What is Hurricash?
Hurricash is a decentralized protocol designed to help users transact privately on the Fantom, Binance Smart Chain, Avalanche & Pulse Chain networks. Whenever you transact on these chains, your transactions are public through Etherscan or other block chain analysis tools. Our protocol helps protect your privacy by offering a way to transact without leaving a trail.
What are private transactions?
Transactions on the blockchain are currently pseudonymous and transparent. By viewing the public blockchain, anyone can derive information such as the source of your funds, your balances, and your payments. In short, they could analyze your on-chain activity, including your entire transaction history. That’s because transparency is the default position on the EVM which is used by the most popular blockchains.
This is why Hurricash is building a network for private transactions. Private transactions exist to serve those who want anonymity and complete privacy, by breaking the link between the sender and receiver of a transaction. This helps bypass censorship, restrictions and government surveillance. Therefore, if you’re someone who doesn’t like others being able to trace your transactions, then you may be interested in what Hurricash has to offer.
Why are private transactions important?
Private transactions are more important to some than others. Similar to revealing your personal identity online, some users are okay with a public transaction history while others see it as a security threat and invasion of privacy.
We see private transactions as an important foundation of a robust Defi Ecosystem. By offering the option of private transactions across multiple networks, we can help to encourage existing users and new users to transact safely and privately if they choose to.
How does Hurricash achieve private transactions?
Hurricash achieves private transactions by breaking the on-chain link between a sender and a receiver of a transaction. Our contracts use LSAG ring signatures similar to Monero.
Hurricash makes it impossible to 100% confirm with absolute certainty exactly who the withdrawer is. Although an observer may make an educated guess the more participants in a ring and the longer a transaction is left in the ring, the more difficult it is to make a guess who the withdrawer is. A user may also use the protocol multiple times exponentially increasing privacy or combine it with additional protocols such as Tornado cash.
Secret Notes
When users deposit FTM/BNB/PLS into Hurricash, they generate a Secret Note, and the smart contract adds the currency to its list of deposits. When the user is ready to withdraw, they must provide the corresponding Secret Note that matches the unspent deposit from the list.
LSAG ring signature technology performs the task of matching a note with a deposit without exposing the specific deposit that corresponds to its secret. The smart contract reviews the proof and transfers the deposit to the withdrawal address in a way that prevents an outside observer from matching the sender and receiver.
Anonymity Sets
Anonymity Sets are groups of deposit transactions. Hurricash requires deposits to be in pre-fixed amounts depending on the chain to ensure anonymity. Anonymity sets show how many deposits are awaiting withdrawal, and how many deposits your withdrawals can originate from. The more deposits in the set, the more secure the protocol is.
Relayers
Using a third party relayer to pay the gas fee of a withdraw transaction can further ensure anonymity and privacy. There is a potential transaction trail when funding the new wallet with funds to pay for gas. Relayers allow new wallets to withdraw from Hurricash without needing funds for the gas fee.
Anonymity Mining
The Hurricash network can ensure maximum anonymity and privacy when there is a large volume of deposits in our rings. To incentivize users adding deposits, we will introduce anonymity mining in phase 2 to ensure and maximize privacy and the overall health and efficiency of the protocol.
Conclusion
Hurricash is excited to bring private transactions to users of new blockchain networks where previously there were limited or no options. We are hard at work building our app and plan to release to main net in the coming weeks. There has been discussion and we plan to engage with a reputable launch pad partner for the initial launch the governance token.
Follow us:
Twitter: https://twitter.com/hurricash
Discord: https://discord.gg/gnv5rerM
Telegram: https:// t.me/hurricash
Docs: https://hurricash.gitbook.io/hurricash/
Website: https://hurricash.com
