Produced | Odaily
Editor | Hao Fangzhou
Produced | Odaily
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Paul Sherer, Chief Director of Findora Foundation, a financial privacy public chain, gave a keynote speech "Open Finance, Trusted Network - Deploying Financial Infrastructure with Privacy Protection and Transparency".
Paul said that Findora is a global trustless financial infrastructure. Findora was created to solve scalability and privacy issues so that Web 3.0 can become the next generation of financial infrastructure. Moreover, Findora is public, whether it is an individual, a small and medium-sized enterprise or an industry giant, everyone can use Findora.
Currently, DeFi (decentralized finance) is hot. Paul believes that DeFi is the meaning of blockchain. In the future, people will only care about the DeFi application itself, not the underlying chain.
Paul said that in the future, Findora will deeply participate in DeFi in two ways: 1. Findora provides ZK Rollup and confidential transaction functions for existing DeFi applications on Ethereum, making them better, faster, cheaper and more private 2. Findora is based on cross-chain and verifiable computing technology, any Ethereum-based assets can be atomically transferred and traded on Findora. "We can provide scalability and cost advantages for applications built directly on top of us."
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The following is the full text of the speech, organized by Odaily
Hello, my name is Paul Sherer and I welcome you on behalf of the Findora Foundation.
First, let me briefly introduce myself: I have an MBA from Stanford Graduate School of Business. Before founding Findora with John Powers, I worked with him for decades: first with Robertson Stephen on the asset market for Internet security and infrastructure, and later at VantagePoint Venture Partners acts as managing partner, managing $5 billion in PE assets.
Since then, I have been part of the original founding team of Findora along with John Powers and Lily Chao. Now I am very happy to see the team develop from Silicon Valley to Beijing, Hong Kong, and all over the world.
Here is a brief introduction to Findora.
Findora is a global trustless financial infrastructure, run and democratized for security by a decentralized network of global organizations and economic incentives. We created Findora to address scalability and privacy concerns so that Web 3.0 can be the next generation of financial infrastructure.
Findora was founded by a team of academics and entrepreneurs, including John Powers, former CEO of Stanford University's $25 billion endowment. Findora can be used by anyone in the world, whether an individual, an SMB or an industry giant. Our team has worked extensively with the world's leading cryptography experts, and our comprehensive cryptography library includes implementations of the latest zero-knowledge proofs such as Plonk, Bulletproofs and Supersonic. Dr. Whitfield Diffie, 2015 Turing Award winner, directly advises the Findora Institute for Advanced Study.
Findora is public, but the software stack can also be deployed and operated by various interoperable networks.It can be used by banks to replace the infrastructure they currently run, deployed in the cloud; it can also be a platform for issuing assets of any nature, including cryptocurrencies.
Findora's mission is to solve the challenges required to support this large class of assets and diverse financial use cases. One of the main challenges is to provide"Transparency and Privacy", realizing this kind of privacy protection and transparency is the main development focus and product differentiation feature of Findora.
Findora is unique. We're not claiming to be another Ethereum competitor because we have a very different value proposition.Many factors set us apart, including technology, products, the problems we solve, and team and market strategy.
However, I wanted to focus my presentation on technology and products. Findora represents the forefront of blockchain technology, and we aim to bring breakthroughs to Web 3.0, not incremental improvements. The problems we try to solve and the technologies we use make us unique: we use a variety of latest trustless and effective zero-knowledge proof technologies to bring efficient confidential/anonymous asset operations/transactions to open blockchains; we use similar technology to create confidential identity and qualification credentials for open blockchains; we use the best zkSNARKS in its class to create optimized ZK Rollup services to help expand the scalability of the entire blockchain field; we innovatively use Various proven data structures (ADS) to build efficient new blockchains.
All of these solutions are very useful and future-proof. With the scalability and privacy we bring to the blockchain, DeFi can go even further.
When it comes to the construction of a public blockchain ecosystem, there will be an inevitable topic: DeFi. In my personal opinion, DeFi is what the blockchain is all about. In the future, people will only care about the DeFi application itself, not the underlying chain. But right now, DeFi is just about DeFi on Ethereum and ERC20 tokens. We think we have to be a part of it.
Findora will participate in DeFi in two ways: 1. Findora provides ZK Rollup and confidential transaction functions for existing DeFi applications on Ethereum, so that DeFi applications running on Ethereum can be better, faster and cheaper, And can achieve more functions that cannot be realized without privacy; 2. Findora is based on cross-chain and verifiable computing technology, any Ethereum-based assets can be atomically transferred and traded on Findora. We can provide scalability and cost advantages for applications built directly on top of us.
Private DeFi applications include a range of new DeFi products: Dark Pool Dex (which allows for secret big-ticket crypto transactions) Secret FX Pool (which can allow for confidential cross-border remittances), to name a few. After the mainnet launch, we will release it as soon as possible. Technologies we use to build privacy-preserving definitions include Bulletproofs, Dark Compiler, Supersonic, Plonk, Advanced Cryptographic Signatures, and more. The Zei cryptographic library built by Findora is one of the most advanced and comprehensive Rust cryptographic libraries in the world.
Additionally, Findora has a very unique take on interoperability and the convergence of public blockchains and enterprise use cases.
At a fundamental level, we use a number of cryptography techniques and architectures: Enterprise chains (both private and consortium chain deployments) are treated as subnetworks of the entire Findora blockchain ecosystem. Utilizing our ZK-Snarks implementation to verify the transaction history of the entire sub-chain, the public chain can perfectly serve as a state-notarized blockchain for all sub-networks, this powerful state-notarization service opens the door for asset interoperability.
As such, the Findora Foundation has integrated operations while fostering community building and institutional collaboration. We have a very strong professional team responsible for global fintech and institutional cooperation. Successful adoption by institutions will inevitably enhance the overall confidence of the crypto community in the Findora ecosystem.
Finally, we see community as the key to our success, but building a global community is not easy. Exposure and adoption by the community is very important,We divide the community into several parts: the general encryption community; the developer and researcher community; and the enterprise user community.We believe these communities should be equally strong and mutually beneficial.
On the general crypto community side, we have teams around the world to raise awareness of the Findora brand and services, deploying various growth programs including incentivized participation, gamified app experiments, and bounty programs. We also have a privacy-preserving stablecoin project designed to help address the lack of banking and cost-effective international money transfers.
In terms of the community of developers and researchers, we have a Findora Institute of Advanced Research made up of well-known researchers, economists, and computer scientists. We have dedicated funds to sponsor and support research projects in the private and public domains, especially in cryptography. We are willing to invest and thrive in the developer community and are building an ecosystem fund to invest in DeFi and other applications.
Finally, enterprise adoption is huge for blockchain. We firmly believe that a significant portion of total global transactions will be moved to the blockchain.
At present, Findora already has many partners to help small and medium-sized enterprises migrate to a cloud-hosted blockchain transaction system, which is configured as a subnet of Findora's public blockchain.
And, the more adoption we get, the more momentum and support there will be for the Findora main chain and token utility.
That's all for my speech, thank you for listening.
