Cryptocurrencies are forging new frontiers in the world of finance using innovative blockchain technology. Every year, new discoveries are made pushing the industry forward at a breakneck pace.
Pioneering organizations such as Findora are accelerating the pace of change by creating a blockchain with programmable privacy that empowers individuals and institutions to be able to control their data. Their advancements in the field of blockchain privacy can transform DeFi and, they hope, prepare it for mass adoption.
DeFi is short for “decentralized finance,” a financial system where code makes markets and facilitates trades rather than people. “Smart contracts” are used to conduct business and process transactions in as impartial and democratic a way as possible. In DeFi, code is law.
DeFi offers once-unimaginable freedom in financial relationships. But for some investors, that thrill of freedom is tempered by anxieties about security and privacy. Findora DeFi directly addresses those concerns by dramatically enhancing security, privacy, versatility and value.
DeFi eliminates middlemen and gatekeepers, as well as the fees they often demand to access their services. Replacing this legacy-institution tradition are peer-to-peer exchanges, a truly democratic model. DeFi isn’t controlled by Wall Street or Washington, but rather is powered by the billions of calculations per minute involved in blockchain technology. User transactions are recorded in encrypted computer code, not in the records of any central bank.
These new tools are revolutionary.
Among the many industry observers who believe the future is bright for DeFi is respected banker and financial investment author Hendrith Vanlon Smith, Jr. He contends: “[DeFi] is ultimately a win for each and every one of us. Because now that we can circumvent banks, exchanges and brokerage companies by using smart contracts on the blockchain … every person, every family, and every business will experience more liberty, more freedom, more opportunities, more abundance, more power, and more wealth. This makes way for more opportunities around financial wellness, permaculture investing, more effective crowdfunding, better ownership and equity arrangements, and more.”
Findora offers privacy-centric designs that utilize zero-knowledge proofs (ZKP) to mask transactions and financial data without compromising network security. Users benefit from audibility and the ability to selectively disclose transactions, based on their own personal preferences. The sender and recipient always have the option to unshield hidden data.
According to its designers, the goal of the platform has been to improve the ability of users to protect their privacy on the blockchain, and support the building of privacy-based dApps (decentralized applications).
Findora is able to shidle user data because of its cutting-edge cryptography research. The platform relies on Bulletproofs and specialized zero-knowledge cryptography such as Turbl-plonk. To solve identity authentication issues, the Findora DeFi platform was created with an address identity registry that greatly expands potential use cases.