Blockchain history was made earlier this week. Thanks to more than 2,560 decentralized autonomous organization (DAO) votes in a Snapshot proposal, 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 closer to its mission to infuse the decentralized finance (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 were able to privately vote on whether or not to launch the protocol on either Ethereum or Polygon.
With over 99% of the votes in favor of launching the protocol, Panther 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 on the blockchain ecosystem, Panther CEO and co-founder Oliver Gale 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, chief technology officer and co-founder of Panther Protocol, as well as a former adviser to the Ethereum Foundation and Ripple Labs, added:
“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 Jan. 31 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 Reveals.
What is Panther Protocol?
Panther Protocol is an end-to-end privacy protocol connecting blockchains to restore privacy in Web3 and DeFi while providing financial institutions with a clear path to compliantly participate in digital asset markets. Panther provides DeFi users with fully collateralized privacy-enhancing digital assets, leveraging crypto-economic incentives and zkSNARKs technology.
Users can mint zero-knowledge zAssets by depositing digital assets from any blockchain into Panther vaults. ZAssets flow across blockchains via a privacy-first interchain decentralized exchange and a private metastrate. Panther envisions that zAssets will become an ever-expanding asset class for users who want their transactions and strategies the way they should always have been: private.
Be sure to check out the project’s Website.