end privacy protocol for DeFi. Panther provides DeFi users with fully collateralized privacy-enhancing digital assets, leveraging crypto-economic incentives and zkSNARKs technology. Users are able to mint zero-knowledge zAssets by depositing digital assets from any blockchain into Panther vaults. zAssets will become an ever-expanding asset class for users who want their transactions and strategies the way they should always have been private.
About Flare Network
Flare is a scalable, highly decentralized smart contract platform that runs the Ethereum Virtual Machine and utilizes Federated Byzantine Agreement-based consensus.
The platform’s native token Spark (FLR) enables Flare to unleash the tremendous value and community created by existing tokens that do not currently have native smart contracts. Flare is initially integrating Dogecoin, Litecoin, XRP and XLM. Any other token can be integrated through community governance voting.
Flare is unique in that it derives its network structure from its underlying integrated networks, leveraging the decentralization and security of the underlying networks.
Flare’s development team features experts from the worlds of electronic engineering, distributed systems, quantum computing, mathematics, computer science, quantitative finance and risk management.
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Author: ChainWire
