Sunday, December 5

New protocol bets on Defi and wants to compete with Monero and Zcash | Bitcoin Portal

Chances are you haven’t heard of Findora, a privacy-focused blockchain that “enables users to share information without having to show it.”

If the strategy works, the hidden blockchain being developed by Discreet Labs could compete with the well-known privacy cryptocurrencies Zcash (ZEC) and Monero (XMR).

The project announced this Wednesday (27) that an ecosystem fund of US$ 100 million will be used in the research and development of new applications and infrastructure, such as staking and liquidity.

The money, which will be allocated over the next five years, comes from a variety of sources. The project raised millions of dollars in a private funding round led by Polychain Capital.

Part of that investment was in the form of cryptoactives, and the large increase in market capitalization helped to increase Findora’s treasury. A public offering of its native FRA token, held in December, was also of great help.

Part of Findora’s value proposition is to bring together elements of traditional finance and privacy principles.

Findora vs Monero and Zcash

While some privacy protocols, such as Zcash and Monero, prioritize anonymity over auditability, Findora uses “selective confidentiality agreements” that allow for third-party audits.

In addition, Findora wants to bring the privacy features of these blockchains to a network very inspired by Ethereum (a first-tier blockchain in which people can develop their projects). In September, Findora integrated the Ethereum Virtual Machine (EVM) to implement standalone contracts.

“Some people say it’s a more programmable version of Zcash,” Warreb Paul Anderson, vice president of products at Discreet Labs, told Decrypt.

“Or someone said it’s a more ethical version of Monero. It’s not an offense to either team. In fact, we operate a very similar technology.” Anderson added that Findora’s research team created the “bulletproof” technology used by Monero.

However, programmability is a big step. Findora aims to create decentralized applications, allow people to create their own blockchain tokens and add stablecoins to the mix.

If you think this looks a lot like Decentralized Finance (DeFi), you’re right. Anderson expects to see decentralized exchanges (DEXs), loan protocols and payment applications arriving at Findora as a reflection of the new financing.

Developers can apply for bonuses from the Findora Foundation for developing protocols or platforms, and members of the Findora DAO (decentralized autonomous organization) will be able to use their FRA tokens to vote on which developers will be funded.

Validators can also apply for funding as the blockchain gains new users.

Those who use the FRA will also receive rewards. Findora’s team promotes annual rewards of around 250% for those who start staking, a service available today in the main network, together with the delegation.

Potential stakers, validators and developers should keep in mind that Findora is not full of maximalists of anonymity as it has its own philosophy.

“Something important we always talk about is the difference between privacy and secrecy,” Anderson explained. “Privacy means you don’t want the world to know everything. secrecy means you don’t want nobody know something”.

Findora is proud to support privacy, but no longer wants her network to remain a secret.

*Translated and edited by Daniela Pereira do Nascimento with authorization from Decrypt.co.





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