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Revealed: September 25, 2023 at 10:02 am Up to date: September 25, 2023 at 10:03 am
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In Temporary
Mystiko.Community launched a Layer 2 (L2) privateness answer on Base mainnet, addressing the urgent want for enhanced privateness and safety inside blockchain transactions.
The Mystiko Protocol, powered by zero-knowledge proof know-how, ensures cross-chain connectivity, full monetary privateness in compliance with business requirements and consumer management.
The community makes use of zk-SNARKs to make privateness reasonably priced for builders and customers.
Mystiko.Community, an auditable Web3 zero-knowledge connectivity and privateness base layer, introduced its launch on the Base (Coinbase’s L2) mainnet.
Backed by Coinbase, the Base community made its public debut in August and swiftly gained approval for its strong safety, cost-effectiveness and developer-friendly attributes inside the Ethereum L2 ecosystem.
Mystiko.Community’s launch on Base goals to offer a scalable and personal blockchain infrastructure tailor-made to the wants of Web3 builders and customers.
Whereas Layer 2 applied sciences supply improved scalability and pace, in addition they introduce a definite set of challenges — significantly within the areas of transaction privateness and safety. A main concern revolves across the transparency of all Layer 2 transactions, which might expose delicate information and jeopardize cryptocurrency belongings. To make sure the continued development and acceptance of blockchain know-how, the crucial for a scalable, privacy-oriented common answer is clear.
In response, Mystiko.Community emerges as the primary L2 privateness answer that’s totally compliant with the Base mainnet.
To handle the urgent want for privateness and safety inside L2 networks, Mystiko is constructing a privacy-focused common answer. As the primary L2 privateness answer that’s totally compliant with the Base mainnet, Mystiko goals to foster common scalability and cross-chain privateness.
By harnessing “zk of zk” know-how and zero-knowledge proofs, Mystiko.Community has launched a particular array of capabilities.
Enhancing Privateness and Interoperability in Web3
Mystiko.Community’s zk-SNARKs protocol, known as the Mystiko Protocol, seamlessly integrates with main L1 blockchains equivalent to Ethereum, BSC, Polygon, Avalanche, Polkadot, Fantom, in addition to L2 options like Base, zkSync, Arbitrium, and Optimum. This strong interoperability establishes Mystiko.Community because the foundational layer of Web3.
The Mystiko Protocol employs safe zero-knowledge proof know-how and superior encryption strategies to sever the connection between customers’ deposit pockets addresses on supply chains and withdrawal addresses on vacation spot chains. This course of ensures full confidentiality and bolsters customers’ monetary privateness, encompassing account balances, asset holdings and transaction historical past.
As a non-custodial protocol, Mystiko ensures that customers keep management over their cryptocurrencies whereas working on the community.
Mystiko goals to safeguard the elemental privateness rights of real customers in opposition to exploitation by malicious actors who exploit on-chain privateness. To realize this objective, Mystiko developed the business’s first auditable zero-knowledge personal transaction characteristic for on-chain transactions.
Throughout the community’s decentralized audit system, a committee of respected establishments, chosen by the neighborhood, oversees suspicious deposits made by malicious actors, all of the whereas preserving the privateness of standard customers.
In instances the place regulatory compliance is critical, suspicious asset transactions bear decentralization and audit processes, performed by trusted auditors primarily based on the bulk votes of the committee.
Moreover, the community supplies customers with an intuitive interface, permitting them to execute cross-chain personal transactions effortlessly. The versatile Mystiko pockets accommodates a number of blockchains and cross-chain bridges, affording customers the flexibleness to withdraw completely different sums from a single deposit.
Notably, Mystiko’s personal transactions yield a considerable price discount of 70-90% when in comparison with typical privateness options.
Since its deployment on the Ethereum, BNB Chain, and Polygon mainnets, Mystiko.Community has facilitated over 100,000 transactions, amounting to a complete worth of $97 million in cryptocurrencies. All of this was achieved whereas upholding full privateness and safety.
