Comment on page
Cross chain connectivity to all. Mystiko.Network’s zk-snarks protocol(Mystiko Protocol) can be easily implemented to almost all major blockchain layer 1 like Ethereum, BSC, Solana, Polkadot, Avalanche, Terra, Polygon, etc. and layer 2 like zkSync, Arbitrium, Optimum, etc. as well as popular blockchain applications. The ability to integrate with all blockchains by Mystiko Protocol enables Mystiko.Network the omni-connectivity to all web3 infrastructures, thus making Mystiko.Network the base layer of web3.
Full financial privacy. Mystiko Protocol utilizes secure zero-knowledge proof technology together with advanced encryption and shield address designs to break the link between users' deposit wallet address on source chains and withdrawal address on destination chains, making it untraceable and unlinkable to other users. Such features guarantee that users’ financial privacy including account balance, asset holdings, and trade history is fully confidential.
Lower transaction fees. With the implementation of zero-knowledge based scaling technology, transaction fees on Mystiko.Network will be lower than those of other coin mixers.
Complete user control. Mystiko Protocol is a non-custodial protocol, in which users keep custody of their cryptocurrencies while operating on Mystiko.Network. Users, not Mystiko.Network or anyone else, are the only ones with control over their cryptocurrencies throughout the whole process.
Easy and convenient user experience. Mystiko.Network offers users a single-click cross chain private transaction experience in an all-in-one wallet that supports multiple blockchains and cross chain bridges, and supports arbitrary withdrawal amount from the same deposit.
Aggregating major bridges. Mystiko Protocol is being implemented to most popular cross chain bridges in web3. Users could choose their preferred bridge services with one slick from Mystiko Wallet.
Fast. Due to the complexity of cross chain transactions, the zk circuit size is about 3x as that of other privacy coin mixers’ averages. Yet, Mystiko Protocol has made several technical improvements making the verification cost the same as that of other privacy coin mixers.
Secure of funds: On Mystiko.Network, private notes(proofs of users’ cryptocurrency deposits) are encrypted and even in the very unlikely extreme case when one’s private note is hacked, the hacker cannot withdraw one’s asset since in Mystiko Protocol design, withdrawal requires one’s private key. Encrypted private keys are different from zero knowledge proof private keys on Mystiko.Network for better security, a design not yet supported by other privacy coin mixers.
Privacy for the Good, Not for the Bad in Post Tornado Cash Era. Mystiko designed the first decentralized auditing system for on-chain private transactions. In Mystiko’s decentralized auditing system, a decentralized auditing committee will be established and such a committee will support auditing the transaction flow of suspicious deposits from bad actors while protecting the privacy of regular users.
Financial privacy issues restrict web3 from broader adoption. Blockchain, the foundation of Web3 with its transparency and traceability design, exposes all users’ transaction data to the public, including account balances, asset holdings, trading history, etc. Such data exposure leads to potential security and personal privacy risks that restrict web3 from broader adoption. However, with the base layer that Mystiko.Network provides to the whole web3 ecosystem, users transaction details on and in between all blockchains will be kept confidential via zero-knowledge proof technology, a secure cryptography mechanism to keep users’ financial data private.
Current cross-chain bridges have not supported private transactions yet. While web2 data oligarchies are often isolated, interoperability(connectivity) between blockchains and blockchain applications deeply roots as the basis of web3. Hundreds of cross-chain bridges have emerged acting as the linkage for users to transfer assets from one chain to another, accumulating billions of inter-chain trade volumes. Yet, no existing cross-chain bridge has supported privation transactions that protect users’ account balance, asset holdings, and trading history privacies. Mystiko.Network offers a zero-knowledge proof-based privacy protocol solution to all cross chain bridges, which breaks the linkability between a user’s deposit on a source chain and withdrawal on a destination chain. Mystiko.Network cross chain privacy protocol has an easy-to-plug-in feature that can be integrated into almost all major inter-chain bridges in the web3 ecosystem.
Current single-chain private transaction solutions are available but user experience is hardly pleasant for both individual users and developers. Single chain coin mixing solutions are already experimented in the market, e.g. Tornado.Cash. However, the user experience of such solutions is quite limited since users not only suffer from heavy transaction costs, but also encounter complications when moving assets from one chain to another. With such a private cross-chain transaction solution, a user must first utilize such coin mixers only on the few chains they support, then utilize a bridge to finish the rest process, which is hardly a pleasant experience. Meanwhile, current solutions do not support developers to scale privacy for their users. Yet, with Mystiko.Network, user experience is on the single-click level to conduct cross-chain private transactions, making it an easy and convenient base feature for web3; and as a privavy infrastructure provider, Mystiko is dedicated to provide privacy as SDK for dApp developers to easily add privacy for their users.
Private transactions traditionally involve high gas fees. Privacy costs. Extra gas fee is required if users activate privacy services, like Tornado.Cash etc. The average gas amount of Tornado.Cash isn, which . Unpleasant high gas fee for cross chain private transactions has put up barriers for users to adopt privacy services. However, Mystiko.Network offers a zero-knowledge proof based scaling solution to reduce such gas fees to an affordable level.
Unable to provide privacy for good, while protecting them from bad actors. On August 8th 2022, the U.S. The Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash and called it “a significant threat to national security.” However, there are many legitimate reasons why someone would want to use privacy features. For example, an employee getting paid by their company in crypto may not want their employer to know all of their financial details. Donors might want to keep their identities hidden when they donate funds. Current on-chain privacy solutions failed to balance the right to preserve privacy for users without illicit purposes and the compliance request of global regulators.