Offshift [Old] Price (XFT)

Offshift is a privacy-centric DeFi ecosystem, or PriFi (Private DeFi). The platform implements a unique approach of zero knowledge (zk) assets that are private on-chain (an activity that takes place on the blockchain) synthetic assets for anonymous ownership. zkAssets combine privacy-as-a-service with existing DeFi tools to make way for a new line of derivative instruments that accessorize privacy. Thus, on the Offshift platform, users can anonymize their crypto holdings and purchase other technologies without the drawback of exposure and public profiling.

According to itse whitepaper, the DeFi umbrella has been expanding in recent times, attracting crypto enthusiasts from around the globe. However, individuals have to forfeit their privacy in various real-life situations. Thus, Offshift helps in reducing the burden of users by dissolving the existing tradeoff between privacy and crypto using zero-knowledge (zk) proofs to mint asset-pegged, synthetic tokens that are intrinsically private. Zero-knowledge proofs are unique protocols that authenticate a user's work without sharing extra information.

Next, the platform offers cross-chain dynamics, and users can benefit from the versatility of multiple blockchains that best suit their preferences. Also, Offshift is developing a private derivatives platform on both the Ethereum and the Polkadot parachains. Thus, the network supports shifting, staking, and bridging assets on various blockchains, but not just multiple blockchains, the platform also supports various types of assets, including crypto, traditional currency, commodities, and digitally tradable assets with price feeds all on one private platform.

XFT is the platform’s main token based on the ERC-20 token standard. Offshift’s native shifting mechanism allows users to swap between XFT and a full palette of zkAssets. For instance, a user with sufficient XFT balance can shift wBTC tokens to zkBTC via the burn-and-mint mechanism. Consequently, holders can mint a wide array of zkAssets using the XFT token. Offshift’s burn-and-mint mechanism burns(destroys) a user’s XFT and mints a new zkAsset of equal value. In addition, users can purchase XFT on listed DEX platforms.

Private blockchain developers form the team of Offshift wherein Johnny and George are the team leaders, Jimme is the development leader, and Alex, the CSO, handles social channels and smooth functioning of the platform.

The Offshift whitepaper was released in early July 2020. The maximum supply is ten million XFT tokens.

We update our Offshift [Old] to USD currency in real-time. Get the live price of Offshift [Old] on Coinbase.

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