Mixerswap is an innovative privacy-preserving protocol inspired by Vitalik Buterin’s visionary concepts on the three transitions that have strengthened the Ethereum network: L2 Scaling, Wallet Security and User Privacy.
Mixerswap is dedicated to advancing the realm of security finance (#SecFi) within Web3 by introducing innovative solutions aimed at bolstering the security and efficiency of financial transactions in decentralized settings. Through its utilization of blockchain technology and smart contracts, Mixerswap provides users with a trustworthy platform for asset swapping, liquidity provision, and reward earning, ensuring a secure and transparent environment for all financial activities. With a steadfast commitment to #SecFi, Mixerswap is poised to significantly influence the future landscape of decentralized finance, offering users newfound confidence and reliability in their financial endeavors on the blockchain.
1. Mission and Vision
Cryptocurrency transactions, despite the common perception, are not entirely private. Every transaction is recorded on a public ledger, allowing anyone to trace back to their origins.
Mixswap’s primary goal is to make DeFi accessible to all, eliminating identity concerns and guaranteeing absolute privacy for every user.
2. Technologies
2.1. Mixerswap adopts ZK-SNARKs as the underlying cryptographic technology to achieve zero-knowledge proofs for transaction validation. Within this framework, Groth16 is specifically chosen for its efficiency, small proof sizes, and fast verification speeds.
2.2. Circom compiler is employed to create, test and create succinctly concise zk-SNARK circuits, ensuring scalability and streamlined computation within Mixerswap.
2.3. The integration of Account Abstraction (ERC-4337) enables users to create smart contract wallets, eliminates the need for separate externally owned accounts (EOAs).
3. Functionality 01: Privacy Mixer
Privacy Mixer, also known as tumbler or blender, is a tool that helps to improve the privacy and anonymity of the user’s transactions. It ensures that the origin of funds is unknown, making it harder to trace back to the original sender or recipient. It is a one-way cryptographic hashing algorithm utilizing a Merkle Tree structure.
3.1. The “Private Note” serves as a personal key, kept confidential by the user throughout their engagement with Mixerswap. Private Note is a unique identifier associated with the user’s deposit and must be saved for future reference.
3.2. Private Node is a “leaf” that includes transaction details and privacy preferences. During the withdrawal process, the user assumes the role of the prover, while the smart contract serves as the verifier. They must generate a correct “proof” to access their Private Node.
3.3. The Relayer acts as an intermediary between users and the Privacy Mixer Contract. Upon correct validation of the “proof”, the Relayer calls smart contract to execute the subsequent action. This ensures that the initial action cannot be traced back to the user.
4. Functionality 02: Privacy Aggregator
The Mixerswap Aggregator connects with routers across blockchains, scanning for the best liquidity. The system then selects the pair with the best liquidity, calculates and compares the options, and then executes the transaction via a Bridge Message.
5. Functionality 03: DAO Committee
Mixerswap DAO Committee is a contract that possesses the capability to reveal the relationship between deposit and withdrawal addresses. Approval for revealing user relationships requires:
a. Total Votes >= Threshold;
b. “Yes” votes > “No” votes.
Committee members remain unaware of vote percentages until voting concludes.
6. Functionality 04: BTC – zkSync Bridge
The Mixerswap BTC-zkSync Bridge introduces a solution that facilitates cross-chain transactions, significantly enhancing seamless interaction between BTC and Ethereum ecosystems. The bridge prioritizes user privacy through the integration of zk-SNARKs, obscuring the identities of senders and recipients, as well as transaction amounts and other sensitive details.
7. Functionality 05: Privacy Factory
Mixerswap’s Privacy Factory leverages AI to rapidly and precisely craft smart contracts, bolstering owner privacy by obfuscating the contract’s creator.
8. The information provided above offers a foundational understanding of Mixerswap, an innovative privacy-preserving protocol built on zkSync and powered by ZK-SNARKs technology.
MixerSwap Socials:
Website: https://www.mixerswap.io/
X (Twitter) https://twitter.com/MixerSwap
Telegram Official: https://t.me/MixerSwapChat
Announcement: https://t.me/MixerSwapAnn
Medium: https://mixerswap.medium.com
Discord: https://discord.gg/HYF6EFcUMK
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Funds Spectrum journalist was involved in the writing and production of this article.