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zenGate Global

· 9 min read
Denicio Bute
Denicio Bute
Community Content Lead - CF

https://www.zengate.global/https://www.zengate.global/

In this interview, Daniel Friedman, CEO of zenGate Global, discusses his extensive experience in the technology industry and how he leverages blockchain technology to revolutionize the commodity trading industry through zenGate's flagship platform, Palmyra. Palmyra aims to address challenges like inefficiencies and lack of transparency in traditional commodity trading by tokenizing commodities and real-world assets (RWAs), and utilizing advanced traceability protocols. The platform leverages the Cardano and Ergo blockchains for security and scalability and has established partnerships with key industry players like World Mobile, Chainlink and the Tea Association of Sri Lanka. Sounds Exciting? Well.. let's dive right in!"


Hello, Daniel Friedman. It's great to connect with you today and learn more about zenGate. Before we dive into that, could you please introduce yourself to our audience? We'd love to hear about your background and your experiences with Cardano.

Hello! My name is Daniel Friedman, and I'm CEO of zenGate Global. I have over two decades of experience in the technology space, starting back during the dot-com era. I was one of the founding team members of IOHK (IOG) that helped launch the Cardano blockchain back in 2016. During my time there, I worked across several roles, with my highlight being the development of the business development team and working in emerging markets. This experience has become extremely relevant to my current role, where we aim to bring blockchain technology to the commodity trading industry.


You have experience with Cardano and Ergo. Could you share some specific insights or lessons you've learned from working with these blockchain platforms?

Certainly. Working with Cardano and Ergo has taught me the importance of scalability and sustainability in blockchain technology. Cardano's emphasis on rigorous scientific research and formal methods has shown me how critical it is to build a robust and secure foundation. Ergo’s focus on decentralised finance (DeFi) solutions has provided valuable insights into creating flexible and user-friendly financial products. Both platforms have underscored the necessity of community involvement and transparency in driving innovation and adoption.


What inspired you to become an entrepreneur in the blockchain space? What advice would you give to aspiring entrepreneurs in this field?

The potential of blockchain technology to revolutionise various industries inspired me to venture into this space. The ability to provide transparency, security, and efficiency in transactions and processes is incredibly powerful. For aspiring entrepreneurs, my advice is to focus on solving real-world problems with your solutions, stay informed about the latest technological advancements, and be prepared for a constantly evolving landscape. Building a strong, knowledgeable team and maintaining a user-centric approach are also crucial for success.


What are some of the most exciting trends you're seeing in the blockchain and commodity trading industries? Where do you see the most potential for growth and innovation?

One of the most exciting trends in blockchain is the rise of decentralised finance (DeFi) and its applications in various sectors, including commodity trading. The tokenization of real-world assets (RWAs) is another significant trend, enabling more efficient and transparent trading. In commodity trading, integrating blockchain can address issues like supply chain inefficiencies and lack of transparency. I see immense potential in leveraging blockchain to create new financial instruments, enhance traceability, and provide secure and efficient trading platforms.


Excellent! Thank you for the extensive introduction. This really helps us understand your background and your experiences. We're happy to have you as part of our ecosystem. Now, about zenGate: can you tell us more about the project and the problem you were addressing?

zenGate Global aims to revolutionise the commodity trading industry by leveraging blockchain technology to enhance transparency, efficiency, and accessibility. Traditional commodity trading faces numerous challenges, including inefficiencies, high costs, and lack of transparency. Our flagship platform, Palmyra, addresses these issues by providing a secure, transparent, and efficient trading environment. By tokenizing commodities and utilising advanced traceability protocols, we enable seamless and reliable transactions.


Your projects seem to consist of two brands: zenGate and Palmyra. Could you please elaborate on the differences between them, and explain how Palmyra fits into the broader vision of zenGate?

zenGate Global is the overarching company driving the innovation and development of our blockchain solutions. Palmyra is our flagship platform specifically designed for commodity trading. While zenGate focuses on developing and implementing cutting-edge blockchain technologies, Palmyra is the practical application of these technologies in the commodity trading sector. Palmyra embodies our vision of creating a transparent, efficient, and accessible trading ecosystem, leveraging the foundational work done by zenGate.


