Confidential coins and zero-knowledge technology, which some use to hide sender/receiver identities and transaction amounts, have grown in popularity in recent years due to growing regulatory scrutiny against the crypto industry. . But despite their rapid rise in market capitalization, critics continue to scrutinize this asset class as catalysts to mask illicit activity.
In an exclusive interview with Cointelegraph, Oliver Gale, CEO and co-founder of the Panther Protocol (ZKP), explained the technology behind its decentralized privacy finance, or DeFi, solutions and why it is needed for the crypto space. ‘today :
CT: How much did you raise in your recent token sale and what does your roadmap look like from here?
OG: We raised over $30 million in total. For the Panther protocol, we did several private sale rounds, then we did a public sale on November 23, which lasted 90 minutes, and raised over $20 million during that time. The second question concerns the roadmap itself, so Panther Protocol is a multi-chain privacy protocol with several built-in zero-knowledge data disclosure tools; what we ship in January is our minimum viable product (MVP).
We have several deployments this month. And it will provide an MVP that enables staking on Polygon and transferability from ERC-20 token to ZKP token. And then, I estimate 30 to 60 days later; we will be rolling out the full MVP v1.0, which will have the Multi-Asset Privacy Pools and Multi-Asset Staking Pools which are the protected tools in which Panther Assets can use to be privately processed. And it will also come with a version of ZK reveals, which is the mechanism by which users can voluntarily disclose their transaction data for compliance or tax reporting purposes, etc. So that’s what we can expect in the first quarter.
We have over five EVM-enabled partnerships in place to deploy Panther v1 on Near, Flare, etc. These shielded pools are deployed on different chains. And then our team is building a ZK-driven exchange across other chains, and the goal is to allow these assets to be traded securely, with low fees, low and high transaction throughput.
CT: What is the underlying crypto behind these assets?
OG: Thus, multi-asset shielded pools are based on ZK-SNARKS. So you have a combination. Shielded pools are, you know, a version of mixing technology with the ability to split join transfer assets. Then we use ZK snarks as proof of ownership. So basically transactions happen within the multi-asset protected pools. And then the data disclosure mechanism reveals another ZK snark circuit, which is configured to allow Essentially a trusted provider to provide verifiable proof on the planter’s network that certain data conditions are met. And that although it’s been enforced for compliance, it’s our first use case, and it’s been put into production by ZK reveals with the launch, which is basically a launch is launched, c is what it looks like.
CT: Skeptics would argue that private networks using zero-knowledge cryptography could become catalysts for illicit transactions. What are your thoughts on the subject?
OG: In my opinion, if you build technology and do not intend to facilitate aiding and abetting or enabling crime, you are not guilty of any crime. But why is confidentiality necessary? Our white paper has this; the bottom line is that the actors under surveillance behave differently than those who are not. In other words, the exact behavior of our societies is impacted by being monitored. So inevitably, there will be bad actors.
But I’ve never seen a gun on trial. You don’t test the tools; you put people on trial. And the overwhelming consensus of our global society, for all the tools and technologies we use, is that if the device is more beneficial to the majority than the minority who abuse it, then you use it. And if it wasn’t, then I’m not sure we would have kitchen knives because knives are used for criminal activity by a minority. So any attempt to test privacy technology or blockchain technology because a minority has abused the system is an argument that can be extrapolated to anything in life.