There is an ongoing concern among individuals and businesses while transacting on a public blockchain. Many restrictions are faced including concerns on the privacy of the transaction. Such exposure causes issues with IP ownership, data misuse, and key data of performance.
In terms of contracts, Ethereum failed to protect sensitive contract details, restricting business usage. Many entities have major concerns about sensitive data/details such as contract monetary amount and contract execution pre-requisites.
Let us introduce you to PolkaCipher, an oracle focused on NFT privacy for businesses, community governance, multi-chain interoperability, and on-chain Defi apps.
Different from most of the oracle machines currently available in the blockchain ecosystem that focus on providing data services for Defi, PolkaCipher’s emphasis of the network is on the universal connectivity of blockchain and real-world data. Our network aims to crack the last barrier between the blockchain and the real world, driving the incorporation of the blockchain into the everyday economy.
The core features of PolkaCipher include but are not limited to the following:
- Privacy protection focused oracle network
- Community autonomous data matching mechanisms
- NFT privacy for businesses
- Defi data privacy
Developers can create a wide range of apps that use any type of data, including NFT-based games and business documents or Defi applications. To protect the privacy of application data providers, Polkacipher uses a zero-knowledge-proof encryption library.
By combining an existing privacy protocol with an efficient zero-knowledge proof framework, PolkaCipher’s privacy-preserving application platform preserve transaction privacy for decentralized applications.
PolkaCipher also supports “off-chain computation” for decentralized applications which not only protects the privacy of application execution but also significantly improves the on-chain performance.
The system architecture of PolkaCipher
PolkaCipher’s system architecture is based on two main components:
1: Contracts on a native blockchain
2: Nodes for trusted data vendors.
On-chain Contracts — The smart contract on the native blockchain will provide a unified interface for the upper-level smart contract creation on PolkaCipher. The key contracts on PolkaCipher include Hashed Time-Locked Contracts, Tracker Systems, Onboarding System, Remittance System, etc.
Nodes for trusted data vendors — To find consensus on the same API calls, PolkaCipher’s off-chain nodes use a byzantine protocol.
A random leader election is accomplished in each round of the agreement using a resource (VRF random seed) that no one can monopolize easily.
The PolkaCipher scheme will reach a final, irreversible consensus as long as the majority of participants are truthful and reliable. Incident detectors and chain routers, network consensus components in the chain, request network modules, and so on; are all important components in the protocol client.
The Future of PolkaCipher
PolkaCipher focuses on a full suite of applications that traditional oracles fail to acknowledge or are bound to one by a niche. Applications for PolkaCipher are truly universal.
Some of them are:
- Permissioned Community
- Web-App Logins
- Remote Wallet Access
- Store Purchases
PolkaCipher is a new generation privacy-preserving oracle network based on Polkadot.
We aim to expand the reach of Web3 to real-world businesses.
Core features include NFT Privacy, a Data matching mechanism based on community autonomy, and general privacy protection for Defi apps.