Prism is an innovative on-chain bridge allowing conversion of digital assets on the Findora blockchain.
PALO ALTO, Calif., Feb. 16, 2022 /PRNewswire-PRWeb/ -- Findora, a leading privacy-focused Layer 1 blockchain, launches Prism, an on-chain bridge to allow the conversion of digital assets for retail users and developers alike.
Most blockchains follow one of two record-keeping models: the unspent transaction output (UTXO) model or the account model. Blockchains such as Bitcoin use a UTXO model, while Ethereum uses an account model. Findora integrates both models into its chain architecture to capitalize on the advantages of each. By uniting these parallel chain approaches with Prism, Findora enables the automatic swap of tokens between the two without the need for a central intermediary.
Warren Paul Anderson, VP of Product at Discreet Labs, which is one of the leading developers of Findora, shared, "With Prism, users can atomically and trustlessly convert their FRA-native tokens on the native chain to FRA-smart tokens on the smart chain. This increased functionality allows for a huge amount of diversity in the DeFi ecosystem via the Findora chain."
On the Findora native chain, the tokens are called "FRA-native tokens," and are used for staking to guarantee network security, paying transaction fees, and voting on Findora Improvement Proposals. On the smart chain, FRA-smart tokens are used to pay transaction fees and interact with dApps built on the Findora EVM.
A key innovation of the Findora's Smart Chain is the design of the Smart Chain token which is not only a token required to pay for gas transactions on the Smart Chain but it's also enhanced to follow the Smart Chain's FRC-20 standard (Findora's version of Ethereum's ERC-20) by default. So unlike Ethereum, which requires the ETH tokens to be wrapped into ERC-20 form before they can work on an Ethereum DEX, Findora Smart Chain tokens will work automatically on any Findora DEX without the extra step of needing to wrap the FRA tokens first.
Prism functionality is included in the latest version of the official Findora wallet.
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Findora is a public blockchain with programmable privacy. Originally conceptualized as a university cryptography research project in 2017, and finally launched to the public in 2021, Findora utilizes the latest breakthroughs in zero-knowledge proofs and multi-party computation, to allow users transactional privacy with selective auditability. For more information, please visit https://findora.org/.
About Discreet Labs
Discreet Labs believes our digital future is more private and self-sovereign and is building the technology necessary to achieve this vision. Discreet Labs combines the reliability and transparency of decentralized, public blockchains, together with the security and privacy of zero-knowledge proofs, to enable confidential transactions. Applications developed by Discreet Labs provide both the transactional privacy that institutions desire, along with the proofs of compliance that regulators require.
Nick Rodriguez, Melrose PR, (310) 260-7901, email@example.com