Developer-friendly Privateness SDK
Along with L2 privateness, Mystiko facilitates integration throughout numerous blockchain parts, together with blockchains, wallets, bridges and decentralized functions (dapps). This complete method ensures end-to-end privateness for all worth transfers, rendering it a flexible answer for builders and customers alike.
Furthermore, Mystiko affords a privateness software program improvement equipment — named “Privateness as an SDK” (PaaS). The providing seeks to handle each interoperability and privateness considerations by way of a unified answer.
Builders can seamlessly combine the SDK into their infrastructures or functions, making it exceptionally versatile. The platform depends on two distinct zero-knowledge proofs: ZK SNARKs for transaction element anonymity and ZK rollups to mitigate potential effectivity losses and excessive transaction gasoline charges.
Reasonably priced Privateness for All with zk-SNARKs
Mystiko.Community firmly advocates for accessible privateness safety inside blockchain networks. This dedication to affordability is mirrored in its desire for zk-SNARKs over zk-STARKs.
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As depicted within the chart above, zk-SNARKs necessitate a mere 24% of the gasoline required by zk-STARKs, leading to considerably lowered transaction prices for end-users.
Moreover, zk-SNARKs characteristic extra compact proof sizes when in comparison with zk-STARKs, resulting in decreased on-chain storage calls for.
By sustaining transactions under the 200-byte threshold and minimizing information on the L1 blockchain, customers take pleasure in gasoline bills as little as 10% to twenty% compared to typical privateness options.
To interact with Mystiko.Community’s personal transactions, customers have the chance to conduct exams throughout a number of blockchains and cross-chain networks. Suitable testnets embody Base, Ethereum, Polygon, BNB Chain, Fantom, Avalanche and Moonbeam.
Customers can discover Mystiko’s privateness safety characteristic by way of MetaMask. Moreover, the platform helps bridges like Celer IM, Mystiko Take a look at Bridge, LayerZero and Axelar Community.
Customers who check out Mystiko.Community App for personal funds stand an opportunity to earn Mystiko NFTs and achieve future whitelist alternatives by way of the “Degree-Up” NFT marketing campaign, verified by way of Galxe.
Calling All Builders
Mystiko.Community is establishing a common Web3 privateness infrastructure utilizing PaaS (Privateness as an SDK). Builders eager on incorporating Mystiko.Community’s privateness options of their tasks can get hold of further data and integration particulars by getting in contact with [email protected].
The community eagerly invitations collaboration with builders to reinforce on-chain privateness and speed up crypto adoption inside Web3.
Disclaimer
Any information, textual content, or different content material on this web page is supplied as basic market data and never as funding recommendation. Previous efficiency just isn’t essentially an indicator of future outcomes.
The Belief Venture is a worldwide group of stories organizations working to determine transparency requirements.
Cindy is a journalist at Metaverse Submit, protecting subjects associated to web3, NFT, metaverse and AI, with a deal with interviews with Web3 business gamers. She has spoken to over 30 C-level execs and counting, bringing their priceless insights to readers. Initially from Singapore, Cindy is now primarily based in Tbilisi, Georgia. She holds a Bachelor’s diploma in Communications & Media Research from the College of South Australia and has a decade of expertise in journalism and writing.Get in contact together with her by way of [email protected] with press pitches, bulletins and interview alternatives.
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Cindy Tan
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Cindy is a journalist at Metaverse Submit, protecting subjects associated to web3, NFT, metaverse and AI, with a deal with interviews with Web3 business gamers. She has spoken to over 30 C-level execs and counting, bringing their priceless insights to readers. Initially from Singapore, Cindy is now primarily based in Tbilisi, Georgia. She holds a Bachelor’s diploma in Communications & Media Research from the College of South Australia and has a decade of expertise in journalism and writing.Get in contact together with her by way of [email protected] with press pitches, bulletins and interview alternatives.