Problems Mystiko.Network solves
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 in web2 data oligarchies are often isolated, interoperability(connectivity) between different 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, 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.
Single chain private transaction solutions are available but user experience is hardly pleasant. 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 solutions to do private cross chain transactions, a user must first utilize such coin mixers only on the few chains they support, and then utilize a bridge to finish the rest process, which is hardly a pleasant experience. 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.
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.