PolkaCiphers Layer To Bring Permissionless, Privacy
This latest article is for the non-developers and businesses looking at our core potential to understand the goals at PolkaCipher.
Before you read further, If you don’t know what a permissionless and permissioned Blockchain is, read here.
With the ever-growing use of decentralized applications built using Ethereum, Binance, Tron, and Polkadot, companies looking to transition to a web3.0 application will look to keep much of their data and use of the blockchain private. These public and permissionless blockchains simply cannot suffice in terms of keeping data private to only authorized personnel or businesses with authority to use the data within the transaction. Public or Permissionless blockchains show all data and are meant to be trusted, transparent and public to all.
Privacy of Business on a Blockchain
Privacy is such a grand and overused word in the world of blockchain economies that it can sometimes make people including governments concerned about actually using the technology.
When we think of the word private blockchain, most tend to think of a way of hiding financial data and transactions like using a dark web or Zcash style environment where the news has been unfavorable towards the great developments built using these blockchain technologies.
At PolkaCipher, their mission is not to create a private blockchain but more of a service where privacy in certain formats can be enabled to restrict unauthorized persons and businesses from seeing data within a transaction by using a public blockchain like Ethereum to show a transaction has been confirmed, timestamped, contributed to the ecosystem (miners and nodes) and can be a great way to keep blockchain interoperability in check.
The PolkaCipher cross-chain oracle will allow for decentralized applications to progress in functionality by allowing its users to restrict what is within a transaction by using our bNFT’s to mint, stake, and distribute their transaction on a permissionless public blockchain and only blockchains that have smart contract functionality to allow our technology to do so.
Why build a new blockchain when all decentralized applications are building on Ethereum, Binance, Tron, Waves and even Polkadot?
It does not make any sense to go down this route when we have learned and started development on key aspects of cross-chain interoperability of the existing blockchains with the best and greatest developers that have created and creating applications for everyday use.
NFT marketplaces, Car leasing, and taxi companies, Instant Swaps, to name just a few.
PolkaCipher wants to create an environment where all these great dapps (decentralize applications) can integrate PolkaCipher at some stage in development and allow users and businesses to privatize their personal and business data in a click of a button, peer to peer and without being tied to a private or a permissioned blockchain.
Private or Permissioned Blockchains
Hyperledger by IBM is a permissioned blockchain meaning you are required to be an authorized user within the network to be able to use it. It’s private.
There are benefits to this but in terms of user base-driven applications on the public chains, Hyperledger doesn’t allow for the public to use it at will.
This is like only allowing the rich or powerful to have access to capital funds when the average joe wants to succeed and be financially better off in investing in stocks (Gamestop).
A public and permissionless blockchain is the key to global adoption and the very aspect of a decentralized world.
As you can see by the infographic gif above, PolkaCipher allows for a cross-chain ecosystem on 3 chains at CipherDEX launch: Ethereum, Binance, Polkadot.
Based on demand and need by the network participants, we could look to open this to Tron, Cardano, and more over time.
PolkaCipher uses the public permissionless blockchains as they are not only the most used but the most technically evolved in terms of what can be built on them and enables a layer of privacy for businesses and individuals using the PolkaCipher bNFT technologies.
These bNFT’s (Business focused Non-Fungible Tokens) allow for businesses using the PolkaCipher products to add privacy to business documents, contracts, ownership, and more with an option to transact privately or publicly with a click of a button.
Our other suite of applications, starting with TRUSS will enable the minting, staking, and lending of $CPHR to generate more rewards by empowering systems and data collection nodes, acting as the pillars of PolkaCipher’s vision.
PolkaCipher will then move on to the eData side of the products to enable the functionality for enterprise businesses to finally have confidence in using the permissionless and public blockchains with hundreds of millions of users participating each day.
You can learn more about PolkaCiphers products, here.
The team at PolkaCipher believes that what we are creating not only fixes the problem many are facing within the industry in terms of cross-chain interoperability but helps scale the NFT industry and helps businesses of all sizes have full confidence to move their everyday data and information to a web3.0 format.
About us
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.
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