The world’s first private & decentralized protocol launch: Panther DAO votes to launch private DeFi protocol End of January
This article was originally published in Panther’s official blog. Go to this link for a better reading experience.
Blockchain history was made earlier this week. Thanks to more than 2,560 DAO votes in a Snapshot proposal, the Panther Protocol was voted to be launched in a private, decentralized manner. This constitutes the very first event of its kind, a feature that sets Panther a step towards its mission to infuse the DeFi ecosystem with native privacy. It is also the very first Private Governance System ever deployed in the crypto industry.
Panther’s decentralized, private launch
To achieve a fully decentralized, private launch, Panther Protocol’s strong community of enthusiasts used a unique, state-of-the-art tech stack. Panther deployed LaunchDAO, a system allowing every user that had completed Know-Your-Customer identity verification for its Public and Private token sales to issue a zero-knowledge proof anonymously verifying their participation. Using this proof, individually-verified users could privately vote on whether or not to launch the protocol on the Ethereum and Polygon blockchains.
With over 99% of the votes in favor of launching the protocol, Panther has set what the team expects will be a positive precedent throughout the industry. Launching in a private, decentralized manner allows the protocol to be governed by a DAO from Day 0, in turn protecting the team from any concerns by lawmakers of the crypto community regarding the control of the project.
LaunchDAO as a system could be used and implemented by any blockchain or crypto-related project pursuing decentralization from Day 0. About this achievement and its impact upon the blockchain ecosystem, Panther’s CEO and Co-Founder, Oliver Gale, has said:
“LaunchDAO represents the first time in crypto history a fully verified user base has been able to vote on the future existence or non-existence of a protocol. The Panther Protocol will be deployed and launched privately and trustlessly by the LaunchDAO. Furthermore, decentralized voting systems have applications across both legacy and Web3 systems.”
In turn, Anish Mohammed, CTO and co-Founder, as well as former advisor to the Ethereum Foundation and Ripple Labs, adds:
“LaunchDAO also represents the official debut of Panther ZK Reveals. ZK Reveals protect the identity of each voter, yet use zero-knowledge proofs to validate that they are both qualified to vote whilst also enabling them to do so without leaking confidential information, such as their selected outcome.”
It is also worth pointing out that the vote to release the Panther Protocol hasn’t been the only decision of the DAO. The Panther community has also elected to postpone the Token Generation Event for the project’s native token, $ZKP, until January 31st, to allow the team to extend its preparation stage. Upon this date, a third vote by the community will take place to trigger this event. This is made possible at zero cost to users thanks to Panther relayers that cover all gas fees and off-chain voting using the zero-knowledge proofs, known as Panther (ZK) Reveals.
Panther is a decentralized protocol that enables interoperable privacy in DeFi using zero-knowledge proofs.
Users can mint fully-collateralized, composable tokens called zAssets, which can be used to execute private, trusted DeFi transactions across multiple blockchains.
Panther helps investors protect their personal financial data and trading strategies, and provides financial institutions with a clear path to compliantly participate in DeFi.