ZUG, SWITZERLAND / ACCESSWIRE / December 9, 2021 / Partisia Blockchain and Frax Finance are forging a deep partnership that will see Frax's stablecoin FRAX launched on Partisia blockchain, in addition to the unique Frax Price Index.
Frax Price Index (FPI) is the blockchain replacement of CPI (Consumer Price Index), a financial benchmark used to track inflation rate in the traditional economy. The CPI is regularly criticized for being outdated and not reflecting the true extent of inflation correctly. Furthermore, it's composed by tracking expenses of a group of consumers and aggregating that data, which poses privacy issues.
Many will point to the inflation of all types of assets, tuition, healthcare costs and many other types of expenses skyrocketing - yet, the CPI does not measure this. Thanks to the partnership with Partisia Blockchain, the FPI will provide a newer inflation measurement without impacting data provider privacy.
The Partisia Blockchain team is a pioneer of privacy protection, with its long experience of providing privacy integrations to secure enterprise data. Partisia Blockchain's core technology lies in its secure Multy-Party Computation (MPC), a node network that combined with distributed ledger technology (DLT), has given birth to an advanced platform that enables confidential transactions and DeFi, as well as private and efficient oracles.
With blockchain and the digital economy taking over, it becomes possible to guarantee better technological solutions while guaranteeing privacy.
Frax Price Index (FPI) is the solution that is going to merge both these needs. Built as an on-chain inflation tracker that aims to maintain a transparent model, FPI will be integrated into Partisia Blockchain's where the users' privacy is ensured by Partisia's dedicated oracles. This way, data submitted onto the blockchain will provide an efficient and transparent inflation tracking tool to the DeFi world, an implementation that might even be challenging the traditional CPI.
"We chose to work with Frax Finance to integrate their algorithmic stable coin, because the technology is advancing beyond a pegged USD stable coin and uses a demand-supply curve where users minting and redeeming FRAX keeps the price stabilized," said Brian Gallagher, co-Founder at Partisia Blockchain. "Together with Partisia Blockchain's advanced privacy oracles, a variety of crowdsourced demographic purchasing data are converted into trustworthy indexes enabling FPI to disrupt the non-transparent methods so far used to report inflation data."
"Partnering with Partisia Blockchain allows the Frax protocol to access cutting edge privacy protection technology," said Travis Moore, Co-Founder of Frax. "This enables us to build out the Frax Price Index with a high degree of privacy protection."
About Partisia Blockchain
Partisia Blockchain is a Web 3.0 public blockchain built for trust, transparency, privacy, and speed of light finalization. The cutting-edge solution to decentralization's confidentiality and privacy challenges, Partisia Blockchain represents the first successful complete integration of blockchain technology with another commercial grade type of distributed cryptography known as secure Multi-Party Computation (MPC). This combination of Distributed Ledger Technology (DLT) with privacy-enhancing software allows enterprises to experience the advantages of decentralized technologies while still guaranteeing that data remains private and secure.
About Frax Finance
Frax is the first fractional-algorithmic stablecoin protocol, being partially backed by collateral and partially stabilized algorithmically. Frax is open-source, permissionless, and entirely on-chain - currently implemented on Ethereum and other chains. The end goal of the Frax protocol is to provide a highly scalable, decentralized, algorithmic money in place of fixed-supply digital assets like BTC.
Contact Details:
Dan Edelstein
[email protected]
SOURCE: Partisia Blockchain