Offshift announces major rebrand as defi shifts to PriFi

  • Offshift will deploy its mainnet by early Q2 2021 after rebranding.
  • Users will be able to mint Bitcoin with zkERC20 standard to receive zkBTC.

Ethereum-based Offshift has announced a launch date for its mainnet. Scheduled for April this year, the platform will allow users to mint Bitcoin and other products as tokens, with privacy enhancements.

Offshift is a decentralized financial platform and private offshore storage with a dual private/public protocol. One of its most innovative features allows native ERC-20 tokens to be converted into private assets with the Zero Knowledge (zk) standard. These assets are thereby anchored to assets “in the real world.”

As the project revealed in a press release shared with CNF, Offshift will undergo a rebranding process to “improve its presence online” and on social networks. It will include a brand new whitepaper, pitch deck, and other critical documentation. The team behind Offshift announced that the rebranding will take place by the end of February 2021, and added:

However, the project’s core value proposition –to use its proprietary private derivatives platform to catalyze the development of on-chainPrivate Finance (PriFi) – will remain unchanged. The new website and publiccommunications will establish a modern, unified presence that will strengthen the Offshiftbrand, making it more professional and recognizable.

Offshift rolls its new strategy

In parallel with the rebranding of Offshift, the project will be complemented by technical developments on the Ethereum blockchain and Moonbeam. The latter is a Polkadot parachain compatible with EVM.

The team expects to create a “new era” for privacy based on blockchain technology. Offshift will allow its users to mint zkBTC, a synthetic token tied to the price of bitcoin and other zkXAU zkAssets.

These are assets based on the zkERC-20 Token Confidentiality Standard. The zkBTC and other tokens will have privacy enhancements and can be used by users and businesses to protect their data and financial information from third-party monitoring. The Offshift team said:

(…) thanks to the security provided by zero-knowledge (zk) proofs. Zk proofs allow transactionsto be independently verified without disclosing any additional data, such as the amount beingtransferred, or the identities of involved parties.

About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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