How PolkaCipher Intends To Change the NFT and DeFi World?

June 9, 2021, Tortola, British Virgin Islands: There is an apparent gap between traditional, off-chain internet economy and on-chain blockchain decentralized usage. For years, these two aspects of the economy have been divided, but developers of PolkaCipher ecosystem came up with a great idea, and they’re just about to share it with the world.

This incredible team of blockchain experts came together and created PolkaCipher, a cross-chain privacy-preserving project and a part of Polkadot’s growing network. The main goal of PolkaCipher is to expand the applications of NFTs and DeFi and their use-case in the business environment and improve the reach of Web3 applications in the blockchain economy.

The gap will be bridged thanks to technology and verified vendors who will provide trusted and accurate data so that PolkaCipher can become fully decentralized and community-owned. All this combined has the potential to change how we use NFTs and apprehend DeFi.

The text below will guide you through the most important features and products offered by this innovative platform, so you can see how the blockchain economy we know and use can change in the future, thanks to PolkaCipher.

PolkaCipher Features

  • Privacy Protection – Adopting Zero-Knowledge Proof will keep data safe, and data providers will use PolkaCipher’s encryption library. These will help users to remain anonymous while connected to the desired data source.
  • Data Matching Mechanisms – This will be a solution for matching input and output data. These mechanisms will use VRF random seed, which will help reach a final consensus and make it safe from tampering.
  • Community Governance – Members of the community will be in charge of making every decision, which will help create complete decentralization.
  • NFT Privacy for Businesses – All NFTs on PolkaCipher can be used as legal documents by businesses. These NFTs will be available to the concerned parties only or partially/fully hidden for outsiders.
  • Multi Chain Interoperability – PolkaCipher will be compatible with other chains so users can both remain private and securely transfer specific data over multiple EVM chains.

PolkaCipher Products

  • Truss – You can be a pillar of PolkaCipher’s vision, start lending/staking/mining token $CPHR, and generate plenty of rewards.
  • eData – You can use NFT secured specialized vaults, which can be opened with NFTs only. They can be used privately or publicly, depending on the user’s needs. To set these vaults up, you’ll need to stake some token that will activate the locker.
  • bNFTs – These business-focused NFTs are a privacy-enabled solution for exchanging important documentation. Users will be able to use bNFTs for ownership transfer, access passes, or as legal documents.
  • CipherDEX – Trading bNFTs minted on PolkaCipher will be safe and secure thanks to the Polkadot platform and its compatibility with EVM chains.
  • SuperStable – PolkaCipher’s cross-chain stablecoin ecosystem will help users secure, gift, mint or transfer bNFTs using any stablecoin that is available on the PolkaCipher SuperStable ecosystem

Final Thoughts

The above-mentioned PolkaCipher’s features and products are just the tip of the iceberg when it comes to this platform’s potential to revolutionize the blockchain world. This innovative solution will probably help in the decentralization and commercialization of NFTs used on Web3 apps. Furthermore, these solutions will bring user’s and data privacy and security to a new level, which is the breakthrough the whole blockchain community is looking for.

If you’re interested in backing up PolkaCipher’s vision, you may consider getting on board, so go ahead and visit its website for more information about this project.

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