Introduction to the Prometheus Protocol- Bridging traditional finance and Decentralized Finance (DeFi)
AllianceBlock allows traditional financial institutions to participate in the DeFi ecosystem.
The ecosystem collapses multiple layers of traditional investment banking in order to streamline Issuance, Validation and Governance while integrating a unique Regulatory and Compliance Framework.
- Different countries have different regulations
- No legal framework to invest in tokenized assets and/or securities
Code of conduct uncertainty
- No common standards and code of conduct for the creation and management of digital assets
- Lack of formal frameworks (governance, information barriers)
Institutional-grade digital asset management infrastructure
- Lack of protection against cyber and physical crime versus traditional infrastructure
- Lack of a bridge to legacy systems that promotes continuity
Our value proposition
Maximize the impact of your financial services and cross industry tech stack with financial assets tokenization, new asset classes and investment opportunities.
The AllianceBlock flexible protocol makes it easy to automate existing operational processes while staying compliant and transparent with all stakeholders.
So you can connect your data, free up time and improve your customer experience.
The Prometheus Protocol as a solution
The Prometheus Protocol is a comprehensive and layered architecture that facilitates cross-border primary and secondary transactions in capital markets in a completely regulated and compliant manner. It provides the framework to digitize all forms of assets in seamless compliance with the regulations in effect. The Prometheus Protocol is comprised of the following three layers:
Data Governance Layer
To provide in-architecture data management which complies with local and international data privacy laws while safeguarding the quality of data over time and over distance.
Cross Border Regulatory Compliance Layer
To ensure automated validation of transactions and their compliance with applicable local and international regulations. Trusted Legal Entities add/amend transaction governing logic after consensus to ensure conformity with regulation
Securities' Issuance and Lifecycle Management Layer
To enable an end to end regulated issuance and management of the lifecycle of the issued digitized security
The Prometheus Protocol builds on top of Distributed Ledger Technologies (DLTs) to achieve:
● Transparency in Data Governance
● Security in Transactions
● Compliance to Regulations
● Automatization of Corporate Actions
at the institutional level and top-down adherence to compliance and regulatory requirements across jurisdictions via its Cross Border Regulatory Compliance Layer.
Role Based Access Control
Access is controlled via a Role-Based Access Control (RBAC) mechanism that allows read-only access to the users. It uses zero-knowledge proof driven validation of users’ identities and eligibilities by the issuers and the trusted legal and regulatory entities.
User data is stored post-encryption on a decentralized data registry and its hash (also acting as the key of the key-value pair) is stored not only in that data registry but also on the user’s devices. If the user wishes to grant access to their information to any third-party entity, they simply need to share their access key with the entity. The entity will then leverage the Prometheus Protocol’s API to query for the user data which will be provided post a successful check by our RBAC.
This secondary check by the RBAC ensures that the user is protected from phishing, hacking, and honey potting attacks from nefarious actors. Even if the nefarious actors gain unauthorized access to the investor’s hash, they’ll be prevented from using it to unlock the user’s data by the RBAC. Since such actors do not possess qualifying credentials (for e.g. private key), they’ll be denied access to the data.
The initial Proof of Concept of the Prometheus Protocol has been developed. We are continuing the work by expanding the various components and layers of the protocol to meet all set requirements and goals.
In our following blog posts we will zoom in to the different layers and components in more detail in order to give you a better understanding of how the protocol operates and what integrations with it could look like.
AllianceBlock pioneers the bridge between traditional finance and decentralized Finance (DeFi) by decentralizing global capital markets.
Incubated by the famous accelerators Station F and L39 (the largest European Fintech incubator) and 2019 Alumni in the famous Kickstart Innovation Prorgram in Zurich AllianceBlock was one of the 12 VC-vetted fintech startups generating buzz at the Money20/20 conference in Amsterdam.
- Visit our Website: www.allianceblock.io
- Join our Telegram: https://t.me/allianceblock
- Join our Discord: https://discord.gg/hF7AGgt