Privacy Stablecoins as P2P Digital Cash
The lack of privacy remains a significant obstacle for stablecoins to function effectively as digital cash. With current blockchain systems like Ethereum, it is too easy to analyze the exact amount of money individuals and businesses hold, as well as how they spend it, based on the public ledger.
Chameleon Network enables the creation of privacy stablecoins, such as pDAI or pUSDT. These privacy stablecoins will offer both stability and privacy, much like physical cash. They will be ideal for cross-border business payments and offer a secure, familiar way for users to store personal savings.
Anonymous Cross-Chain Decentralized Exchanges
Existing decentralized exchanges (DEX) are pseudonymous, meaning they provide limited privacy. Chameleon Network’s pDEX (privacy decentralized exchange) will be a new type of exchange that is not only decentralized but also fully privacy-protecting.
Thanks to Chameleon’s interoperability with various cryptonetworks, the pDEX will facilitate anonymous cross-chain trading—for instance, trading pBTC for pDAI. In the first two months since its launch, Chameleon’s pDEX is expected to facilitate nearly 16,000 anonymous trades across 150 pairs.
Buy & Sell Crypto Anonymously
Chameleon Network will provide a way for users to buy and sell crypto anonymously. On platforms like LocalBitcoins or through Bitcoin ATMs, users will be able to perform transactions with privacy. The seller will simply need to make a deposit to the buyer’s Chameleon wallet address. Although the seller will not need a Chameleon wallet, the buyer will enjoy full privacy. Similarly, sellers will be able to sell crypto anonymously, making transfers from their Chameleon wallet to the buyer’s address, who may or may not need a Chameleon wallet if they don’t mind exposure.
Pay Anonymously Online
Many distributed teams and companies are turning to crypto payroll to cut down on international transfer fees, save time, and, in some cases, pay employees in a more desirable currency. However, the major downside of traditional crypto payroll is that salary and payment details are publicly visible to anyone who examines the blockchain.
With Chameleon’s anonymous payroll system, users will be able to make payments in privacy-preserving stablecoins like privacy USDT, privacy BTC, or another chosen privacy coin. This system will eliminate the issue of public exposure while still retaining all the benefits of digital payments.