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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 inside the infrastructure of Web 3.0, but additionally in delivering a good compliance protocol that’s exhausting to compromise.

The Panther Protocol is an revolutionary blockchain mission that seeks to eradicate a basic, 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 parts, engineered to turn out to be the de facto privateness infrastructure of DeFi and Web3.

The mission desires to make sure that person 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 comparable 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 elucidate 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 person’s particulars (private or transactional), and as with a bouncer, the blockchain system already is aware of just about all the pieces in regards to the person.

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 methods, requires end-users to reveal all needed info, whereas the second tier solely requests the precise info 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 really show one thing a couple of 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 up to now in the implementation of blockchain know-how, the zero information proof, based on Gale, makes use of very superior cryptography.

To describe the way it works, Gale used the analogy of an individual dealing with a locked door, and the power to achieve entrance is dependent upon whether or not or not the person has a key to unlock the door. In this manner, Gale enthused that there wouldn’t be a must ask if the particular person possesses a key or not.

Technically, zero-knowledge compliance, in any other case often called the zero information protocol (ZKP), allows end-users which are registered on the Panther Protocol to achieve 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 personal, interoperable infrastructure that may interface with different blockchain initiatives comparable 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 supplied proof is discovered false, the verifier shall 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 info other than 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 (at the least three years) earlier than the zero information compliance system positive aspects main adoption from current {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 end result, early adoption of a platform just like the Panther Protocol may have a major affect on this current industry-wide drawback.

Watch the complete interview right here:

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