It cannot be denied that the Crypto market has become what it is today, thanks to the development of many networks and platforms such as Ethereum, Solana, BNB Chain,… not just Bitcoin. But the problem is that there is no connection and mutual support between the networks. Most platforms are self-built and developed in their own way.
That is similar to the “seclusion” policy under the Nguyen Dynasty and the self-sufficient economy of the “subsidy period”. It makes our country’s economy stagnant, underdeveloped and even in crisis. Although the situation is not as tense, networks on Blockchain also need connection, creating a circulation circuit of assets.
To solve that problem, Blockchain needs bridges and projects that connect networks together. And today I will introduce to you the project that brings Bitcoin (BTC) Native to other networks, Portal Finance.
What is Portal Finance? Portal Finance is a platform that helps bring Bitcoin Native access to other ecosystems and vice versa. It does not use token wrapping technology like Ren or Wrapped. So what is Portal Finance? Let’s find out in this article!
What is Portal Finance?
Portal Finance is a DeFi platform that helps exchange cross-chain assets and is a Native asset. On Portal, many products will be developed such as Dex, Lending, Borrow, Option. All features work in a P2P manner to provide a trustless environment.
In essence, Portal is a Layer3 built on Fabric. Fabric is Layer2 on Bitcoin, Fabric’s infrastructure provides an Automic swap atomic swap solution using the Hash time Locked Smart Contract form. Serving the needs of Crosschain asset exchange.
Portal inherits security and decentralization from Bitcoin. As well as using Zero-knowledge technology to allow the first cross-chain transaction that does not require trust but brings privacy to users.
Thanks to the Portal network’s Automic Swap, it allows you to swap Native Tokens like BCH on the Bitcoin Cash network or ETH on the Ethereum network directly over the Bitcoin network and vice versa. Without the need for an intermediary partner or third-party application.
Model of Automic Swap
Using Fabric, Portal enables a web-scale, serverless infrastructure that ensures strong privacy and security.
Portal’s Layer2 and Layer3 atomic swap technology can be used for purposeful computing and data markets. Portal’s goal is to replace the centralized web server model by design and architecture with a free marketplace for data and computation. Fabric provides a functional extension portal for Bitcoin without any BIP.
The Difference Of Portal Finance
- Enables cross-chain exchange of Native Tokens
- Security for Layer 1 swaps and fast processing on Layer2 and Layer3
- Secured by Bitcoin’s Pow consensus mechanism
- Users can combine options for many complex financial contracts
- Ability to combine Order books and matching like a CEX
- Built on Fabric: Privacy and Security verified and Homonorphic Encryption circuits run on Bitcoin
- Low fees thanks to Layer2 support for Crosschain swaps where Nodes can process hundreds or thousands of messages/transactions before settling on the main chain.
- User-friendly interface
Mechanism of Action
Portal will support products such as Dex, Lending, Borrow, Options. But currently the project has only been coded and tested. The product has not been published yet and was shared by the Team on October 24, 2022 on the project’s Youtube channel.
Development Roadmap
Updating…
Core Team
Manoj Duggirala | Co-Founder & CEO
Chandra Duggirala MD | Co-Founder
Manoj Duggirala | Co-Founder
Eric Martindale: Founder & CEO
He started his business with projects such as LocalSense, Verse, an RPG Product, Coursefork. He then moved to become a Developer Evangelist for Blockstream in August 2015. In May 2017, he started to establish Fabric, Layer2 on Bitcoin. In that process, since October 2018, he has been invited to work as an Advisor for Lemniscap until now. And with that, he is also currently Co-Founder and CEO at Portal.
Chandra Duggirala MD: Founder
He worked as CEO for tryFuel.com in August 2014 until November 2017. Then, he started Novobionics in October 2018. At that time, he invented a device to treat diabetes. sugar and obesity without surgery. From May 2018 until now he is Founder, Chairman of Portal. At the same time, he is also a Co-Founder of FounderPool.
Manoj Duggirala: Co-founder
He graduated with a Master’s degree in engineering materials science from Stanford University. His first startup project was GiveandTake.com, founded in early 2008. In early 2015, he worked as Co-founder and CTO of tryFuel.com. At the same time, he was also Co-Founder and CEO of Context360 Inc. Currently he is Co-Founder of Portal, Angel Investor, Co-Founder of FounderPool.
Investors
September 23, 2021: The project successfully raised $8.5M from funds such as Coinbase Ventures, ArringtonXRP Capital, OKEx Blockdream Ventures, Republic.co, Shima Ventures, LD Capital, Monday Capital, GenBlock Capital, Taureon, Autonomy Capital, Krypital Group, B21 Capital, Arkstream Capital as well as senior investors executives and founders of Ethereum, DFINITY, MobileCoin, Tether (USDT), Galaxy Digital, Bitcoin.com, Republic, Centre.io, Polymath, Æternity, Hedera Hashgraph, Blockstream, Reef Finance, GlobeDX and FIO.
Tokenomics
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Exchanges
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Portal Finance’s Information Channel
- Website: https://portaldefi.com/#press
- Twitter: https://twitter.com/portal_finance
- Medium:
Summary
Portal brings a lot of potential to the DeFi industry when it promises to bring Bitcoin Native to the decentralized finance market. Helps eliminate barriers between networks without worrying about security issues.
It is expected to be the gateway for DeFi in the future but the product cannot yet be tested. It also takes a very long time to get that technology. The team has been developing the project for about 3 years but so far has only basically completed the infrastructure. The products have not yet been released to the public.
So I have clarified what Portal Finance is? Portal Finance cryptocurrency overview. Hope this article brings you a lot of useful knowledge!
