YfDFI, the community-built DeFi platform announced a strategic partnership with Zoracles, the privacy-enhanced oracles provider. The community that leads YfDFI aims to bring traditional financial services to DeFi. However, it also wants that the DeFi Financial Center must remain a fully community-owned and governed platform. For the functioning of a truly decentralized platform trustlessly, YfDFI solutions like exchange and swaps need a decentralized oracle solution too. Not many oracle network providers out there promise confidentiality of data to smart contracts. And this is where Zoracles stands out.
Speaking to the Altcoin Buzz team, YfDFI Partnership Manager Kevin shared that Zoracles uses zero-knowledge proof. Undoubtedly, zero-knowledge proofs provide stronger privacy and ensure confidential data is provided to smart contracts. He emphasized that this is much needed to ensure privacy, safety, and integrity in the blockchain space.
Zoracles – Reliable, Private and anonymous data
According to the Zoracles whitepaper, the oracle solution randomizes the sources of data for anonymity. Furthermore, to achieve private data delivery, the solution cryptographically constructs proving schemes and verifications. Along with that Zoracles also addresses the security problems faced by oracles to access off-chain data for smart contracts. Effectively, Zoracles zero-knowledge oracles will add another privacy layer to YfDFI solutions.
Unlike previously popular closed oracle services, Zoracles is based on Open Oracles Technology. As a result, it promises higher data security to YfDFI exchange and swap solution users. Additionally, most of the oracle networks out there are providing redundant data at a high fee. However, Zoracles will provide free data feeds to smart contracts.
According to Yosuke, Community Manager YfDFI, “YfDFI Finance being at the core of decentralized community project really needs a decentralized oracle solution for price feeds data for our various solutions such as exchange & swaps rather than the centralized oracle providers since ZKPs can create anonymity of sources and amounts. Zoracles is still very much a protocol under development but looking at their Github and development activity, we believe Zoracles are primed to deliver Snarks as a Service and YfDFI Finance is glad to form a strategic partnership with them.”
Zoracles – Snarks as a Service promise
According to a recent press release, Zoracles development team has leveraged its zero-knowledge range proofs to create a Zk-Snark for credit checks. In the future, it plans to use this capability to offer “Snarks as a Service” to enterprises and ease their transition to blockchain. This will help in the wider adoption of blockchain technologies in the enterprise space.
Partnership Manager Kevin shares with Altcoin Buzz, “I’m excited to see how Zoracles “Snarks as a Service” will prove itself in the ongoing ZKPs discussion.”
YFD, the token that was generated with no value is now trading at $253.9.
For more crypto-related updates, do check out the Altcoin Buzz YouTube channel.