Findora founders aim for privacy in DeFi future
The financial system is becoming more globalized every year, bringing digital forms of commerce into the mainstream. Findora founders aim for privacy in DeFi future .
Findora founders aim for privacy in DeFi future
As a result, governments and regulators have finally begun to take cryptocurrency and decentralized finance (DeFi) more seriously, resulting in new regulations requiring companies operating in these spaces to change how they do business.
These factors have contributed to many investors pouring money into blockchain and DeFi companies that are creating new ways to make digital commerce more private for their users.
A prime example of this trend is Findora, a next-generation blockchain that offers a platform for new privacy-based apps operating in the DeFi space. Findora’s founders started the company in 2021 to create new methods for protecting the users’ privacy, empowering them to mask their data.
The company made swift progress on delivering on this idea. In March 2021, the Findora founders released the company’s mainnet beta to dozens of strategic partners as well as the broader financial ecosystem, meeting its goal of launching the beta during the first quarter of the year.
Then the company made news again in October 2021 with a hugely successful funding round that led to the announcement of a $100 million ecosystem fund designed to foster growth of new dApps (apps for decentralized finance) on its platform.
“With so many different blockchain projects for developers to build upon, Findora stands out as having a purpose rooted in the spirit of the original cypherpunks to promote programmable privacy using advanced cryptography,” Findora’s founders said in the announcement of the fund.
Developers and validators can apply for grants for the fund through the Findora Foundation website. The website says the fund will “help seed their ideas and accelerate their growth.”
Findora said that projects must meet the following conditions in order to qualify for grant funding:
- Projects must build a protocol or DApp directly on the Findora blockchain
- Projects must impact the Findora ecosystem in a meaningful way
- Projects should utilize Findora’s privacy technology such as zero-knowledge proofs
Just before the end of the year, in December 2021, Venice DEX became one of the first companies to receive a grant through the fund. Namely, a $10 million liquidity fund that will allow Venice, a AMM DEX built on Findora by a global community of developers, to advance its technology with the help of the Findora platform.
Venice describes itself as a chain-agnostic decentralized exchange that leverages zero knowledge technology to enable privacy preservation AMM, which also bolsters resistance to front-running. In addition, Venice supports cross-chain liquidity aggregation, allowing users to frictionlessly and trustlessly move liquidity inter-ecosystem without revealing their position or identity.
Front-running is a big challenge for traders when using DEXs like Venice, said Warren Paul Anderson, VP of Product at Discreet Labs, one of the leading developers of Findora.
“By building on Findora, Venice can utilize programmable privacy to resist front-running attacks and create a much more fair trading experience,” Anderson said.
While Findora is dedicated to improving privacy for its users, it’s also making sure to create those systems in a way that complies with existing and burgeoning regulations.
As Forbes put it: Whereas some privacy protocols, namely Zcash and Monero, offer simple reveal keys to allow transaction auditability, Findora takes it a step further with selective disclosure agreements by supporting a variety of other compliance proofs to allow for more enhanced auditability without compromising privacy.”
Anderson agreed, arguing that privacy for Findora’s users isn’t mutually exclusive with meeting regulations.
“Regulators inherently dislike privacy,” Anderson said. “But that’s only because when they hear privacy, they think secrecy. These concepts are not one in the same.”
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