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Findora has announced the creation of a $100 million ecosystem fund in order to attract DeFi applications to the network.
You’ve probably never heard of Findora, a privacy-focused blockchain that “allows users to share information without revealing it.”
However, if its strategy pays off, Discreet Labs’ under-the-radar blockchain could compete with well-known privacy coins Zcash and Monero. It announced today the creation of a $100 million ecosystem fund to be used for research, the development of new applications, infrastructure such as staking, and liquidity.
The money, to be deployed over the next three to five years or so, comes from a mix of sources. The project raised eight figures in a private funding round last year led by Polychain Capital. Some of that investment was in crypto assets, and the massive rise in market cap has helped stock Findora’s treasury. A December public offering of its native FRA token added to that total.
Findora’s value proposition includes connecting traditional finance components with privacy principles. Unlike some privacy protocols, such as Zcash and Monero, which prioritise anonymity over auditability, Findora employs “selective disclosure agreements” that allow for third-party audits.
Furthermore, Findora intends to bring the privacy features of those blockchains to a network modelled after Ethereum—a layer-1 blockchain on which people can build. In fact, it added the Ethereum Virtual Machine for smart contracts in September.
“Some people have said that it’s a more programmable form of Zcash,” Discreet Labs VP of Product Warren Paul Anderson told Decrypt. “Or someone even said it’s a more ethical form of Monero. And that’s no knock on either one of those teams. We actually all run very similar technology.” He added that Findora’s research team created the “bulletproofs” technology used on Monero.
However, programmability is a significant step forwards. Findora intends to develop decentralised applications, allow users to create their own tokens on its blockchain, and incorporate stablecoins into the mix.
You’re right if that sounds like decentralised finance (DeFi). Anderson hopes that the ecosystem fund will result in decentralised exchanges, lending protocols, and payment applications on Findora.
Developers can apply for grants from the Findora Foundation to build protocols or platforms, and members of the Findora DAO will vote on which ones get funded using their FRA. As the blockchain seeks users, validators can apply for funding.
Users of FRA are also eligible for rewards. Findora is offering annual rewards of up to 250 percent to those who begin staking, which is now available on mainnet alongside delegation.
But, before they rush in, potential stakeholders, validators, and developers should be aware that Findora is not comprised of anonymity maximalists; it has its own philosophy.
“A big thing that we talk about is the difference between privacy and secrecy,” Anderson said. “So privacy means you don’t want the world to know everything. Secrecy means you don’t want anyone to know something.”
Findora is proud to support privacy. But it doesn’t want its network to remain a secret anymore.