coinquora.com
- Panther Protocol and Polygon have struck a partnership.
- Both parties agree that privacy is very important for their users.
- Panther will soon launch its MVP on the Polygon platform.
Polygon — the Layer 2 scalable solution known as ‘Ethereum’s Internet of Blockchains’, is partnering with Panther Protocol. The latter specializes in creating private scalable infrastructure for smart contract platforms, Web3, and DeFi.
Panther Protocol is building its MVP on Polygon. The goal here is to bring compliance-friendly selective disclosure mechanisms and interoperable privacy to the Polygon network. In return, Polygon will provide technical support and will help Panther collaborate with projects on its ecosystem.
For instance, it will assist in cases like developing efforts of privacy features that empower end-users. To add on, Polygon will also aid Panther’s mission in giving fintechs and institutions a clear path into compliant and private DeFi. To highlight, both partners have made it very clear on their stance over the value of privacy as a basic human right.
Panther uses zkSNARK technology which allows users to mint privacy-enhancing and fully collateralized zero-knowledge assets (zAssets). Users can gain this perk upon depositing their digital assets into the Panther vaults. In addition, zAssets are functional across the DeFi ecosystem.
The upcoming MVP will enable Panther’s first users’ acquaintance to zAssets. Specifically, this will provide privacy by default while still retaining DeFi composability. Thus, minting zAssets can effectively be seen as a shielding mechanism, and burning as unshielding.
This process will be implemented via a small number of shielded privacy pools on Polygon. Meanwhile, the system will also keep the following in balance — zAssets permanently backed 1:1 by native collateral in Panther vaults.
Once the Panther MVP is out, users will enjoy a new set of perks:
- Shielding and Deshielding of assets — the foundation that allows zAssets to function
- Panther Vaults
- Private transfer of assets
- Ability to interact with Panther via web wallet
- Voluntary Full disclosure on certain transactions and their linkage
The reason behind launching the MVP on Polygon is mainly due to the platform’s incredible technical prowess. Besides this, it also offers very low fees. This, in turn, will elevate the proper shielding of zAssets. Also, it is no secret that Polygon is thriving and growing quickly in the DeFi ecosystem.
On this matter, the CEO of Panther Protocol — Oliver Gale says,
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.
He also adds on to say that Panther’s partnership will propel zAsset utility between all Panther users in a scalable, privacy-preserving, and regulatory compatible fashion. Overall, this will open the doors for true institutional adoption as well as retail usage.