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The Panther Protocol uses the Bouncer Approach to ensure that DailyCoin complies with the data

The Panther Protocol uses a Bouncer Approach to ensure compliance with the Data

As a privacy-based blockchain, Panther Protocol is not only interested in solving the surveillance problem of the Web 3.0 infrastructure, but also in providing a tight compliance protocol that is difficult to jeopardize.

Panther Protocol is an innovative blockchain project that seeks to eliminate a fundamental industry-wide flaw that is deeply rooted in data privacy. More is defined on the official website as a multi-component interoperable privacy protocol designed to become a de facto privacy infrastructure for DeFi and Web3.

The project seeks to ensure that user data is not compromised while used by third-party DeFi projects. Thus, it aims to help users negotiate compliance requirements in internal processes such as KYC (Know Your Customer) and, at the same time, manage their disclosure proof, fully or partially signed by end users.

The Bouncer Analogy

In an exclusive interview with DailyCoin, Oliver Gal, co-founder and CEO of Panther Protocol, used an analogy of a bounce to explain how a three-tier compliance and outreach system works.

Gal points out that, in the existing blockchain panorama, the system already keeps track of the user’s details (personal or transactional), and as with a bounce, the blockchain system knows almost everything about the user.

In contrast, the same method is not applicable with the Panther Protocol. In terms of losses, the decentralized network meets level 3 and uses data disclosure.

The first level, which is similar to most block chain systems, requires all end-users to know all the necessary information, while the second level requires only the exact information needed for a particular serve.

There is a third level, called “zero knowledge disclosure,” where the end user can prove something about a data set without revealing the data itself.

“And if we prove to the bounce that I am capable of accessing and verifying all the conditions without providing any information. It’s just a green square or a red cross. So that’s what zero knowledge evidence allows; the ability to prove and verify something about a data set without revealing the information below, ”explains Gal.

Unlike anything that has surfaced so far in the implementation of blockchain technology, zero knowledge evidence, according to Galen, uses very advanced cryptography.

To describe how it works, Gal used the analogy of a person looking at a locked door, and the ability to gain access depends on whether an individual has a key to unlock the door. In this way, Gale enthusiastically stated that he would not have to ask if that person had the key.

Technically, compliance with zero knowledge, otherwise known as zero knowledge protocol (ZKP), allows end users registered in the Panther Protocol to gain confidence in any blockchain or DeFi project without having to disclose or participate in personal data. in onboarding processes.

Decentralized protocols are able to achieve this by leveraging a private and interoperable infrastructure that can interface with other blockchain initiatives such as portfolios, decentralized exchanges (DEXs), aggregators, and other primitive DeFi.

Moreover, according to Panther’s book, ZKP must first meet three main properties, including ‘soundness’, which means that if a statement or false evidence is given, the verifier will have to overwrite the verification.

The second, “integrity,” means that if the assertion is true, it will be accepted by the verifier, and the third property, “zero-knowledge,” means that the verifier must not actually learn any information. of expression.

On The Flipside

  • Most DeFi protocols are still too dominant in data disclosure, which makes it very difficult to avoid allowing your data to be disclosed.
  • It may take some time (at least three years) for existing systems to achieve zero knowledge on the part of existing industry players to be widely accepted.

Why should you care?

Although transparency is required, the public block often jeopardizes the privacy of end-user data by making it publicly available. As a result, the early adoption of a platform like the Panther Protocol could have a major impact on this problem across the industry.

See the full interview here:

MAGAZINE WOMAN

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