Privacy solutions are always in high demand among cryptocurrency enthusiasts. Unfortunately, public blockchains do not mask any user information, creating an unfavorable outlook. Panther Protocol, which brings privacy to DeFi services and users, has recently unveiled its much-anticipated whitepaper.
Establishing A Decentralized Privacy Metaprotocol
The vision for Panther Protocol is very ambitious, as its founders and developers want to enable confidential and trusted transactions for decentralized finance. Additionally, they aim to enhance DeFi interoperability, a feature that is currently in high demand yet remains relatively inaccessible for the most part. CEO Oliver Gale and CTO Anish Mohammed aim to achieve these goals through innovative thinking and finding new ways to leverage on-chain privacy.
In the current cryptocurrency landscape,v very few projects provide end-to-end privacy at the protocol level. Panther Protocol will enable that option through Zero-knowledge Succinct Non-Interactive Arguments of Knowledge, or zkSNARKs. Furthermore, there will be a game-theoretic model for pricing privacy to provide an optimal user experience at all times.
Panther Protocol CEO Oliver Gale adds:
“We believe that Panther can offer retail and institutional users the perfect middle ground between privacy and compliance. If we advance society to a level where compliance is verified through zero knowledge proofs, Panther will have contributed to solving one of the largest challenges around privacy, while protecting users from the prospect of a dystopian surveillance economy. The ultimate goal of the protocol is to provide users with freedom and sovereignty.”
Panther Protocol introduces zAssets, fully collateralized privacy-enhanced digital assets representing existing cryptocurrencies to leverage the privacy aspect fully. These zAssets can be minted by depositing one’s existing crypto assets into Panther Vaults. It is expected that zAssets will be usable across the DeFi landscape in the future.
A Very Detailed Whitepaper
As excitement surrounding Panther Protocol remains high, the new whitepaper will be of great interest to many people. It covers many topics, including the privacy vs. compliance dilemma- which has forced numerous exchanges to delist privacy coins such as Monero, Dash, and ZCash – and the economics of privacy. That latter aspect is intriguing, as few people realize there is an economic aspect to enabling and achieving privacy in this industry.
Further on in the whitepaper, one can find the architecture of Panther Protocol. As outlined above, it will introduce end-to-end privacy and zAssets, which require the use of intricate components. As part of the paper, there is also a development roadmap, as there is always room for improvements, enhancements, and introducing new features to attract more users.
It is interesting to note that users will be able to customize the level of privacy at the transaction level. Empowering users is all about giving them choices and options. Not all transactions will require full-on privacy, but it is always better to have that option at one’s disposal. From a compliance-oriented viewpoint,t his addition can make Panther Protocol future-proof. An excellent example of forward-thinking by developers and enthusiasts.