Varys Capital Announces Investment in PolkaCipher
Varys Capital is pleased to announce an investment in PolkaCipher. PolkaCipher’s aim is to bridge the gap between the off-chain Internet economy and on-chain decentralized applications, and to be at the forefront of the cross-chain NFT ecosystem with community governance and a privacy-enabled network.
Although NFTs (non-fungible tokens) have been around since 2014, they have exploded into the digital asset space in recent years as a way to purchase and sell digital artwork. Since November 2017, $174 million has been spent on these tokens, and the market reached a total of $250 million in 2020. Anything that can be transmitted digitally can be stored in an NFT, whether it’s a program, a media file, or even contracts. PolkaCipher looks to expand the application of NFTs and decentralized finance in business settings and to increase the reach of Web3 applications in blockchain economies. NFTs have so much further use cases beyond art, and business NFTs could be used to issue insurance documents, allow access to games, do legal transfers, be used as collateral to issue loans, and much more.
PolkaCipher is structured at two potential groups of customers. The Business suite of products allows companies to securely distribute and collect data privately over its oracle network, which will provide secure data storage and allow them to mint, distribute, and collect NFTs. Solutions for users allow them to privately mint, collect, and distribute NFTs, take out and fund loans, a digital locker secured by NFTs, and a decentralized exchange for private swaps.
PolkaCipher offers a wide range of flexibility for NFT solutions that can give access to their features while simultaneously maintaining control over the apparatus. For example, businesses that want to pay their employees can send an NFT which can access a fund wallet, which allows the employee to withdraw funds after a certain period of time using the NFT. Once the employee leaves the organization, the NFT can be locked by the organization to prevent any further withdrawals. Another example could be a community owner wanting to grant access to his group via NFT permissioned chat can do so with time lock features which expire after a certain time.
To facilitate this, PolkaCipher entails a full suite of different applications, including Truss, its lending, staking, and mining platform; bNFT, for business-focused NFTs; eDATA, to facilitate data collection for business NFTs and Defi; CIPHERDEX, a trading platform for NFTs, and SuperStable, a cross-chain ecosystem for all its other applications. All of these applications will be used in tandem to expand use cases for NFTs, creating an environment for a permissioned community, community government, web-app logins, remote wallet access, and more.
Although smart contracts as they currently exist have a wide level of flexibility, one of their biggest drawbacks is their level of access to data. Smart contracts cannot store data on their own, and have no easy way to retrieve reliable real-world data. PolkaCipher aims to correct this by building a scalable Layer 2 component layer based on a privacy blockchain, and a P2P network in the blockchain ecosystems for data management. It will then obtain confident data resources by adding economic incentives and penalties for the community to maintain a self-operating data source component. This will allow NFTs to privately transact between two parties without revealing any information to the public, while still being made fully or partially available upon request.
PolkaCipher is an ambitious, innovative project that endeavors to keep NFTs at the forefront and demonstrate that they are so much more than a method of transmitting media. Much as digital assets brought a decentralized method of exchanging value to the world, NFTs under PolkaCipher could help shoulder the load of business administration and bring a shift away from expensive legacy systems. PolkaCipher will also allow for secure data storage and governance, solving one of the major pain points of smart contracts.
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