What Is Polkacipher?
Polkacipher Coin is a cross chain privacy preserving project on Polkadot ecosystem. The primary aim is to expand the applications of NFTs & DeFi and its usecase in business setting and also increase the reach of Web3 applications in blockchain economy via seamless integration to the project, privately.
They intend to bridge the gap between off-chain internet economy and on-chain blockchain decentralized application, using PolkaCipher that relies on verified vendors to provide accurate and trusted data. PolkaCipher, when ready, will be fully community owned and decentralized.
Polkacipher Coin Storage Key Points
|Coin Name||Polkacipher Coin|
|Circulating Supply||52,760,000.00 CPHR|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
The Polkacipher preliminary plan of PolkaCipher is to build a scalable Layer 2 component layer based upon a privacy blockchain and a P2P network in the blockchain ecosystems for data management (such as data availability and reliability) and privacy protection for decentralized NFT transaction before Polkadot main-net goes live and meets the technical and functional requirements of this project. After the Polkadot’s main-net is live and ready, PolkaCipher will move directly to the Substrate-based interchangeable architecture where it has the original anonymous security. They will use the own cross-chain bridge to bring NFT’s minted on Ethereum into the Polkadot Ecosystem.
An ecosystem where you can Lend/Stake/Mine token $CPHR to generate more rewards by empowering systems and data collection nodes, acting as the pillars of the vision.
These are NFT secured specialized vaults that can be only accessed through the NFTs as a key. These NFTs can be minted privately or publicly based on the user’s choice. Users need to stake certain amount of token to activate the locker.
Polkacipher Coin are the privacy-enabled business document solution that can be privately minted, distributed, and collected. bNFTs can also work as a legal document, ownership transfers, access passes, etc. with an option to transact privately or publicly.
CipherDEX will be a privacy enabled fully compatible dex with EVM chains and built on Polkadot, allowing anyone to trade bNFTs privately and securely that were minted on the network.
Smart contracts cannot alone store data. There is no built-in mid-layer query for decentralized applications to receive and check real-world data efficiently and accurately. There will be obstacles to developing and implementing decentralized applications based on oracles before decentralized applications can use simple methods for calling and obtaining real external data input.
The Polkacipher oracle has the ability to define the feedback and behavior of the smart contract when the external data input is manipulated. If the oracle is disordered, then smart contracts and all systems which rely on these contracts are affected, which eventually leads to safety vulnerabilities for the entire Platform. In a fully decentralized network, economic incentives must be added to prevent the destruction and attacks on key data sources by others. DAPP applications will face major risks before establishing a robust incentive mechanism to guarantee high-quality and reliable data resources.
At Polkacipher they have the following designs principles:
Private Data collection and distribution – The collection and distribution of data for application purposes should be kept private. To accomplish this, all data transmitted via the blockchain is encrypted and secured using zero-knowledge proofs to ensure data privacy.
Maintaining data integrity – To ensure the data is collected and distributed is fairly, they use economic incentive models to reward or penalize the data providers
Community Governance – PolkaCipher will be fully community-owned through governance tokens and users will have the right to decide on the direction of the project
Cross-chain compatible – PolkaCipher is fully cross-chain compatible and will use its own bridge to move NFT’s across multiple blockchains.
PolkaCipher is divided structurally in two main components:
Solutions for Businesses
Polkacipher Coin Business side of products will allow companies to securely distribute/collect data over oracle network, privately. Businesses can keep their data secure and access features that will help them mint/distribute/collect NFT’s using solution with features such as hashed time lock and much more.
Solutions for Users
Users can privately mint/collect/distribute NFT’s over a P2P network. Users can also stake and mine using NFT’s. Other features include Loans on NFT’s, a DEX for private swaps, and a digital locker secured by NFT’s.
Design and Implementation
Polkacipher primary function is to bridge the divide between decentralized applications and real-world data, and to do so through the use of an economic incentive model. They will be developed on a private cross-chain bridge and then migrated to Polkadot’s cross-chain Substrate architecture in order to continuously improve the functions of the oracle. overall design will be centred on three pillars: data interaction processes, system architecture, and interface integration.