Panther Protocol announced a strategic partnership with Polygon (MATIC/USD), also known as “the Ethereum’s (ETH/USD) Internet of Blockchains,” to deliver privacy mechanisms to the latter’s network. Panther is building their MVP on Polygon and aims to deliver compliance friendly selective disclosure mechanisms to the partner network as well, Invezz learned from a press release.
Panther leverages zkSNARK technology to enhance privacy
Polygon will provide Panther with technical support and collaborate on projects to develop privacy features that empower end users in its ecosystem. Panther creates private scalable infrastructure for smart contract platforms, DeFi and Web3. Both companies place great value on privacy as a basic human right. Panther’s zkSNARK technology allows users to mint privacy-augmenting, fully-collateralized, zero-knowledge assets by depositing digital assets from other blockchains into vaults with Panther. These assets can be used across the DeFi ecosystem.
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Panther Protocol CEO Oliver Gale said:
“Polygon’s approach brings scalable, low cost transactions to the Ethereum network as well as a burgeoning ecosystem of DeFi protocols already using their technology. Panther’s partnership will enable zAsset utility between all Panther users in a privacy preserving, scalable and regulatory compatible fashion – opening the doors for true institutional adoption and retail usage.”
Through the MVP, early Panther users will become familiar with zero-knowledge assets (zAssets), which do not retain DeFi composability at the expense of privacy. Minting these assets is a protective mechanism, the opposite of burning. A limited range of protected privacy pools on Polygon will implement minting. Native collateral in Panther vaults will back the assets permanently 1:1.
What to expect in the Panther MVP
- Private transfer of assets
- Ability to interact with Panther via web wallet
- Shielding and de-shielding of assets
- Voluntary full disclosure of selected transactions and their linkage
- Vaults containing native collateral to back assets
Launch on Polygon motivated by amazing tech capabilities
Panther decided to launch MVP on Polygon because of the latter’s amazing technical capabilities, its thriving and rapidly expanding DeFi ecosystem, and because it has very low fees. These make it possible to shield zAssets properly.
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