Introducing Private Transactions on the Fantom Opera!
Hello Shade Team!
We want to start off by thanking our members for the crazy amount of support you guys have shown us in recent weeks (For real, you guys are amazing!). We are proud to finally announce ShadeCash on our Medium and give you guys a well-deserved update on what we have managed to cook up. We are very excited so without further ado, let’s get into it.
ShadeCash and private transactions on the Fantom Opera!
While using the Fantom network, we have noticed our transaction history and assets are public, which brings about an issue since all it takes is for someone to know your Fantom address to snoop on your transaction history using block explorers such as Ftmscan. This is a big issue as it is unsettling for anyone to be able to see what you have used your funds to buy, where your funds came from, or even how much you own.
We are proud to announce that we are protecting your privacy by introducing the first privacy protocol on the Fantom network. ShadeCash is a Fantom deployed fork of Tornado.Cash, the best privacy protocol on the Ethereum network. It uses proven technology based on strong cryptography; this will allow the Fantom community to send their funds to another address with complete anonymity.
How do we achieve anonymity on Fantom?
ShadeCash achieves anonymity on the Fantom network by using smart contracts, this will break the on-chain link between the sender and the receiver. The contracts will accept FTM deposits that can be withdrawn by a different address, there is no way to link the deposit to the withdrawal, ensuring 100% privacy.
Deposit
To deposit, a secret key is generated and the user will submit its hash along with the deposit amount to the Shade smart contract. The contract will then accept the deposit and will add a commitment to the list of deposits.
Anonymity Set
Anonymity set shows the number of deposits that your FTM can potentially originate from.
Withdraw
To withdraw, proof of possession of a key to an unspent commitment from the contracts deposit list is required, zkSnark technology allows the user to prove they know the key without revealing it. Shade’s smart contract will check the proof then transfer the funds for withdrawal to a specified Fantom Address.
There are two options for withdrawal:
- Wallet
- Relayer
When using the wallet option, you are required to have a new Fantom address that has a bit of FTM on it to cover the gas/network fees.
Using a Relayer will allow you to avoid buying FTM from exchanges/people. All you must do is create a new Fantom address, zkSnark proof and Relayer will do the rest. Gas fees will be deducted from the deposit.
Concluding thoughts
We hope this medium article was informative on what our project is bringing to the Fantom community! We hope to see you guys as we get closer to launch! Stay safe! 🙂
