PolkaCipher is a privacy-based cross-chain oracle part of the Polkadot ecosystem. They aim to revolutionize the enterprise use of NFTs and bridge the gap between off-chain data and on-chain blockchain decentralized applications by relying on verified vendors to provide accurate and trusted data. They use public permissionless blockchains to enable optimum privacy for enterprises and individuals using their platform technologies.
The current NFT landscape is not business-privacy favorable
While the explosion of Non-Fungible Tokens (NFTs) this year has been a flagship story for blockchain, and its success providing immeasurable benefits to the blockchain ecosystem, there is still a deep chasm for enterprises to use the blockchain in a manner with robust privacy options and via cross-chain functionalities.
When using the existing architecture through public blockchain options, sensitive data is viewable by unauthorized persons, and the possibilities of incriminating use of the data rise exponentially. PolkaCipher aims to create a platform that restricts unwanted individuals from accessing this data within a transaction. This is done using a public blockchain like Ethereum to show that a transaction is fully verified, confirmed, and confirmed to the ecosystem.
PolkaCipher has a comprehensive suite of tools
To achieve their goal of commercialization of NFTs and to expand technologies among off-chain businesses and DeFi operations using cross-chain solutions, PolkaCipher has devised several products that will ensure their value of privacy-based transactions is maintained.
These products are:
TRUSS — Lending/Staking/MiningPlatform
bNFT- Business Focused NFTs
eDATA — Secure data collection for Business NFTs and DeFi
CIPHERDEX –bNFTS trading platform
SuperStable — Cross-chain Stablecoin ecosystem for CipherDEX, bNFTS, eDATA, and TRUSS
Examples of use cases
Business A has a group of employees it wants to pay and share specific data such as reports/sales and other information. The payment details and data are of a highly confidential nature that is only allowed to be viewable for the transacting parties involved: Business A and its select group of employees. What PolkaCipher will let Business A do is use the blockchain for its requirements. While the transaction will be publically viewable, the confidential data associated with the transaction will be encrypted. To do this, Business A will need to mint bNFTs (Business Non-Fungible Tokens) using PolkaCipher’s platform. These are PolkaCipher’s privacy-enabled business document solutions which can be privately minted, distributed, and collected. Business A can mint and then send a bNFT to its employees. The bNFT will include the stated data and access a specific fund that enables their payment. The bNFT can also be time-stamped and have an expiry date as to which period the employees will withdraw their funds. If there are any changes or removal of employees, the bNFTs can be permanently locked by Business A.
Insurance is another use case for businesses using the PolkaCipher platform. Business B is a car insurance firm and has several clients it is providing coverage for. Traditional methods of insuring vehicles can be cumbersome, and there are substantial differences between different insurance contracts with each party. This often leads to confusion and a one-shoe fits all policy from the insurer for them to scale operations but leaves the party seeking coverage frustrated due to the lack of custom insurance options. Business B can mint private bNFTs to create an insurance document that stipulates the contract conditions between themselves and the client to resolve this issue. The document is fully verified on-chain while remaining private to ensure the client’s best interests and Business B. Should the client ever claim, the encrypted data is only viewable by Business B, and the client to judge the claimed veracity according to the documents agreed-upon conditions. The bNFT will also include an expiration date which acts as the end of the policy.
Most of the oracle network is limited on the use-cases, while PolkaCipher’s ecosystem has much broader coverage. Through our business and p2p offerings, PolkaCipher can reach the area of application that are essential to the economy, expanding use case for Privacy, DeFi, and NFT’s. Some of them are:
- Permissioned Community — NFTs can be used to allow access to the community through hashed time-locked contracts based NFTs. Permissioned community will be first DAPP to be implemented on PolkaCipher’s host of applications.
- Governance — NFTs can be used to issue governance rights without obligation to hold tokens and can be transferred to other parties. Currently governance rights are inherently flawed and usually taken over by early entrants of the project. When the time is right, governance NFTs can be minted and auctioned to ensure a fair chance to all the current users of the platform/project to be able to have a chance to drive the project’s future.
- Prediction — Currently Prediction markets are controlled by a centralized organization through black-box operations and non-transparency of the data. Using Our oracle we can generate non-tampered data which is open and transparent to reinvent the prediction markets.
- Web-App Logins — Most apps being centralized are inherently vulnerable to hacks and attacks. Apart from all this, you will have to remember the passwords for multiple applications that you use, followed by 2fa verifications. All this happens because of either security flaws or social hacking. Through our applications, you can connect/disconnect to any applications that you use, either on-chain or off-chain, without storing data any data on the platform. All your data will be hashed on the chain and can be accessed through NFTs as a key. A truly decentralized way to use the internet.
- Remote Wallet Access — Moving towards mass adoption, everything will be digital and so will be your wallets. Through PolkaCipher you can store your crypto in digital lockers and mint an NFT as a key. This key can be used to remotely access your wallet to make payments while keeping your assets safe. Users can have a bunch of options, to enable direct withdrawals, set spend limits, and whitelist sites to have an extra layer of security.
- Store Purchases — Purchase anything from any store that accepts cryptocurrency as payment or mint your own gift cards to distribute to your users backed by PolkaCipher’s stablecoin ecosystem and digital lockers.
- Gaming — Due to the fact that the blockchain’s current purely deterministic environment generates pseudo-random numbers, it is difficult to achieve absolute fairness when applied to gaming applications. PolkaCipher can inject a secure and reliable unbiased verifiable random source of entropy into the gaming contract from outside the chain.
- Tracking — Through PolkaCipher, courier delivery or arrival information can be transmitted to the chain, triggering the automatic payment of the smart contract on the chain. For blockchain-based IoT applications, PolkaCipher can transmit sensor data from off-chain to on-chain, allowing the smart contract to verify and initiate the next action.
PolkaCipher is a new generation privacy-preserving oracle network based on Polkadot. They aim to expand the reach of Web3 to real-world businesses, and their core features include NFT Privacy, a Data matching mechanism based on community autonomy, and general privacy protection for DeFi apps.