[PRESS RELEASE – Midtown, Gibraltar, 3rd November 2021]
Panther Protocol, the end-to-end blockchain solution developing the privacy layer for Web3 and DeFi, and Shyft Network, a public ecosystem for building trust and compliance into blockchain data, are delighted to announce a strategic partnership to accelerate the development of privacy-enhancing technologies, data protection tooling and mission-critical data attestation services.
As Panther advances its efforts in creating a truly private DeFi ecosystem for users, the importance of data sovereignty when making protocol design choices becomes even more clear. Privacy by default, absolute autonomy, and decision power over their own data are all part of Panther’s value proposition.
Through this partnership and integrations, both projects will advance privacy tech and collectively raise the bar on the state of data protection tools.
Shyft Network possesses unique propositions which are similar to Panther’s. What could be perceived as competition in traditional models and paradigms is welcomed by both teams as a way to accelerate the arrival at the ultimate goal – to protect users from a rampant surveillance society and restore privacy in DeFi and Web3.
Through the partnership, Panther will enable on-chain privacy of Shyft Network’s native assets, allowing them to flow across public blockchains integrated with Panther, such as Ethereum, NEAR, Elrond, and Polygon.
Shyft Network will provide value to Panther Protocol through enterprise and government compliance and data attestation services, a result of deploying Panther to Shyft Network’s Layer 1. This update is a direct solution for ensuring that institutional dark pools remain compliant while also private—a significant win for addressing issues of front running and algorithm obfuscation amidst mass adoption in DeFi.
Additionally, the teams will also be heavily involved in technical collaboration and research for technology development and deployment related to privacy schemes using zero-knowledge proof systems.
“Shyft brings to the Panther ecosystem, the realisation of trust providers, and combined with selective disclosures, which Panther brings to the Shyft ecosystem, the duality of authenticity and privacy is achieved, which is currently non-existent,” said Panther CTO and Co-Founder, Anish Mohammed.
“At our core, Shyft Network is committed to building bridges and solutions across chains and protocols that integrate innovative technology to make our interactions and transactions private and authentic. Through utilizing Panther’s next-generation dark pool technology for private assets and Shyft Network’s attestation and compliant asset infrastructure, we’re offering a one-two punch that will accelerate these essential services to ensure privacy, decentralization, and openness in DeFi. In doing so, we’ll provide anonymous solutions for growing issues like blinded trade front-running in DEXs,” said Joseph Weinberg, Co-Founder of Shyft Network.
Privacy and sovereignty back in the hands of users
Panther and Shyft Network are actively involved in developing technologies that, with a consent-based framework, efficiently put users in control of their disclosures. This mindset is key to the mission Panther espouses and the ongoing pursuit to create secure, decentralized mechanisms that can positively impact finance and every sphere of society in which a person’s data might be under scrutiny.
Oliver Gale, CEO and Co-Founder, Panther Protocol, said “Our goal is to not increment compliance technologies but enable their wholesale transformation. By separating the act of verifying compliance data from the need to store it, the costs and risks of data storage and security are removed. Shyft + Panther enables this duality.” –
In a growingly interconnected world, such efforts are critical to pushing back on the privacy erosion experienced (albeit unknowingly) by users in Web2 and Web3 alike.