How does zenGate differentiate itself from other players in the commodity trading or supply chain management space? What unique advantages does Palmyra offer?

zenGate differentiates itself through its deep integration of blockchain technology to address specific challenges in commodity trading. Palmyra offers unique advantages such as the tokenization of commodities, which enables more efficient and transparent trading. Our Winter Protocol ensures robust traceability and security, enhancing trust in the transactions. Additionally, our focus on real-world asset (RWA) tokenization and partnerships with key industry players like Chainlink and World Mobile further strengthen our competitive edge.


Could you provide more technical details about Palmyra? What blockchain technology does it utilize, and how does it ensure security and transparency in transactions?

Palmyra leverages the Ergo & Cardano blockchains for its robust security, scalability, and sustainability. Our Winter Protocol is the core framework for tokenizing and tracing RWAs, which is currently deployed on Ergo and very soon on Cardano as well, ensuring that each commodity is accurately represented and tracked on the blockchain. We utilise advanced cryptographic techniques and smart contracts to automate and secure transactions. Integrating Chainlink’s oracles allows us to bring off-chain data on-chain, ensuring data integrity and reliability. This combination of technologies ensures a high level of security and transparency for all transactions on the platform.


What were some of the biggest challenges you faced in developing and launching zenGate and Palmyra? How did you overcome them?

One of the biggest challenges was developing a robust and scalable blockchain infrastructure that could handle the complexities of commodity trading. Ensuring seamless integration with existing systems and gaining the trust of industry stakeholders were also significant hurdles. We overcame these challenges by leveraging our expertise in blockchain technology, forming strategic partnerships, and continuously iterating on our platform based on feedback from pilots and industry experts. Our commitment to transparency and security has been key in building trust and driving adoption.


Which partnerships have you established so far, and which ones have been the most impactful or are you most proud of?

We have established several key partnerships that have been instrumental in our journey. Notable partners include World Mobile, Minutes Network, Chainlink, and the Tea Association of Sri Lanka. Each of these partnerships brings unique strengths to our platform. For instance, our collaboration with Chainlink enhances data integrity and reliability, while the partnership with the Tea Association of Sri Lanka helps us penetrate critical markets and demonstrates real-world use cases of our technology. These partnerships have significantly enhanced our platform’s capabilities and market reach.


Is the platform already being use? Are there any statistics/figures that you can share with us?

Yes, the Palmyra platform is already in use. We have conducted successful pilots and are onboarding users in various regions. While we are still in the early stages, we have seen promising engagement and adoption rates. For example, we have onboarded several commodity producers and traders, and the feedback has been overwhelmingly positive. Specific statistics and figures will be shared as we gather more data and continue to expand our user base. You will also see transactions & tokenization coming on chain very soon.


What's next for zenGate and Palmyra? What are your short-term and long-term goals for the platform? Any roadmap that you can share with us?

In the short term, we aim to expand our user base and enhance the platform's features based on user feedback. This includes rolling out verifiable credentials and grading modules and integrating more advanced oracle solutions. In the long term, we plan to scale our operations globally, targeting new markets and forming additional strategic partnerships. Our ultimate goal is to establish Palmyra as the leading platform for commodity trading, setting new industry standards for transparency, efficiency, and security.


Maybe a question I should have asked earlier, but i figured, lets not close without asking: What has been the most rewarding aspect of your journey with zenGate so far? What are you most passionate about when it comes to your work?

The most rewarding aspect of my journey with zenGate has been seeing the real-world impact of our technology on people’s lives. Knowing that we are helping to make commodity trading more transparent, efficient, and accessible is incredibly fulfilling. I am passionate about leveraging technology to solve real-world problems and creating solutions that have a meaningful impact on others. Seeing the positive feedback from our users and partners and knowing that we are driving innovation in the industry is what motivates me every day.


Tell us about your team. Who are the people behind zenGate / Palmyra?

Our team is composed of highly experienced professionals with diverse backgrounds in blockchain technology, finance, and commodity trading. Key members include:


If you’d like to check out the rest of the team please visit: https://www.zengate.global/about-us