Findora and Columbus’s new dapp offers DeFi users the ability to transact privately across EVM-compatible chains for the first time in DeFi history.
PALO ALTO, Calif., April 22, 2022 /PRNewswire-PRWeb/ — Findora, a leading zero knowledge public blockchain, announced today that it has launched a groundbreaking decentralized application (dapp) on testnet in partnership with Project Columbus to offer millions of Web3 users one-stop full privacy capacity for their crypto assets. “Yellow Submarine“, the first Web3 dapp that Findora and Project Columbus are launching, will allow crypto users to manage and transact their Ethereum compatible assets privately across all major Ethereum compatible chains with only a few simple clicks.
Using Yellow Submarine, a user can deposit USDC on Ethereum through Metamask, then withdraw BUSD on Binance Chain without leaving a publicly traceable trail across blockchain networks. Yellow Submarine is the first dapp, and practical implementation of zero-knowledge proofs (ZKP), for private cross-chain transactions across BNB Chain, Ethereum and other EVM compatible chains.
Findora and Project Columbus collaborated to build all the necessary components to enable Yellow Submarine. Historically, ZKP privacy has been limited to mostly UTXO-based blockchains, leaving account-based EVM blockchains without a feasible ZKP privacy solution. Findora took a practical approach by parallelizing a scalable ZKP UTXO blockchain (Findora Native Chain) with an EVM extension (Findora Smart Chain), to offer a privacy solution for EVM-compatible blockchains.
Yellow Submarine is built on top of Findora, a cost efficient, scalable, EVM compatible, layer-1 public blockchain with ZKP privacy. Yellow Submarine uses an extremely simple user interface, and relies on highly optimized cryptographic primitives and circuits including use case specific zkSNARKs (Turbo-PLONKs) and more.
Future dapps on the roadmap include a decentralized privacy preserving vault, confidential money markets, confidential NFTs, private DAO fundraising, private asset pooling for DeFi and Dark Pool DEXs to prevent front running attacks.
This suite of dapps are expected to help unlock a trillion dollar total addressable market for private DeFi (aka PriFi).
“The crypto industry has been advancing the research & development of privacy enhancing technology using zero-knowledge proofs for several years,” said Warren Paul Anderson, Chief Executive Officer of Discreet Labs, a core developer of Findora. “This marks the first practical use of that body of work for DeFi users across the Ethereum ecosystem, including any EVM-compatible chain. Given Ethereum is near-synonymous with DeFi this is a major milestone for privacy in Web3.”
Dr. Whitfield Diffie, Advisor of Findora Research Institute and winner of the 2015 Turing Award, added, “Once there was one cryptocurrency; now there are many. Fortunately, Findora is working to weave them together following its usual approach of combining privacy and practicality.”
To learn more about Findora, please visit https://findora.org.
For media inquiries, please contact Jonathan Duran at Jonathan(at)MelrosePR(dot)com
About Findora
Findora is a cost efficient, scalable, EVM compatible, layer-1 public blockchain with ZKP privacy for stablecoins, tokens, NFTs, DEXs, DApps, and DAOs Originally conceptualized as a university cryptography research project in 2017, and finally launched to the public in 2021, Findora utilizes the latest breakthroughs in zero-knowledge proofs and multi-party computation, to allow users transactional privacy with selective auditability.
About Project Columbus
Project Columbus is an open-source, decentralized and DAO-governed community project aimed to build a Universal Privacy Settlement (UPS) layer across all blockchains. First built on Ethereum, BNB Chain and Findora, the project leverages its team members’ in-depth expertise in ZKP and MPC cryptography, low-level system integration and experience on multiple smart contract platforms to build a chain-agnostic zero knowledge powered multi-chain asset exchange and value added service platform.
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SOURCE Findora
