For cryptocurrency to ever truly replicate physical cash and become a mainstream value transfer mechanism, it needs the ability to be transferred anonymously, like its fiat counterpart.
Although some say cryptocurrencies like Bitcoin and Ether are beginning to fill this role as non-private cash alternatives, the proper framework is not yet in place for end-to-end anonymity, save for dedicated privacy coins like Monero.bu
Raze Network is a new project anchored to the Polkadot ecosystem that’s on a mission to change that. The Substrate-based layer-two for anonymous payments makes it easy for anyone to instantly transfer value, and comes with cross-chain capabilities. With Raze Network, virtually any cryptocurrency can now mimic real cash, bringing the blockchain space one step closer to mainstream usage and adoption beyond merely speculation or a store of value.
Building a Second Layer to Strengthen the Defi Ecosystem
By applying zkSNARKS to its Zether framework, which they can then import as a Substrate-based smart contract, Raze enables cross-chain payments that are guaranteed to preserve privacy. With many organizations and malicious parties increasingly looking to track and evaluate user spending habits, an implementation of this sort is the only way to truly protect your digital footprint.
Raze can bring forth this privacy payment methodology through its one-to-one minting of Base Tokens to Private Tokens. This allows any user to easily create an anonymized version of any token they own. Through these newly-minted privacy tokens, transactions can remain completely anonymous, with the identity of the seller and receiver, as well as the amount of value sent, fully concealed. When the user completes their transaction, they can easily convert the anonymized tokens back into their native base form. This seamless process will allow for simple and anonymous transfer with an easy on- and off-ramp for users.
In the process, Raze will improve liquidity and multichain interoperability stemming from the Polkadot network. Users will be able to quickly interact with chains like Ethereum, even if they are not holding Ethereum-native digital assets. Raze will support all defi products and assets within the Polkadot ecosystem, allowing for greater value realization from more fluid assets.
There is no trusted setup required to interact with Raze, either, with all network parameters available to be tested transparently and at any time. As the cherry on top, Raze supports anonymous mining, introducing an essential liquidity function across the defi space. Through the combination of all of these features, Raze can offer a unique, anonymous, and highly usable transaction network.
How the RAZE Token Drives Value
The RAZE token is the backbone of the Raze economy, capturing the value that flows through the network in a variety of ways. As a decentralized network, RAZE serves as the governance and voting mechanism, allowing stakeholders to have a firsthand say in Raze’s future direction and operations. RAZE also acts as a privacy-preserving means of exchange, allowing its holders to transact without the fear of being tracked or watched. Finally, to support long-term value generation, Raze will perform token burns, decreasing the overall supply to boost the user base and make their assets equivalently more valuable.
Raze is far past the conceptual phase, as the project will be holding a liquidity bootstrapping pool (LBP) on Balancer starting tomorrow, April 13 and a triple IDO on Poolz, Bounce and DuckStarter today. Raze is making 4.8 million RAZE available for sale, four percent of the total supply, for a three-day period. The price of RAZE can fluctuate within the LBP depending on demand, so make sure you time your entry. However, if you want to get involved before the public launch, you’ll need to do so during the sale period, or you will have to fight with the open market for a share in the network.
Raze Network is introducing a highly coveted concept in the blockchain space: cross-chain anonymous transactions. Through its one-to-one token minting process, Raze can protect its users from wandering eyes and make sure that their digital transactions remain completely anonymous.
The post Raze Network: Raises the Bar for Private Payments on Polkadot appeared first on Blockonomi.
Source: Raze Network: Raises the Bar for Private Payments on Polkadot