SINGAPORE, Oct. 9, 2024 /PRNewswire/ -- Worldwide Stablecoin Payment Network (WSPN) is excited to partner with Polyhedra Network to incorporate zero-knowledge technology for the future of digital payment. Leveraging Polyhedra's expertise in cutting-edge cryptographic techniques, this partnership aims to drive innovation, speed, and security for digital ledger technology used by international payment systems.
WSPN provides transparent and efficient solutions for payment technology, with a dedication to shaping seamless experiences at the frontier of financial inclusion. In particular, WSPN pioneers the stablecoin WUSD, which is pegged 1:1 to the U.S. Dollar and aims for worldwide payments and round-the-clock financial markets. WUSD is built to bridge the gap between DeFi and TradFi, uniquely poised to transact across borders and mitigate volatility associated with other riskier assets. WSPN has taken a proactive approach with regards to compliance for WUSD, partnering with security firms like Certik to ensure smart contract integrity.
There are three areas the joint teams have identified for collaboration:
Interoperability with zkBridge
Bringing zkBridge to WSPN's infrastructure will help increase interoperability without relying on external trust assumptions. zkBridge allows different networks to verify data in a secure manner, and employs the use of best-in-class provers to significantly improve proof generation. zkBridge also reduces on-chain verification costs, and will allow for transference of cross-chain assets and liquidity. Together, zkBridge and WSPN hope to benefit the overall functionality, data validity, and collaboration of the WUSD system.
ZK-powered Proof of Reserve
Polyhedra will build upon WSPN's current Proof of Reserve process by using a ZK PoR mechanism. Polyhedra PoR will help demonstrate and ensure that assets exist 1-1 to back the WUSD coins held on-chain. This verifies that every dollar in WUSD is backed by its equivalent tangible asset in the real world. As a result, users can have more trust in the stability of their asset(s).
Pioneering Private Transactions
Historically, the transparency of digital ledgers has been a sore point for financial institutions that require privacy and regulatory measures such as selective disclosure. Polyhedra has developed a proprietary offering which employs conditional de-anonymization for compliant and efficient transactions. In the context of WUSD, this solution will empower users and institutions with the ability to obfuscate their transaction details.
All three of these solutions are supported by Expander, the fastest ZK proof system to date. Invented by the cryptography team at Polyhedra, Expander uses innovative polynomial commitment schemes integrated with the GKR protocol to minimize computational overhead, reduce memory usage, and process high-performance calculations. Expander's contribution to these products and this collaboration means WSPN can set a new industry standard for scalability and security in stablecoins.
Together, WSPN and Polyhedra are excited about how this partnership will expand ecosystems and drive value for users and the community. Increasing usability of these tools will help to bridge the gap between traditional finance and the digital economy.
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About Polyhedra Network
Polyhedra Network is building the next generation of secure, interoperable, and scalable blockchain infrastructure with advanced zero-knowledge-proof technology. The team has developed and deployed several next-generation ZK-SNARK protocols resulting in performance improvements orders of magnitude faster than existing solutions. Their interoperability solution, zkBridge, connects over 25 blockchains and proves the validity of cross-chain messages utilizing zero-knowledge proofs. Developers building with Polyhedra Network can create secure, scalable, interoperable applications without any additional trust assumptions.
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About WSPN
WSPN is a leading provider of next-generation stablecoin infrastructure, committed to building a more secure, efficient, and transparent payment solution for the global economy. Their flagship product, WUSD stablecoin, is pegged 1:1 to the U.S. Dollar and aims to optimize secure digital payments for Web3 users. WSPN 's Stablecoin 2.0 approach prioritizes user-centricity, community governance, and accessibility, paving the way for widespread stablecoin adoption.
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