Big league cryptocurrencies like Solana (SOL) and Ethereum (ETH) have dominated the DeFi space for a while now and for good reason too.
With Solana’s (SOL) high speeds and low cost of transactions, it’s no surprise the fairly new project has surged and earned itself a place firmly at the top. Ethereum is the second largest cryptocurrency and the largest altcoin in market capitalization and also happens to be the largest network as measured by DeFi TVL (total value locked) and this as well as other things are indications of just how large it is in the industry. With all this, these two are kind of a yardstick of success for other DeFi projects and it’s no surprise that others aim to reach that height. A project that looks like it could potentially touch that peak is PrivaCrip (PRCR), a new DeFi crypto in its presale phase
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PrivaCrip Aims To Protect Users’ Privacy With Private Contracts
One of the biggest value or selling points of blockchain technology is its transparency on the public ledger and inability to be changed. Due to this, there’s very little chance for user privacy and limited use cases of it being an integral aspect of the technology. However, privacy has always been in demand and even more so now, both in blockchain technology and financial services. This is where PrivaCrip (PRCR) comes in.
PrivaCrip (PRCR) is a DeFi solution with the aim of being an open-source platform that will support a varying range of privacy tools and applications through programmable privacy and increase the adoption and usability of decentralized technology and blockchain technology. The protocol believes that it is important for users to have access to alternatives of the applications that violate their privacy and want to provide these through Private Contracts. Private Contracts are next-generation smart contracts that enable encrypted input and output which supports significant flexibility in design and implementation.
Not Sure About PrivaCrip (PRCR)? Consider This
There a myriad of reasons to jump on this new project but here are some key ones;
- It is a security-enabled blockchain. The PrivaCrip (PRCR) Network seeks to establish itself as the most adaptable, security-enabled blockchain in existence. The PrivaCrip (PRCR) Network's parallel runtimes can be used for security-preserving innovation that allows users to share their information to earn money while keeping it completely private, opening up new Web3 use cases such as but not limited to digital identity, DeFi, private metaverse apps for blockchain, and much more.
- With trillions of dollars in existing financial business sectors prepared to enter the arena, the DeFi market is still in its infancy and this protocol has a chance at scalability in private DeFi. The absence of protection, security, and exorbitant costs impede the development of DeFi. The result is a framework that is overly complex, expensive, and challenging to scale. A Layer 1 blockchain like PrivaCrip (PRCR) Network has the potential to expand DeFi beyond early users and gain widespread acceptance.
- Data tokenization is empowered and can be done through the PrivaCrip (PRCR) Network. This will create entirely new use cases for blockchain technology as well as a network environment and set of activities, ushering in a new era of security-first applications that compensate users for their contributions.
- The project has a fast-growing community. A thriving local community of hub administrators, engineers, project partners, representatives, and residents participating in international social channels exists within the PrivaCrip (PRCR) Network.
- The PrivaCrip (PRCR) network has a top-tier Team that is made up of top experts from all around the world, with backgrounds in Fortune 500 firms and the top 10 tech businesses in the world. The main team members are all PhDs with expertise in data security, blockchain technology, and other related topics.
Understanding The PrivaCrip (PRCR) Protocol
PrivaCrip (PRCR) is a layer-1 solution created using the Cosmos SDK that uses the Byzantine fault-tolerant consensus methods of Tendermint to utilize proof-of-stake (PoS). "PRIVATE" is the native token of PrivaCrip (PRCR).
The network's nodes each carry out calculations for consensus, security, and verifiability. PrivaCrip (PRCR) is a layer one solution that works with a number of networks that employ the Cosmos InterBlockchain Communication (IBC) protocol, regardless of the chain they use.
The PrivaCrip (PRCR) protocol takes advantage of Trusted Execution Environments (TEE), key management, and encryption protocols that are included in the hardware specification for all network validator nodes. A Trusted Execution Environment serves as a trusted third party for safe and private hardware-based computations, just like smart contracts provide for transactions. TEEs are hardware elements that are housed apart from the primary operating system on a device's main CPU. A TEE ensures that data is handled, stored, and safeguarded in a stable setting.
Newly registered nodes on the PrivaCrip (PRCR) Network can verify the legitimacy of their hardware and TEE using a procedure called remote attestation. TEEs make sure that nodes cannot see calculations taking place in the trusted environment, ensuring the privacy of the underlying data while the computation is taking place.
The native token PRIVATE is used for governance, transactions, and gas costs; the underlying ledger of PrivaCrip (PRCR) is open to the public. Programmable privacy is a feature of the protocol that allows applications to design arbitrarily complicated data privacy safeguards.
Tokens can be wrapped in their private and fungible equivalents using programmable privacy by using a private contract that follows the PrivaCrip (PRCR) Network SNIP-20 standard. Blocks are generated and added to every six seconds, with a soft limit of about twenty-two transactions per second because of a gas per block restriction. The theoretical maximum with the architecture and protocol design in place is 10,000 transactions per second.
The PrivaCrip (PRCR) Network Tokenomics
Inflation, block incentives, and staking are used by PrivaCrip (PRCR) Network to incentivize PRIVATE holders and validators to join the network. A Byzantine actor finds it more challenging to successfully carry out a Byzantine assault on the PrivaCrip (PRCR) Network consensus layer when there is less supply in circulation. A liberal inflation rate attracts users, developers, and stakeholders in addition to promoting protocol adoption, with the knowledge that the inflation rate may be modified in the future via a governance proposal.
Depending on the ratio of bonded to unbonded PRIVATE relative to the desired percent bonded rate of 67 percent, PrivaCrip (PRCR) Network's inflation rate varies, ranging between 7% and 15%. PrivaCrip (PRCR) Network has a total supply of about 190 million PRIVATE and a twenty-one-day unbonding duration. The ability to charge a commission on delegated PRIVATE is available to validator nodes.
The commission rate ceiling now stands at 20%, with a floor of 0%. Only 1% can change the commission rates of validators every twenty-four hours. In addition to the commission rate, earned block rewards are subject to two more fees: a 2% community charge and a 1% PrivaCrip (PRCR) Foundation fee.
The token ticket is PRCR and will be sold at an initial price of USD 0.10. There is a total supply of 190 million tokens and is distributed as follows;
- 76 million PRIVATE tokens allocated to public sales
- A community pool of 38 million PRIVATE tokens.
- 38 million tokens are allocated to the projects capital reserve
- 19 million tokens go into the ecosystem grants, and;
- 19 million is allocated for staking rewards.
N.B. There will be a two-month vesting period
It can be purchased with USDT (ERC20 and TRC20) as well as ETH, BTC, BNB, etc.. all with varying bonuses. For example, people who buy with USDT (TRC20) get an 18% bonus and those who buy with USDT (ERC20) get an 11% bonus. Buying with ETH gets buyers a 15% bonus and so on. There are also bonuses on presale purchases depending on the stage. The presale phase is in three stages and people who join now, which is the first stage, will enjoy a 7% bonus on their purchase. This percentage will reduce as the presale progresses making this a great time to buy this new and innovative token.
Final Thoughts
PrivaCrip (PRCR) is a protocol with grand plans of solutions and applications that do not in any manner violate users’ privacy. With the high need and clamor for privacy, this will be a unique selling point and could potentially lead to high adoption of the token. They believe that users shouldn’t have to compromise their privacy for security or speed and they have a plan to achieve this which makes them a project to at least watch or even add to one’s portfolio.
PrivaCrip (PRCR)
Presale: https://join.privacrip.io/
Website: https://privacrip.io/
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