At 2:00 PM UTC on July 12, 2021, VBC hosted the AMA show with PolkaCipher project, whose representative for this AMA is Mr. Tim Rainer – CEO of the project.
Brief introduction of the guest and PolkaCipher
I am Tim Rainer, the CEO of PolkaCipher. I have been in the Blockchain space since late 2015 and took an involved approach in 2016 as a business and financial advisor with a few startups.
I have continued to evolve my work and life around the Blockchain industry and continue to look for ways to provide complete use cases to consumers and businesses alike.
PolkaCipher is a cross-chain privacy-preserving project on the Polkadot ecosystem. Our primary aim is to expand the applications of NFTs & DeFi and its use case in business settings and also increase the reach of Web3 applications in the blockchain economy via seamless integration to our project, privately.
We intend to bridge the gap between off-chain internet economy and on-chain blockchain decentralized application, using PolkaCipher that relies on verified vendors to provide accurate and trusted data.
PolkaCipher, when ready, will be fully community-owned and decentralized.
Question:
I like the solutions PolkaCipher provides to users that are NFT loans, DEX private swaps called CipherDex that appear on your roadmap, and a digital locker secured by NFT … Can you explain how these three solutions work, and how users can collect NFT loans?
Tim Rainer:
NFT loans will work like any collateralized assets in the market that will be up for lending and the lender can decide the value and interest rate for the collateral.
Once approved by NFT holder, a swap will happen that will hold the NFT in our lending vault and assets from the lender’s wallet will be transferred to NFT holder’s wallet.
The NFT holder will have x amount of days before the lending period is over which will be pre-decided before the deal to return the funds with interest and collect back the NFT staked.
If the NFT holder fails to repay before the decided time, NFT locked in our vaults will be auto-transferred to the lender, thus completing the transaction.
More details on inner-workings will be out with the product.
CipherDEX as you mention is a decentralized DEX where users or businesses can mint NFTs, make private transactions and use it as a gateway to trade NFTs in general.
Businesses and users will be provided with options to make trades, private, semi-private or public based on the need of the time.
Digital vaults secured by NFTs are vaults where you can store your data on secure cloud locations but can be only accessed by the NFT holder. These NFTs can be transferred to someone else or other chains, hence transferring the ownership of the vault without moving the data.
