A Guide to Findora – Confidential Network with Open Access to Public Blockchains
Blockchain technology has been around for more than a decade. Still, not all the major organizations in the world have jumped on board. For example, big financial institutions are keeping their distance and waiting for more security features.
Many organizations from traditional finance want to operate on the blockchain without disclosing crucial information. Simply put, they want to be visible on public ledgers without having their operations under a huge magnifying glass.
Here is where Findora steps in with a potentially winning solution!
Findora is a decentralized financial protocol that provides a fully confidential platform as a bridge between those pussyfooting institutions and public blockchains. This way, they should benefit from complete data protection and access all the bountiful opportunities on public ledgers.
Findora is a zero-knowledge-based decentralized financial network that enables users and businesses to conduct transactions transparently while preserving privacy. Read on to discover how that would work!
What is Findora?
Findora (Official Website) is a decentralized financial platform that offers blockchain technology access for investors and businesses while preserving their privacy entirely. This way, users who would otherwise avoid using public networks can engage in transactions in complete anonymity.
To achieve its goal, Findora uses a zero-knowledge-proof technology to create a 100% confidential network. Furthermore, it deploys this platform and all its products in the cloud without risking security breaches or staining the network’s transparency.
Findora aims to take institutional privacy to a whole new level. Contrary to 1st generation blockchains, this DeFi platform does not store transaction data in the clear. This way, no one can read the details of a financial operation.
Findora allows users to have their own keys and remain in control of their identity and financial information at all times. The network does not keep records of this data along with transaction amounts and metadata. As a result, the ledger is highly secure against hacks and potential asset losses.
Seasoned crypto investors may not necessarily mind using a public network. However, traditional financial institutions do. These large, powerful corporations have too much confidential data to protect. So, they have been putting off blockchain-based transactions for a long time. Now, Findora may provide them with the perfect entry.
That being said, Findora does not bring a completely new concept to the table. There are plenty of other public networks offering entirely private transactions. However, these chains impose specific terms to which very few financial institutions would agree.
On Findora, participants can prove their operations without revealing any sensitive data. Also, the platform supports confidentiality agreements through smart contracts.
Recently, Findora has launched its native token, FRA. With it, users get access to core features and services, such as staking, paying for transactions, and privacy-enhancing options. Additionally, they may use FRA for governance in the future. So, Findora is making decisive steps into becoming a decentralized autonomous organization (DAO).
A Brief History of Findora
Findora resulted from the collaboration between entrepreneurs, academics, and blockchain developers. The project started slowly in 2019, and it took off in 2020 together with the rising popularity of decentralized finance. The Findora whitepaper saw the light of day only in November 2020.
Behind the project is the Findora Foundation, which is under Paul Sherer’s command, the F.I.R.S.T. Director of the foundation.
In early 2021, leading blockchain security firm Halborn audited both Findora’s distributed ledger and wallet to certify its reliability and authenticity.
On the 30th of March 2021, Findora launched its mainnet beta to complete one of the most important objectives on its otherwise young roadmap. During the inauguration, Dr. Whitfield Diffie said, “Findora’s principal goal is to support the difficult relationship between transparency and confidentiality. Findora’s implementation of its basic objectives as mainnet capabilities is a big step forward toward achieving its goal.”
How Findora Works
Findora shares a common opinion in the crypto industry that sees the current financial services infrastructure as obsolete. The need for innovation is imperative, and blockchain technology together with Web 3.0 can easily provide it.
Findora aims to create fair and transparent access to blockchain-based financial services to billions of people on the planet. However, this kind of financial freedom should not trump the right to complete privacy that users and institutions demand.
To address these issues, Findora uses zero-knowledge-proof technology and provides maximum security for private data to its users.
Zero-knowledge proof (ZKP) is a cryptographic protocol that helps developers create a highly secure and anonymous distributed platform. It also enables the sharing and verification of transaction data without revealing sensitive information.
ZKP is the work of several cryptographers who have improved it considerably in the past three decades. The advent of cryptocurrencies, blockchain, and decentralized finance accelerated its evolution until becoming a cryptography tool.
When using ZKP, participants to Findora only prove that they know a particular value. However, they don’t offer additional information that could jeopardize the transaction.
In the hands of banks, investment funds, and other financial institutions, Findora’s ZKP can help complete countless operations faster in a highly secure environment. On the other hand, they remain open to the public without risking their privacy.
What is the Findora token (FRA)?
On the 5th of April 2021, Findora launched its native token FRA through an ICO. The event saw the project raise $21,050,000 after selling 650,000 units.
FRA is a utility token that should enable users to engage in several operations on the platform. For example, they can receive FRA as a non-refundable incentive for their participation. After that, they can use the tokens for staking and governance. However, only active users may receive tokens as a reward.
At the moment, FRA is not for sale anywhere. In January, the developers announced more details about its listing on crypto exchanges in the first financial quarter of the year. However, as of April 2021, there hasn’t been any news regarding its future release.
The Bottom Line – A Guide to Findora
Findora may become the much-expected platform that would bridge traditional financial institutions with blockchain technology while ensuring institutional confidentiality.
So far, many banking institutions have sat on the fence, waiting for public ledgers to satisfy their demands for privacy. Findora comes to their rescue with a ZPK technology that has been more than 30-years in the making.
Findora looks like a promising DeFi protocol. And, if it would develop faster, it could occupy an important niche in the crypto industry. In other words, it would be the one who ushers important financial institutions safely into the “cryptoverse.”
Looking ahead, Findora should achieve the next goals on its roadmap by the end of 2021. These objectives include launching an RSA accumulator-based storage optimization, confidential liquidity bridging, and a DeFi infrastructure.