I. What is PureFi Protocol?
PureFi Protocol is a unique DeFi AML protocol that introduces cryptocurrencies. In collaboration with AMLbot, Hacken, and Crystal, PureFi aims to provide a comprehensive solution for cryptographic analysis of crypto assets and AML/KYC processes within the DeFi market.
The project focuses on enhancing the security of DeFi and decentralized exchanges (DEX) by integrating with AML providers through Oracles. By doing so, they offer crypto asset analysis to safeguard user pool liquidity and ensure honest participation by mitigating the risks associated with illicit funds. For instance, users within a liquidity group can utilize NFTs containing AML/KYC data to avoid the potential receipt of illegal funds.
The protocol’s scope extends to covering a wide range of risks specifically related to pool liquidity and DEX users, enabling the reporting of suspicious activities and facilitating confirmation upgrades. PureFi’s risk scoring methodology can be fully customized through DAO voting to align with various regulations and compliance requirements.
II. PureFi Protocol solutions
The PureFi protocol offers an AML database that conducts analysis of crypto wallets and transactions. This analysis is presented in the form of certificates based on verifiable credential standards, which inherently serve as machine-readable documents.
The results of the analysis are securely stored in IPFS and can be accessed through the verifiable credential (VC) certificates.
The VC certificates provide a convenient way to utilize the information contained within them. Each certificate includes details about asset prices, AML/KYC status, and other relevant metadata. These certificates can serve as official verification for AML/KYC purposes and other legal authentication requirements. The verifiable credential format enables the use of a selective disclosure protocol, which empowers the certificate owner to securely share only the necessary data with validators. Moreover, PureFi employs a zero-knowledge-based approach to generate secure data proofs that can be validated against on-chain contracts. This grants users the unique ability to obtain a PureFi Certificate and verify it on-chain without relying on any third-party intermediaries.
III. How to solve PureFi’s problem?
In order to safeguard trustworthy participants in the DeFi market from dishonest electronics, PureFi is a collection of onchain oracles and smart contracts.
In order to safeguard users of liquidity pools and law-abiding market participants from the threat of “dirty money,” it will establish connections with AML providers via orcales and offer crypto asset research.
IV. Core Technology of PureFi Protocol
The PureFi protocol encompasses three types of common users:
Liquidity Pool Users (LP Users), Liquidity Pool Operators (LP Operators), and Issuers. LP Users are individuals who want to contribute their funds to the Liquidity Pool and need to demonstrate to the LP Operator that their funds are clean.
LP Operators are responsible for controlling and operating the liquidity pool, ensuring that no illicit assets enter their pool. Issuers are users who monitor potentially illicit cryptocurrencies and act as trusted parties between LP Users and LP Operators in the KYC/AML process.
To facilitate this process, the PureFi protocol utilizes PureFi Certificates, which are issued by the Issuer to LP Users’ addresses. LP Operators can then perform manual or automatic (on-chain) validation of these certificates. If automatic chain validation is employed, the liquidity pool can immediately accept coins and issue LP tokens.
When LP Users assign the liquidity pool smart contract address to the protocol and send their funds to the PureFi smart contract, the Money Laundering (ML) Risk Analysis Protocol kicks in. It conducts calculations to assess the ML risk and stores the information in an IPFS JSON file, including details like the transaction amount, address, date, and AML risk score.
Based on the risk score, two results are possible:
Result A: If the risk score exceeds the threshold, the protocol will refund the sender.
Result B: If the risk score is below the threshold, an NFT certificate will be generated from the JSON file, and the funds will be automatically sent to the liquidity pool smart contract address.
When LP Users withdraw from the liquidity pool, they must interact with the PureFi protocol smart contract. The protocol links outgoing funds with NFT certificates using the liquidity pool smart contract address, timestamp, and amount.
On the other hand, LP Operators receive liquidity from users through the PureFi smart contract. The protocol estimates the ML risk of incoming funds through oracles and either forwards the funds to the liquidity pool or rejects the transaction based on the resulting threshold. If an incoming transaction is linked to an NFT certificate that confirms the cleanliness of the coins, the sender’s identity, or the origin of the funds, the liquidity operator can automatically deposit those coins into the pool, thereby increasing its liquidity. The NFT certificate reading occurs when the liquidity pool address is whitelisted for a specific NFT.
V. What is PFI?
1. Detailed Information about PFI
- Token Name : PureFi Protocol
- Tiker : $UFI
- Blockchain : Ethereum
- Total Supply : 100.000.000
- MarketCap at TGE : $750.000
2. PFI Allocation
PureFi Tokens (UFI) with 100,000,000 UFI are allocated as below table and distributed in 4 rounds.
- Private KOL’s : 15,000,000 UFI for $0.09. Initial unlock schedule is 10% tokens and 90% vesting within 3 years.
- Late Seed Round : 15,000,000 UFI for $0.09. Initial unlock schedule is 10% for 5 months and 90% vesting for 4 years.
- Hacken Round : 10,000,000 UFI for $0.12. Initial unlock schedule is 10% and 90% vesting within 2.5 years.
- Public Round : 4,000,000 UFi for $0.15. Initial unlock schedule is 25% and 75% vesting within 1.5 years.
Liquidity pool: 1,000,000 UFI and the corresponding amount of ETH according to the public ring price will be locked with the UFI/ETH token on Uniswap.
Farming UFI token: …
3. Use Cases of PFI
The PUREFI Token (UFI) is an ERC20 token minted on the Ethereum blockchain that powers the PUREFI protocol. The main utility function of UFI is to provide access to PureFi services, to enable circulation within the PureFi protocol, to receive new experience and protocol updates, and to enable cryptographic analysis and authentication. identity proof.
VI. How to earn & own PFI?
PureFi Protocol (UFI) trading platforms: Uniswap, Gate.io, Quickswap, Pancake Swap,etc.
VII. Which Crypto Wallets are suitable for PFI?
VIII. PFI Recent Developments
Roadmap – Project Roadmap
- Smart contracts for AML oracles
- Basic PureFi smart contract development and testing. Open to the public
- Web interface development, demo upload
2nd quarter – 3rd quarter 2021
- Integration of AML orcles with PureFi protocol (3 oracles)
- Smart contract for VC certificates – development. Technology testing and auditing
- Open to the public
Quarter 4 of 2021 – Quarter 1 of 2022
- Smart contract for KYC/data oracles
- Basic PureFi smart contract update
- Complete web interface
- Partnerships and collaborations with DEXs and Oracles
- QA and launch of PureFi MVP
IX. Teams, Funds & Partners of PFI
2. Investment Funds & Partners
The above is Waytrade’s comment on the PureFi Protocol project which is our personal opinion, this is not investment advice at all. Investors should be responsible for their own decisions.
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