Dark Pool DEX to be constructed by Midnight and Webisoft, emphasizing privacy as a primary feature
Midnight and Webisoft have announced a partnership to develop an institutional-grade dark pool trading platform, aiming to bridge the gap between traditional finance and decentralized ecosystems. The platform, which will operate on the Midnight network, will utilize zero-knowledge (ZK) proof technology for privacy and Midnight's Zswap protocol for secure atomic settlements.
The collaboration could accelerate institutional adoption of DeFi by delivering privacy, compliance, and scalability. Fahmi Syed, the CEO of Midnight, plays a key role in this partnership. He emphasized that traditional blockchains making every transaction permanent and public is a barrier to real-world adoption.
The platform will be an institutional-grade dark pool trading platform, using Midnight's privacy-enhancing technology to create a secure, fully anonymous decentralized exchange (DEX). It will feature a private matching engine using multi-party computation (MPC) and support custom wallets through MetaMask Snap.
The project is built on Midnight's concept of rational privacy, emphasizing privacy as a fundamental right. The platform's confidential asset management, MPC-powered matching, and audited security reports will be released under an Apache 2.0 license for broad developer adoption. All components of the platform will be open-source, encouraging developers to build privacy-preserving applications on the network.
The platform aims to prevent disruption by protecting confidentiality until after execution, preventing price slippage and inefficiencies. It will also allow institutions to confirm trades using ZK proofs without revealing sensitive information, addressing regulatory issues.
The roadmap of the project includes confidential asset management, MPC-powered matching, and audited security reports. The partnership aims to address the challenge of privacy in decentralized finance (DeFi) ecosystems, where public blockchains are open to everyone. The platform will be designed for DeFi capabilities, combining privacy with avant-garde DeFi capabilities.
Developers will have access to open-source tools to build privacy-preserving applications on the network. The project does not repeat earlier facts about the platform's aim to combine privacy with avant-garde DeFi capabilities or its operation on the Midnight network, use of ZK proof technology, institutional-grade dark pool trading platform, secure, fully anonymous decentralized exchange (DEX), use of Midnight's Zswap protocol for secure atomic settlements, private matching engine using MPC, support for custom wallets through MetaMask Snap, and aim to prevent disruption by protecting confidentiality until after execution.
This partnership is a significant step towards enhancing privacy and security in the DeFi space, making it more appealing to institutional investors. As the DeFi sector continues to grow, solutions like this one are crucial for ensuring its long-term success and widespread adoption.
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