Gale in contrast on-chain privateness to having freedom of speech. In line with him, “the paradigm of why customers’ privateness is necessary is intimately linked to why an individual’s freedom of speech is necessary.”
“So what does it imply to have your privateness undermined? It means you have been put ready the place you do not have a alternative, the place you do not have sovereignty. Because of this, on a person stage, as a typical consumer, your privateness will not be a precedence,”
Gale famous whereas attempting to elucidate the present scenario of issues with most public blockchain methods.
When requested how Panther Protocol is totally different from others in its strategy to fixing the surveillance drawback, Gale emphasised the position of rules. In line with him, rules primarily function a method to achieve shopper safety.
The secondary objective of the regulation, which is an “unintended consequence,” is the introduction of boundaries in competitors, one thing which is taken into account unhealthy for the market.
Gale assures that Panther Protocol is designed in order that it’s completely suitable with all present compliance rules. This additional implies that entry to consumer knowledge is solely the end-user’s accountability.
“It is on the person to make their disclosures, and people disclosures would possibly pertain to issues like their tax funds or like a supply of funds while you wish to work together with a monetary providers supplier,”
informed Gale.
For example, Panther Protocol acts because the safe channel that hyperlinks actors (i.e., end-users) to the DeFi world. In different phrases, a consumer can work together with a DeFi undertaking privately.
“On the facet of the monetary service supplier that is utilizing Panther Protocol, they’ve an obligation to stick to their regulated standing. And what Panther does is it facilitates the negotiations between the actors on the time that they use the service,”
Gale defined.
What Panther Protocol additionally does is assist end-users to barter the kind of knowledge that may be offered and made accessible throughout compliance processes equivalent to KYC for particular DeFi initiatives.
In line with Gale, what that negotiation means is solely {that a} consumer indicators, or partially indicators, a transaction or disclosure proof, and it’s there and accessible for the third get together to complete signing.
Relying on the settlement, Panther Protocol subsequently broadcasts a portion of the transaction historical past, which can solely be accessible by the third get together for the precise objective that’s agreed upon.
Panther Protocol employs the bouncer analogy in its compliance strategy, consisting of three tiers of compliance and knowledge disclosure. The primary requires an end-user to reveal all private info; the second tier entails disclosing particulars upon request. The third tier, dubbed “zero proof,” permits customers to confirm an information set with out revealing the information itself.
Panther Protocol goals to attain compliance enforcement in probably the most cost-effective manner doable. Its proprietary strategy supplies monetary establishments with a transparent path to compliantly take part within the DeFi financial system.
