The Partisia Blockchain Foundation brings multi-party, zero-knowledge computing to Polygon through its unified smart contract technology, enabling developers to build new blockchain-based use cases. This comes after the appointment of former Cardano Foundation executive Hinrich Pfeifer as COO.
Partisia Blockchain Foundationan independent non-profit organization that supports the ultimate development of the world zero knowledgeBlockchain, announced the completion of its mainnet v3.0 integration into Polygon, an Ethereum extension protocol that will add millions to web3. The job is complete just days after it announced the appointment of Hinrich Pfeifer as chief operating officer.
Existing smart contracts, starting with the first smart contracts since Bitcoin’s launch in 2009, have been segregated into two distinct and distinct types — public and private — limiting the scaling of blockchain applications. The more common type, public or visible smart contracts offer weaker privacy, which poses problems for use cases that require maintaining discreet health or financial records. Although, private smart contracts can prevent outside interference or malicious activity, they are not easily audited or verified by third parties.
The Foundation’s mainnet v3.0 integration unlocks Partisia’s privacy-preserving computing infrastructure and new types of smart contracts – allowing Polygon developers to build use cases that require data confidentiality and privacy when using public blockchains.
“This technology will revolutionize the way businesses and individuals interact,” said Brian Gallagher, co-founder of Partisia Blockchain.
The technology leverages the Partisia blockchain’s unified private and public smart contracts and zero-knowledge multi-party computation, and is sure to play a role in the future of the industry as developers gain the potential to build hundreds of Polygon-powered use cases. This opens the door to numerous opportunities, including:
Management of private files and content – In cases such as medical and health data, financial identities or credit scores, the ability to keep all aspects of a contract private while still allowing for public verification is critical. Decentralized Search Engines – Today’s ad-based search engine model exposes users to a poor experience and the risk of falling victim to clickbait, fake news, scams, and other malware. As an alternative, “better internet searchThe initiative integrates the Partisia blockchain’s unified smart contracts to provide a new, ad-free experience and generate search results without collecting users’ private data. Encrypted data is never decrypted, and any provided Product information has all been computed using MPC to correlate to user experience without decrypting personal data – that’s the power of zk computing. Monetizable data on decentralized social networks – in the short term, zero-knowledge MPC is better Data protection leverages users’ most valuable but most sensitive data in a reasonable and compliant manner. In the long run, this has the potential to change the power structures operating in today’s internet economy and allow for greater changes at application and service levels Much competition. A good example is “data for goodThe platform is designed to allow anyone to donate data without disclosing personal information, using MPC and blockchain to strike the right balance between confidentiality and transparency. Trade Finance Industry and Decentralized Exchanges – MPC’s The first large-scale and commercial use was a decentralized exchange by the team behind the Partisia blockchain in 2008, followed by some MPC-based auctions in the energy, finance and telecom sectors. Partisia’s initial focus was on bridging different blockchains and allow users to seamlessly move data and tokens from one blockchain and security paradigm to another. The aim is to increase participation in existing DeFi solutions and lower barriers to introducing DeFi into traditional markets Private auctions – With the increasing complexity of supply chains and niche products, pricing and auctions are becoming an integral part of many markets. In a unified smart contract, buyers and sellers and the resulting transactions can be tracked while bids remain private In addition, the privacy aspects brought by zero-knowledge MPC can also help eliminate shilling bidthe practice of artificially inflating commodity prices through dishonest bidders.
“The integration of a zero-knowledge, multi-party computation-based unified smart contract on the Partisia blockchain opens up countless new and exciting possibilities for all Polygon developers,” said Antoni Martin, Head of Polygon Enterprise.
This integration and the recently appointed COO join the momentum of the Partisia Blockchain Foundation, which has doubled its headcount over the past year, with Iulia Mihailescu (CMO) and Jennifer de Broglie ( Thought Leadership Director) and other senior staff.
Hinrich brings his extensive expertise as Secretary General of the Cardano Foundation, as well as the development of the Cardano Foundation global team and its protocol and blockchain adoption. Along with co-founders, Hinrich will oversee the operations, strategy and vision of the Partisia Blockchain Foundation as the foundation scales blockchain expansion and provides on-chain solutions to counterfeiting, Crypto identity and trade finance gaps Program.
Hinrich’s appointment is a tribute to the foundation’s progress, as he has led the foundation’s rapid expansion to “deliver on the promise that multiparty computing offers to different industries.”
Source of information: Compiled from THECRYPTOBASIC by 0x information.The copyright belongs to the author Andrew MacGill and may not be reproduced without permission