You likely haven't heard of Findora, a privacy-centric blockchain that "makes it possible for users to share information without showing it."
But if its strategy pays off, the under-the-radar blockchain being developed by Discreet Labs could be in competition with well-known privacy coins Zcash and Monero. Today, it announced a $100 million ecosystem fund to be used for research, development of new applications, infrastructure such as staking, and liquidity.
The money, to be deployed over the next three to five years or so, comes from a mix of sources. The project raised eight figures in a private funding round last year led by Polychain Capital. Some of that investment was in crypto assets, and the massive rise in market cap has helped stock Findora's treasury. A December public offering of its native FRA token added to that total.
Part of Findora's value proposition is linking components of traditional finance with principles of privacy. Whereas some privacy protocols, namely Zcash and Monero, prioritize anonymity over auditability, Findora uses "selective disclosures agreements" that allow for third-party audits.
Moreover, Findora aims to bring the privacy features of those blockchains to a network modeled somewhat after Ethereum—a layer-1 blockchain that people build upon. In fact, it integrated the Ethereum Virtual Machine for smart contracts back in September.
"Some people have said that it's a more programmable form of Zcash," Discreet Labs VP of Product Warren Paul Anderson told Decrypt. "Or someone even said it's a more ethical form of Monero. And that's no knock on either one of those teams. We actually all run very similar technology." He added that Findora's research team created the "bulletproofs" technology used on Monero.
But the programmability is a bi...