The privacy – preserving oracle network

Published June 15, 2021 | Updated June 15, 2021

Polkadot

The privacy – preserving oracle network

PolkaCipher is a privacy-preserving oracle network that is based on Polkadot. It is focused on bringing the utilization of private NFTs to off-chain organizations and be an extension for consistent incorporation to on-chain Defi applications.

PolkaCipher’s peculiar contributions help push the use-case of the NFTs in real-world situations while as yet being associated with a cross-chain network that is reasonable and precise. PolkaCipher focuses on accomplishing business objectives by assisting clients with privately transacting and safely utilizing NFTs as a mode of access to various decentralized applications (dapps).

What Is Polkadot?

Polkadot is software that tries to boost a worldwide network of computer frameworks to operate a blockchain on top of which clients can launch and work their own blockchain. Polkadot is intended to work with two sorts of blockchain. A primary network called a relay chain, which has permanent transactions, and a client-made network called parachains.

Advantages of PolkaDot

Polkadot is a next-generation blockchain network interfacing different specific blockchain into one unified network. Planned as a component of a wide vision for a web that returns control to people over monopolies of the internet, Polkadot builds on the progressive promise of prior blockchain networks while offering a few essential benefits. Polkadot enables the networks of blockchain to:

  • Specialise

With regards to blockchain engineering, one size does not fit all. All blockchain make trade-offs to help various highlights and use cases. On Polkadot, each blockchain can have a novel plan enhanced for a particular use case. That implies blockchain can offer better services, while additionally improving productivity and security by leaving out useless codes. By building on the substrate structure of development, teams and individuals can create and alter their blockchain quicker and more proficiently than any other time conceivable.

  • Scale

In isolation, blockchain can handle only a restricted measure of traffic. Polkadot is a sharded multi-chain network, which means it can process a number of transactions on a few chains in equal, diminishing the bottlenecks that happened on the networks of legacy that processed transactions individually. This power of parallel processing fundamentally improves adaptability and scalability. It makes the conditions right for growing future development. Sharded chains associated with Polkadot are classified as parachains in light of the fact that they run on the network equal.

  • Self-Govern

Networks on Polkadot govern their communities as they see suitable, and hold a straightforward stake later on for Polkadot’s networking services overall. teams can redo and enhance their services of blockchain as per their necessities, try different things with new ideas, or trade-in pre-built modules for quicker deployment. Blockchain services models can even be upgraded and perfected as necessities and conditions change after some time.

PolkaCipher’s Solution

The fundamental plan of PolkaCipher is to fabricate a scalable Layer 2 segment layer dependent on a privacy blockchain and a P2P network in the ecosystem of blockchain for data management (like reliability and availability) and security assurance for decentralized NFT transaction before Polkadot primary network goes live and meets the functional and technical necessities of this task.

After the Polkadot’s primary network is prepared and live, PolkaCipher will move straightforwardly to the Substrate-based compatible structure where it has the first anonymous security. We will utilize our own cross-chain bridge to bring NFT’s stamped on Ethereum into the Polkadot Ecosystem.

As an untrusted oracle, PolkaCipher gets confident data resources by upgrading and optimizing the strength of the community, incentivizing financially and penalties to give Polkadot and other blockchain’s future cross-chain business environment with self-coordinated, self-operating information and data source part component.

Design Principles at PolkaCipher

At PolkaCipher we have the designs principles as follows:

  • Data Integrity Maintenance

To ensure the fair distribution and collection of data, at PolkaCipher we utilize economic incentive models in order to encourage, reward or punish the providers of the data.

  • Distribution and Collection of Private Data

The Distribution and collection of information for application purposes needs to be kept hidden and private. To acquire this, all the data that is transmitted by means of the blockchain is encoded and safe utilizing zero information verifications to guarantee information security.

  • Compatibility of Cross-Chain

PolkaCipher is entirely compatible with cross-chain and will be utilizing its own bridge to shift the NFTs across the multiple blockchains.

  • Governance of Community

PolkaCipher will be owned by the community as a whole via tokens of governance and the users will have the right to make the decision on the direction of the project.

Conclusion

At PolkaCipher our objective is to break the barrier between real-world data and blockchain through the quick adoption of decentralized economic and NFTs’ commercialization in routine lives.

Decentralized and distributed technology is an in effect way of fixing the issues of the centralized businesses, and it is not quite possible to undervalue or misjudge the potential worth of its market in the arrangement with oracles. The primary plan of PolkaCipher is to build the exact way to provide you with the solution that is suitable for you.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Stan Peterson 223 Articles
Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.
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