Odaily First Release | Former Coinbase CTO Joins Findora, Stanford Background Team Enters the Public Chain Battle

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2019-08-14 08:00

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Bulletproofs technology enables selective disclosure, allowing users to prove that financial transactions are correct and compliant without disclosing sensitive information, which meets the compliance and confidentiality requirements of financial institu

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"There are always endless fraud cases in the banking and private equity industries all over the world, especially in the P2P industry. The opacity of the financial system, system friction and backward technology have brought a lot of man-made losses."

Charles Lu, CEO of Findora, a public chain project, explained to Odaily. "Findora is about creating transparent operations, fraud-resistant and auditable financial services".

Findora hopes to build the underlying infrastructure of a global financial network in which users can control their own data, identity and financial assets. Everyone can build financial applications and participate in building a decentralized financial system.

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Consensus mechanism: POS+ federated Byzantine consensus agreement

The main characteristics of the Federated Byzantine Agreement are decentralization and fault tolerance for arbitrary behavior. Through distributed methods, a quorum or sufficient groups of nodes can reach a consensus. Each node does not need to rely on the same participants to determine the object of trust. Complete the consensus.

"PoS is a verification mechanism for pure economic incentives. It is an incentive mechanism that is completely open and anyone who holds tokens can join. Once there is a problem with this mechanism, such as downtime or large-scale corruption, the Federal Byzantium will The fault-tolerant mechanism will automatically cut in to maintain the integrity and timeliness of the chain. We think this consensus mechanism is very suitable for the financial industry because of its high stability."

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Confidential transactions based on Bulletproofs

Information on the Findora network is auditable. As a type of zero-knowledge proof technology, Bulletproofs technology can achieve selective disclosure. Users can prove that financial transactions are correct and compliant without revealing sensitive information, which meets the requirements of financial institutions for compliance and confidentiality.

Zero-knowledge proof was proposed by S.Goldwasser, S.Micali and C.Rackoff in the early 1980s. It refers to the ability of the prover to convince the verifier that a certain assertion is correct without providing any useful information to the verifier.

Bulletproofs' technology was invented by Benedikt Bünz and Jonathan Bootle. The former is the co-founder and head of research at Findora.

Charles introduced that Bulletproofs can reduce the size of encrypted transactions, can be used to keep data confidential, and can also help auditors audit confidential data, so as to ensure that the privacy of consumers and financial service providers is not violated. In October 2018, Monero's hard fork upgrade also used Bulletproofs technology, reducing the size of its confidential transactions by about 80%.

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The Findora platform will be divided into three layers. Financial services applications are at the top. Findora is developing a variety of applications including smart investment funds, but third-party developers can build more applications.

An example application supported by the Findora platform is the Smart Investment Fund (SF), a smart contract-based fund. Fund managers manage the funds and decide where the money should go, but all tracking and recording of assets is distributed across the network. Using only dedicated zero-knowledge proofs and multi-party computation, the platform's privacy tools enable regulators and investors to ensure fund compliance while guaranteeing the confidentiality of fund participants.

The developer tools middle layer provides security tokens, financial passports (Findora’s identity tool), auditing and asset tracking tools, and privacy-preserving compliance tools using dedicated zero-knowledge proofs and multi-party computation.

The base layer is the underlying distributed ledger protocol that supports confidential payments, smart contracts, multi-signature accounts, and non-custodial exchanges.

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Stanford background, former Coinbase CTO joined

Findora was created by a team of Stanford University researchers and entrepreneurs. Charles Lu is the co-founder and CEO of Findora. He holds a bachelor's degree and a master's degree in computer science from Stanford University. He is a Ph.D. student in cryptography at Stanford. He studied under Professor Dan Boneh. He founded the Stanford Blockchain Club in 2014. He is currently taking a doctoral leave to start Findora full-time. project.

Ben Fisch is the co-founder and chief technology officer, a Ph.D. in the Applied Cryptography Group of Stanford University, and has participated in the protocol development of Filecoin, Chia and Ethereum. Ben Fisch and fellow member BunzBenedikt are known for several inventions in the field of blockchain and cryptography, including Bulletproofs (zero-knowledge proof technology), verifiable delay function (VDF) and Filecoin's proof of storage.

Member John Powers is the former CEO of Stanford University's $25 billion endowment.

On August 14, former Coinbase CTO Balaji Srinivasan also announced to join Findora as a strategic advisor. Before joining Coinbase, Srinivasan was a partner at Andreessen Horowitz and a co-founder of Earn.com, Counsyl, Teleport and Coin Center. He is also an alumnus of Stanford University.

Findora

public chain