What is Portal Gate?
Portal Gate is a privacy solution powered by a zero-knowledge compliance oracle. It serves as a means for DeFi users to move their assets & break the on-chain link between wallets. Portal Gate leverages the Ethereum blockchain to enable users to transact with enhanced privacy and anonymity, as well as meet compliance requirements subject to varying jurisdictions.
A series of other potential use cases include private on/off ramps, dark pool trading, structured credit products, anonymous investing, and on-chain salary payments.
The solution will initially support ETH, USDT, USDC & DAI.
The key features of the protocol lie within zero-knowledge technology, relayers, and our compliance partner, Keyring. These all support the core functionality of Portal Gate:
- ZK-KYC & ZK-KYB offers anonymous identity verification for users with adherence to AML/CTF guidelines. zkSNARKs are utilized to confirm the validity of withdrawal requests and break the connection between users and their relevant addresses.
- The relayer network is designed to maintain the anonymity and security of withdrawal addresses by paying gas fees on their behalf.
- Keyring is the compliance tool that facilitates the off-chain & online proof of compliance through third-party KYC & KYB providers.
From a user’s perspective, there are two significant incentives for them to use and contribute to the Portal Gate ecosystem:
- Deposit: Users can deposit their crypto assets into the protocol’s privacy pool and obfuscate the on-chain link between their wallets. Early users of the protocol will be rewarded with a form of liquidity incentive.
- Stake: By staking the native PGT token on the protocol, users may be eligible for lower fees on their transfers, staking rewards and governance rights.
How does Portal Gate separate itself from current products in the market?
- Self-custody: Underlying assets are held in OpenZeppelin’s ERC20 wrapper. Assets can be unwrapped 1:1 once compliance is no longer required. No risk of de-pegging as assets remain wrapped in the smart contract.
- Scalability: Portal Gate will be chain-agnostic and expand to more ecosystems in the future. The protocol will seek to partner with dApps & provide their products with a privacy layer.
- Institutional Oriented: Solves the problem for institutions with compliance requirements in DeFi. Users can access private compliance reports only available to them which state the details of their Portal Gate transfers.
With the increasing need for privacy and compliance in DeFi, Portal Gate is ready to enter the market and stand by our users to provide them with a service that gives them their right to privacy.
More information will be released soon. Follow our socials below to stay tuned for more Portal Gate updates.
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