ZUG, SWITZERLAND / ACCESSWIRE / December 9, 2021 /Blockchain Partisia and Frax Finance forge a deep partnership that will see the launch of Frax’s FRAX stablecoin on the Partisia blockchain, in addition to the unique Frax price index.
The Frax Price Index (FPI) is the blockchain replacement for the CPI (Consumer Price Index), a financial benchmark used to track the rate of inflation in the traditional economy. The CPI is regularly criticized for being outdated and not correctly reflecting the true extent of inflation. In addition, it consists of monitoring the expenses of a group of consumers and the aggregation of this data, which poses confidentiality issues.
Many would say that inflation of all types of assets, tuition fees, health costs and many other types of expenses are skyrocketing – yet the CPI does not measure this. Through the partnership with Partisia Blockchain, the REIT will provide a new measure of inflation without affecting the privacy of data providers.
The Partisia Blockchain team is a pioneer in privacy protection, with a long history of providing privacy integrations to secure corporate data. The core technology of Partisia Blockchain resides in its Multy-Party Computation (MPC), a network of nodes which, 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 the blockchain and the digital economy taking over, it becomes possible to guarantee better technological solutions while guaranteeing confidentiality.
Frax Price Index (FPI) is the solution that will merge these two needs. Built as a on-chain inflation tracker that aims to maintain a transparent model, FPI will be integrated with Partisia Blockchain where user privacy is guaranteed by Partisia’s dedicated oracles. In this way, the data submitted on the blockchain will provide an efficient and transparent inflation tracking tool to the DeFi world, an implementation that could even challenge the traditional CPI.
“We chose to work with Frax Finance to integrate their algorithmic stable coin, as the technology advances beyond a stable USD coin and uses a supply-demand curve where users who hit and redeem FRAX keep the price stabilized.” said Brian Gallagher, co-founder of Partisia Blockchain. “With Partisia Blockchain’s advanced privacy oracles, a variety of outsourced demographic purchasing data is converted into reliable indexes allowing FPI to disrupt the non-transparent methods heretofore used to report inflation data. “
“The partnership with Partisia Blockchain enables the Frax protocol to access cutting-edge privacy technology,” said Travis Moore, co-founder of Frax. “This allows us to build the Frax price index with a high degree of privacy protection.”
About the Partisia Blockchain
Blockchain Partisia is a Web 3.0 public blockchain designed for trust, transparency, privacy, and speed of light completion. The cutting-edge solution to the privacy and privacy challenges of decentralization, Partisia Blockchain represents the first successful full integration of blockchain technology with another type of commercial-grade distributed cryptography known as secure multi-part computing (MPC). . This combination of Distributed Ledger (DLT) technology with privacy software enables businesses to reap the benefits of decentralized technologies while ensuring that data remains private and secure.
About Frax Finance
Frax is the first algorithmic fractional stablecoin protocol, being partially backed by collateral and partially algorithmically stabilized. Frax is open source, unlicensed, and fully on-chain – currently implemented on Ethereum and other chains. The end goal of the Frax protocol is to deliver decentralized and highly scalable algorithmic currency in place of fixed-supply digital assets such as BTC.
THE SOURCE: Blockchain Partisia
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