Offshift is working to create a new way for cryptocurrencies to be used in an anonymous manner while maintaining a solid base in real-market pricing.
As a part of the platform’s goal to become a primary center for market liquidity, it has opted to create an attractive incentive program for liquidity providers via Sushiswap.
According to Offshift:
Our LP Rewards Program will be conducted with the following metrics:
- Timeframe: The Offshift LP Rewards Program will commence at 00:00 UTC on March 15, 2021, and culminate at 23:59 UTC on March 14, 2022.
- Rewards: A total of 80,000 XFT are reserved for LP Rewards to be distributed over the course of our 12-month Rewards Program. 10,000 XFT will be distributed in the first month of staking, and the remaining 70,000 XFT will be distributed over the course of the ensuing 11 months.
- Distribution Metrics: Rewards will be distributed to users at every block based on their value staked relative to the total value in the XFT/ETH Liquidity Pool.
- Rewards Claims: LPs may claim their rewards at any time.
- Sushiswap XFT/ETH Market is Located here
It is pretty clear that Offshift is gearing up to deliver an incredible new tool for anyone who is tired of the constant drumbeat of KYM/AML regulations – none of which help to make the world a safer place.
What Does Offshift Do?
Blockchain technology is great – but public blockchains are just that – public.
While the system is pretty difficult to trace for anyone who doesn’t understand the technology, blockchains like Bitcoin have become very easy to monitor, especially when a person can be linked to a specific wallet address.
We are dealing with an existential question – and that is – do people have the right to make anonymous transactions?
Both the author and Offshift think the answer is – yes!
While the author is limited in what they can do to help people that think anonymous crypto transactions are probably ok – and far less harmful than the global banking system – Offshift is making it possible for people to trade in tokens that are 100% linked to the value of major tokens – but with total anonymity.
It all comes down to mint and burn technology, which is where Offshift is developing a platform that may change the way people work with cryptocurrencies from this point forward.
A Great Way to Keep Private Assets Private
According to Offshift’s whitepaper,
“Through a mint-and-burn mechanism, zkAssets are (and can only be) created when XFT are burned. For every 1 USD in XFT sent to the burn address, 1 zkUSD is minted and sent to an output address provided by the sender. XFT per zkUSD, zkETH and zkBTC conversion rate is determined via decentralised price oracle.”
Unique tokens can be minted and burned in the zkXXX ecosystem to correspond with most of the major tokens, and these tokens can be used to complete transactions. Once the tokens are used, they can be burned, and other (clean) tokens can be redeemed.
A Clean Way to Move Forward
The simple fact is that – while many central bankers like to think that cryptos are widely used to launder money – this simply isn’t true.
Remember the question we asked – do people have the ability to make anonymous transactions?
The real question (The author saved it until the end) is – who owns the assets that people consider to be their property?
Offshift is creating tools that allow people to keep their transactions private – and by extension – their assets as private property.
The move to create an incentivized liquidity pool at Sushiswap is a great start – and as more people realize the capacity that Offshift is offering the global community-at-large, it may become very popular indeed.