With Raze Network, RioDeFi brings privacy and confidentiality to its ecosystem
As the Polkadot ecosystem keeps expanding so does its parachain candidate, RioDeFi. The FinTech firm behind the Substrate-based blockchain, RioChain, whose mission is to connect traditional finance to decentralised finance (DeFi), is pleased to announce a new collaboration with Raze Network, one of the newest and most promising Polkadot ecosystem projects of the year.
Raze Network is a second layer protocol that provides cross-chain payment privacy solutions for the entire DeFi stack of the Polkadot ecosystem. It applies the principle of a Zero knowledge proof algorithm (zk-SNARK) to anonymize not only the transaction addresses and the amounts transferred by individuals on Polkadot and Ethereum blockchains, but also the smart contracts used by DeFi applications built on those networks.
Raze’s team answers a growing concern of crypto users around the lack of privacy and protection of their data when making transactions on the blockchain. Through this partnership, Raze Network aims to bring anonymity to RioDeFi’s communities when they will be using some of the services, products and dApps supported on RioChain.
For instance users could potentially hide certain transactions from block explorers and trading history when using RioWallets for transfers or on the Generic Asset Bridge when connecting to external networks.
RioDeFi has been an active player in the nascent decentralized finance movement. Its incubation hub includes high profile projects such as MANTRADAO, Lepricon and LABS using RioChain technology, which allows lower transaction fees, faster confirmation times, and more efficiency. Once integrated to RioChain, Raze end-to-end privacy payment solutions could be extended to these and other dApps, safeguarding their users’ identity and protecting their on-chain footprints from prying eyes and malicious actors.
We have chosen to partner with Raze Network because their privacy pallet is a module built on Substrate that could be integrated with RioChain via smart contracts. We think their solutions will bring more options to our ecosystem and offer financial privacy options to our users through some of the latest innovations in DeFi, says James Anderson, CEO of RioDeFi.
Both teams have expertise in different aspects of crypto and blockchain and we really believe this is a perfect match, adds Justin Kellison, CEO of Raze Network.
About Raze Network
Raze Network is a Substrate-based cross-chain privacy protocol for the Polkadot ecosystem. It is built as a native privacy layer that can provide end-to-end anonymity for the entire DeFi stack. The Raze Network applies zkSNARKs to the Zether framework to build a second-layer decentralized anonymous module. It will then be imported as a substrate-based smart contract. The objective of Raze Network is to enable cross-chain privacy-preserving payment and trading systems, while protecting the transparency of your assets and behaviors from surveillance.
RioDeFi accelerates the mass adoption of digital assets by bridging traditional and decentralized finance. Our vision is a world in which everyone has access to decentralized financial (DeFi) services. We develop solutions that connect banking institutions with blockchain systems. Our applications enable lower transaction fees, faster confirmations, more efficiency, better returns for savings account holders, and global reach.