The new app from Findora and Columbus offers DeFi users the ability to transact privately on EVM-enabled chains for the first time in DeFi history.
PALO ALTO, Calif., April 22, 2022 /PRNewswire-PRWeb/ — Findora, a leading zero-knowledge public blockchain, today announced the launch of a groundbreaking decentralized application (dapp) on testnet in partnership with Project Columbus to empower millions of Web3 users a complete one-stop privacy capability for their crypto assets. “Yellow Submarine”, the first Web3 application launched by Findora and Project Columbus, will allow crypto users to privately manage and transact their Ethereum-enabled assets on all major Ethereum-enabled chains with just a few clicks.
Using Yellow Submarine, a user can deposit USDC to Ethereum via Metamask and then withdraw BUSD to Binance Chain without leaving a publicly traceable trail on blockchain networks. Yellow Submarine is the first dapp and practical implementation of Zero-Knowledge Proofs (ZKP), for private cross-chain transactions on BNB Chain, Ethereum, and other EVM-enabled chains.
Findora and Project Columbus collaborated to build all of the components needed to activate Yellow Submarine. Historically, ZKP privacy has been limited primarily to UTXO-based blockchains, leaving account-based EVM blockchains without a feasible ZKP privacy solution. Findora has taken a hands-on approach by parallelizing a scalable ZKP UTXO (Findora Native Chain) blockchain with an EVM (Findora Smart Chain) extension, to offer a privacy solution for EVM-enabled blockchains.
Yellow Submarine is built on Findora, a cost-effective, scalable, EVM-enabled public layer-1 blockchain with ZKP privacy. Yellow Submarine uses an extremely simple user interface and relies on highly optimized cryptographic primitives and circuitry, including use-case specific zkSNARKs (Turbo-PLONK) and more.
Future dapps on the roadmap include privacy-preserving decentralized vault, privacy-preserving money markets, privacy NFTs, private DAO fundraising, private asset pooling for DeFi, and Dark Pool DEX to prevent frontal attacks.
This suite of dapps is expected to help unlock a total trillion-dollar addressable market for private DeFi (aka PriFi).
“The crypto industry has been advancing the research and development of privacy-enhancing technologies using zero-knowledge proofs for several years,” said Warren Paul Anderson, CEO of Discreet Labs, one of the main developers of Findora. “This marks the first practical use of this set of works for DeFi users in the Ethereum ecosystem, including any EVM-enabled chain. Given that Ethereum is almost synonymous with DeFi, this is a major step for Privacy in Web3.”
dr. Whitfield DiffieAdvisor to Findora Research Institute and winner of the 2015 Turing Award, added: “Once upon a time there was only one cryptocurrency; now there are several. Fortunately, Findora strives to weave them together by following its usual approach of combining privacy and functionality.
To learn more about Findora, please visit https://findora.org.
For media inquiries, please contact Jonathan Duran at Jonathan(at)MelrosePR(dot)com
Findora is a cost-effective, scalable, EVM-enabled public blockchain with ZKP privacy for stablecoins, tokens, NFTs, DEXs, DApps, and DAOs Originally conceptualized as an academic crypto research project in 2017, and Eventually launching to the public in 2021, Findora uses the latest advances in zero-knowledge proofs and multi-party computation, to enable users transactional privacy with selective verifiability.
About the Columbus Project
Project Columbus is an open-source, decentralized, DAO-governed community project aimed at creating a Universal Privacy Settlement (UPS) layer on all blockchains. First built on Ethereum, BNB Chain, and Findora, the project leverages its team members’ deep expertise in ZKP and MPC cryptography, low-level systems integration, and cross-platform experience. of smart contracts to create a multi-platform exchange of chain assets and value-added services.
Jonathan DuranMelrose PR, (310) 260-7901, [email protected]