Reef Finance to Add Raze Network

Reef Finance recently announced its decision to enter into a strategic partnership for working on private transactions of decentralized finance. Raze Network is developing unique solutions that can ensure end-to-end anonymity for the Web3.0 stack and EVM-compatible DeFi. The novel solutions involve applying zkSNARKs to the framework of Zether for developing anonymous, decentralized modules.

The EVM-compatible Blockchain of Reef Finance that powers the operation of DeFi applications is the novel Reef Chain. The customized Blockchain network of Reef Chain permits developers to create dApp and deploy DeFi projects on Ethereum. The Substrate framework of Reef Chain offers high scalability, thereby enabling instantaneous, low-cost transactions. Reef Chain also allows the developers to migrate the dApps from Ethereum to the Blockchain network of Reef Finance without making any changes to the code base.

Raze Network focuses on maintaining a private cross-chain trading and payment system that protects the transparency of user behavior and assets from surveillance. Through the integration between Reef Finance and Raze Network, Raze Network shall implement homomorphic public-key encryption in the dApp ecosystem of Reef Finance. This implementation shall allow the DeFi users of the ecosystem to maintain confidentiality. Raze Network is currently using the zK proof schemes to ensure the consistency of the payment system and the “one-out-of-many” proof to hide the identities of the sender and the receiver.

The partnership will help Raze Network to drive on-chain transactions privately for the DeFi users of Reef Finance. It is the primary goal of the partnership to amplify the level of privacy of transactions and make the process of investing in DeFi applications and building DeFi solutions more convenient. At present, Reef Chain is at its canary stage. The official mainnet of Reef Chain is going to be launched soon.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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