- Advertisement -Newspaper WordPress Theme
InvestmentsPanther Protocol Employs Bouncer Approach in Ensuring Data Compliance By DailyCoin

Panther Protocol Employs Bouncer Approach in Ensuring Data Compliance By DailyCoin


Panther Protocol Employs Bouncer Approach in Ensuring Data Compliance

As a privacy-focused blockchain, the Panther Protocol is in not solely fixing the issue of surveillance throughout the infrastructure of Web 3.0, but in addition in delivering a decent compliance protocol that’s laborious to compromise.

The Panther Protocol is an progressive blockchain mission that seeks to eradicate a elementary, industry-wide flaw that’s deeply rooted in information privateness. It is additional outlined on the official web site as an interoperable, end-to-end privateness protocol with a number of elements, engineered to turn into the de facto privateness infrastructure of DeFi and Web3.

The mission needs to make sure that consumer information isn’t compromised whereas being utilized by third-party DeFi tasks. It thus seeks to assist customers to barter the phrases of compliance throughout onboarding processes akin to KYC (Know Your Customer), whereas additionally managing their disclosure proof, which is totally or partly signed by end-users.

The Bouncer Analogy

During an unique interview with DailyCoin, Oliver Gale, co-founder, and CEO at Panther Protocol used the analogy of a bouncer to clarify how their three-tier compliance and disclosure system works.

Gale underlined that, in the prevailing blockchain panorama, the system already retains a monitor file of a consumer’s particulars (private or transactional), and as with a bouncer, the blockchain system already is aware of just about every part concerning the consumer.

On the opposite, the identical technique isn’t relevant with the Panther Protocol. According to Gale, the decentralized community employs 3-tiers of compliance and information disclosure.

The first tier, which is analogous to that which is current in most blockchain programs, requires end-users to reveal all mandatory data, whereas the second tier solely requests the precise data that’s required for a specific clearance.

There is a third-tier, which is known as ‘zero knowledge disclosure,’ the place an end-user can truly show one thing a few information set with out revealing the info itself.

“What if we can prove to the bouncer that I’m able to enter and that I check all of the requirements, without giving him any information. It’s just a green tick box, or a red cross box. So that’s what zero knowledge proofs enable; the ability to prove and verify something about a data set, without revealing the underlying information,”
Gale defined.

Unlike something that has surfaced to this point in the implementation of blockchain expertise, the zero data proof, in keeping with Gale, makes use of very superior cryptography.

To describe the way it works, Gale used the analogy of an individual going through a locked door, and the flexibility to realize entrance relies on whether or not or not the person has a key to unlock the door. In this fashion, Gale enthused that there wouldn’t be a have to ask if the particular person possesses a key or not.

Technically, zero-knowledge compliance, in any other case often called the zero data protocol (ZKP), permits end-users which are registered on the Panther Protocol to realize belief on any blockchain or DeFi mission, with out having to reveal any private information, and even take part in onboarding processes.

The decentralized protocol is ready to obtain this by leveraging a non-public, interoperable infrastructure that may interface with different blockchain initiatives akin to wallets, decentralized exchanges (DEXs), aggregators, and different DeFi primitives.

Also, going by Panther’s whitepaper, ZKP should first fulfill three main properties, together with ‘soundness,’ which suggests that if an announcement, or offered proof is discovered false, the verifier will probably be required to override the verification.

The second, which is ‘completeness,’ implies that if the assertion is true, the verifier will settle for it, whereas the third property, ‘zero-knowledge,’ implies that the verifier shouldn’t be in a position to study any data except for the reality of the assertion.

On The Flipside

  • The majority of DeFi protocols are nonetheless overly reliant on information disclosure, and as such it is extremely difficult to keep away from consenting to offering your information.
  • It could also be a while (a minimum of three years) earlier than the zero data compliance system positive factors main adoption from present {industry} gamers.

Why You Should Care?

Despite the necessity for transparency, public blockchain tends to compromise end-user information privateness by making it publicly accessible. As a consequence, early adoption of a platform just like the Panther Protocol might have a big impression on this present industry-wide downside.

Watch the total interview right here:

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x every week delivered straight to your inbox.

[contact-form-7]
You can all the time unsubscribe with simply 1 click on.

Continue reading on DailyCoin

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exclusive content

- Advertisement -Newspaper WordPress Theme

Latest article

More article

- Advertisement -Newspaper WordPress Theme