What is PolkaCipher? And why you need to pay attention to this project
PolkaCipher is a new Polkadot-powered cross-chain oracle targeting the vastly underdeveloped market of private cross-chain transactions between two parties using NFTs. Along with an emphasis on off-chain data, the project aims to invigorate the burgeoning Web3 economy-specifically its applications in blockchain technology, via a unified private integration to its platform.
An Oracle with a twist
Oracles are commonly associated with providing price feeds to projects primarily in the DeFi sector. Projects such as Chainlink, Band Protocol, and Tellor have long been viewed as leading networks that provide tamper-resistant, up-to-date price feeds vital for billions in locked value for DeFi apps.
PolkaCipher breaks from this established hierarchy through its vision of commercialized NFTs and applications in an enterprise setting. They emphasize a symbiotic relationship between blockchain and real-world data- with the elastic aim of introducing blockchain as a standard technology in public practices.
What unique features do we have?
There is a real lack of privacy for businesses to transact off-chain data through cross-chain platforms using NFTs. This means crucial private information such as contract value amounts, IP address, key contract objectives are all on-chain and accessible when transacting on a public blockchain. The dangers of having such sensitive data on a public ledger allow for obvious restrictions in capabilities for businesses and possible abuse by more nefarious actors.
We have introduced several crucial features as part of a comprehensive ecosystem to combat this challenge while simultaneously allowing for a robust privacy-orientated platform with excellent accessibility for business NFT applications. Some of these features are:
- Privacy Protection
- ·Data Matching Mechanism
- Business Focused NFTs
- Community Governance
- Multi-chain Interoperability
Each feature and various more will have critical roles in allowing PolkaCipher to become an industry-first commercializing NFTs via their privacy-preserving and cross-chain compatible solutions.
A range of use-cases are possible
By implementing Zero-Knowledge Proof to safeguard data against illicit use, transactions executed via our platform will be privacy enabled and allow for business and P2P transactions. Some of the use cases achievable through PolkaCipher include using:
- Multilayer Access
- One-Time Access
- Ownership Transfers
To ensure the correct and seamless functionality of the listed use cases, PolkaCipher has a full suite of products within its ecosystem to achieve this. Each product has tailored design procedures to maximize scalability and cross-network requirements for a fully private cross-chain consistent user experience.
PolkaCipher is a new generation privacy-preserving oracle network based on Polkadot. They aim to expand the reach of Web3 to real-world businesses. Their core features include NFT Privacy, a Data matching mechanism based on community autonomy, and general privacy protection for DeFi apps.
Learn more about us:
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