Named after the iconic Beatles song, Yellow Submarine aims to offer a one-stop privacy protocol that lets users manage and discreetly transact Ethereum-based tokens across multiple blockchains.
Yellow Submarine combines Findora's native chain with an Ethereum Virtual Machine (EVM) extension known as Findora Smart Chain. (EVM refers to a software platform developers use to create decentralized applications on the Ethereum network.) It uses zero-knowledge proofs—a cryptographic method that allows certain details to be kept secret during a transaction while still demonstrating that the transaction took place and was legitimate.
Launched in April 2021, Findora is maintained by a distributed ecosystem of developers, including the Findora Foundation and Discreet Labs. In October, Findora announced a $100 million ecosystem fund for research, development, and infrastructure—including staking and liquidity. Staking and liquidity are major parts of decentralized finance, or DeFi, a group of blockchain-based services that enable peer-to-peer transactions, lending, and other services.
Discreet Labs CEO Warren Paul Anderson tells Decrypt the programmability of an EVM-compatible blockchain like Findora is what sets Yellow Submarine apart from privacy protocols like Monero or Zcash. But also Ethereum.
Features on Findora’s roadmap include a decentralized privacy-preserving vault, confidential money markets, NFTs, and private DAO fundraising. If Ethereum is into decentralized finance or DeFi, Findora is pushing what it calls PriFi.
"Given Ethereum is near-synonymous with DeFi, this is a major milestone for privacy in Web3," Anderson said.
Findora says the mainnet of Yellow Submarine will launch later this year.