Offshift continues building towards its mission to bring private decentralized finance (PriFi) to Ethereum Layer 1 with the launch of a new website, Ecosystem Whitepaper, and Offshift anon Application Litepaper.
VICTORIA, Seychelles, May 24, 2022 /PRNewswire-PRWeb/ -- Offshift, a private decentralized finance (PriFi) protocol, launches its new website and releases a new Ecosystem Whitepaper and Offshift anon Application Litepaper after retooling their approach to on-chain privacy.
Alex Shipp, Chief Strategy Officer at Offshift, shared, "We are very excited to release updated documentation and present our holistic approach to on-chain privacy. Though our mission to bring private DeFi to Ethereum Layer 1 remains unchanged, our core team has developed a pragmatic solution that fully accounts for Ethereum's current infrastructure capabilities without compromising on decentralization."
Over the past year, Offshift has identified two major market demands from privacy-focused users: one for anonymous asset ownership (assets that are visible but whose owners cannot be identified), and a second for confidential assets (assets whose owners may be identified, but whose contents such as value and token balance may not). In order to both remain true to its founding principles in the mid-term and serve market demand for on-chain privacy in the near-term, Offshift is taking on a pair of parallel objectives.
1) For its near-term objective, the Offshift Core team is developing and releasing Offshift anon, the Offshift Ecosystem's debut platform. By burning XFT on Offshift anon, users mint anonAssets of equal value. As fully public, standard ERC20 tokens, anonAssets present no novel barriers to composability or feature implementation on Ethereum, thereby eliminating the yield-related tradeoffs typically associated with on-chain privacy. Neither minting nor transferring anonAssets demands prohibitive gas fees, thereby allowing the widest range of users to access and benefit from the platform.
2) For its mid-term objective, Offshift is conducting on-going research and exploring optimizations and related zero-knowledge solutions such that zkAssets can be minted, burned, and transferred entirely on Ethereum Layer 1. As a pioneering force in the PriFi space, Offshift Core will release further updates on zkAsset-related research and technology solutions at the appropriate juncture, and remains fully committed to developing and releasing a platform that enables confidential asset ownership and transfer on Ethereum Layer 1.
In order to pursue both objectives in tandem, Offshift Core has expanded its developer team and will be conducting all development and research efforts in-house going forward.
For more information on Offshift and to read the new ecosystem whitepaper and application litepaper, visit their website: https://www.offshift.io/.
For media inquiries, please contact Jonathan Duran at (310) 260-7901 or Jonathan(at)MelrosePR(dot)com.
Offshift is pioneering private decentralized finance (PriFi) with an ecosystem of PriFi Applications that confer and protect various elements of privacy, anonymity, and confidentiality on Ethereum Layer 1. All Offshift Ecosystem Applications are powered by XFT, and leverage real time price feeds from Chainlink's decentralized oracle network to enable users to mint an array of private synthetics. Offshift Core, the mostly anonymous team developing the Offshift Ecosystem, has developed a trusted reputation for their thorough privacy research, development, and execution.
Jonathan Duran, Melrose PR, (310) 260-7901, [email protected]
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