Raze Network has announced the launch of a cross-chain private payment protocol to provide DeFi users with reliable services for protecting their data and transactions. The launch comes in response to the growing demand for solutions allowing users to make payments both safe and private.
The new payment protocol is said to operate on the basis of private token minting from base tokens. The minting value ratio foreseen stands at 1:1 with zkSNARKs being crucial in maintaining anonymity. The latter is responsible for providing all of the required details and information for data parsing. The Zether framework is applied on the network for the second-layer decentralized anonymous payment module, as the Raze Network allows for three main constituent functions that users can resort to, namely – mint, transfer and redeem.
With the mint function, users can convert any token into an anonymized analog ready for transfer. The redeem function converts the anonymized tokens into their native form for later use. The Raze Network developers expect the transfer function to be the one most demanded, as it allows for anonymous transfers of the token, ensuring the anonymity of both the sender and recipient, as well as concealing the amount sent.
The platform users will also be able to make use of private transactions for on-chain transfers of tokens between different blockchains. Other functions being offered are the Secret DeFi Bridge that allows users to hide their trading history, and Anonymity Mining for mining RAZE tokens with anonymous and secure access to liquidity pools.
Applications for the new products offered by the Raze Network extend to the growing DeFi market, giving users opportunities for making use of the inherent characteristics of blockchain – privacy and speeds. Users will also be able to use Raze as a cross-chain middleware solution for concealing transactions when operating on decentralized exchanges.
“Our solution is one that caters to the needs and desires of a vast number of DeFi product and cryptocurrency users. Raze guarantees privacy and returns the virtue of anonymity to the digital asset environment – a much needed factor in our times, when the adoption and spread of cryptocurrency usage is both growing and being subjected to stringent checks,” as stated by Justin Kellison, Product Lead at the Raze Network.
The Raze Network has already successfully completed its private sales round, participated by several major funds such as Signum Capital, Spark Capital, Master Ventures, and Pnyx Ventures.
The Raze Network team intends to continue the fielding of its latest product as plans for the near future include the launch of a liquidity reward program and several new services. Other plans for the near future include the implementation of a Bridge of Defi protocols and the integration of more customized functions for catering to user requirements.
The platform is also intending on spurring its exponential growth and strengthening the security layer of the decentralized finance ecosystem in Web 3.0. Ultimately, Raze Network aims to become the fundamental module in the Polkadot environment and ensure auditable transparency across blockchains.
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