BSC.NEWS hosts Suterusu–The World first transparent setup privacy payment layer2 infrastructure. All questions answered by @Richard and @Huang
Lola (AMA HOST): Can Team members from Suterusu say Hi?Huang: Hey, this is Huang Lin. I am CTO of Suterusu project.
Recep Kileci: Hi sutersu team 🙋
Lola (AMA HOST): How’re you doing?
Richard: Hi, I am Richard, take care the strategy and partnerships.
Huang: Great. Thanks for asking
Lola (AMA HOST): Good to have you all onboard
Richard: Pleasure to be here
Lola (AMA HOST): Yeah! Shall we start?
Huang: Sure, let’s do it
Richard: Go ahead 🙂
Q1. Can you give us a general introduction of you and Suterusu? Could you tell us your role in the project and briefly introduce Suterusu?
Huang: First of all, thanks a lot for the support of BSC news. Here is my own background: Dr. Huang Lin currently serves as the CTO of Suterusu project. He is an applied cryptographer by training. He holds Ph.D. degrees in Applied cryptography and privacy-preserving distributed systems from Shanghai Jiao Tong University and the University of Florida, respectively. He worked as a postdoctoral researcher in Swiss Federal Institute of Technology (EPFL), during which he published his first paper related to blockchain and cryptocurrency with colleagues from EPFL and Cornell IC3. He then served as an associate principal engineer in ASTRI, HongKong, where he was the PI of several multi-million HKD blockchain projects. He has published over 20 papers with over 1405 citations on applied cryptography and information security. Here is my own twitter account: @Suter78058619 and my own medium account: lh-76196.medium.com.
Suterusu is a layer-2 privacy-preserving payment infrastructure for any smart contract platform that supports EVM. We have already deployed Suterusu protocol on Ethereum and Binance Smart Chain. We currently have over 4000 users and more than 10k deposits and 200 million USD transaction volume since the official launch.
You can find the latest stats on Suter Shield BSC from this link: bscshield.suterusu.io/shield_stats
Richard: Suterusu as Dr.Lin mentioned is a layer-2 privacy payment network, and I was co-founder of FBG Capital since 2017, and invested into the project since day1 and became an advisor for this project, and earlier this year, I saw the product launch, – Suter Shield, i was amazed by the engineering and the working product, so i cannot wait to do all my best to help team to grow.
Huang: Currently we are working on deploying our protocol on BCH and Theta blockchain. We have also talked to multiple top blockchain projects such as Solana, Near, Polkadot, Moonbeam, Avalanche, etc. Our work is well received by the founders and engineers of these projects and we will deploy our protocol on these projects in the near future too.
Richard: As an investor, i care the project whether it would build to last and build to use, and Suter cates to all my imagination as an investor and team member.
Huang: We hope more people will pay attention to the privacy-preserving ecosystem Suter is currently working on. The users can use Suter Shield on BSC to protect their transactional privacy on BSC. Meanwhile, we will work with other projects in the Binance ecosystem such as Dex, Wallet, lending, insurance and liquidity to build privacy-preserving DeFi system for BSC.
Lola (AMA HOST): Wow! This is a good one about Suterusu and the Team.
Q2. How many team members do you have working with you? And can you also tell us their roles?
Huang: Our team has a very diverse background and consists of many senior crypto engineers from top internet companies such as Bytedance, Alibaba, Oracle, Uber, Huawei, etc. Some of them not only has decades of coding experience in these renowned companies, but also has great academic background such as Ph.D. degrees on Mathematics, Applied crypto, and information security, etc. In a word, we are not only great engineers and we also know what we are doing very well.
Most of them are working remotely on different parts of our projects. done @Dapp_Rachel
Lola (AMA HOST): This is Great. Which shows they are really experienced.
Huang: Yes, indeed
Richard: 10+ ppl, and we actively recruiting the front-end dev and community managers, as we are expanding to different protocol and different communities around the globe, so we need more hands.
Lola (AMA HOST): Yeah. It’s needed.
Q3. What are the major challenges of Suterusu and how do you intend to solve them.
Huang: Privacy technology is perhaps the most challenging technology in the blockchain sphere, but we are extremely confident in Suter’s technology. Everyone knows that Zcash was one of the first to employ the existing zk-snark protocol to design and implement an anonymous cryptocurrency. However, the Zcash protocol has a severe security loophole due to its trusted setup requirement. The trusted setup step is kinda like a hidden bomb. Once the attacker steals the trapdoor info involved in the trusted setup step, the bomb will explode, and the attacker can print an infinite amount of cash without the possibility of being detected.
Suter Shield is based on Suter’s original ZK-ConSNARK scheme without the requirement of trusted setup, and the proof size is 20% smaller than the similar solutions and has an orde-of-magnitude improvement in terms of computational cost. It can guarantee the security and transparency of the solution while also ensuring system efficiency. I myself, working with researchers from the French National Academy of Sciences and Karlsruhe Institute of Technology in Germany, developed the underlying algorithm for the Suterusu Protocol. Our work has been accepted by the most prestigious crypto conference Eurocrypt 2021.
You can find the accepted paper list of Eurocrypt 2021 from this list: iacr.org/cryptodb/data/conf.php?venue=eurocrypt&year=2021
Richard: From my end, the challenges would be how we educate people during the constant development of our tech and product, we will meet the tipping point eventually maybe in couple of weeks, maybe couple of months, Ethereum waits 4 years to see ICO and wait another 3 years to see Defi, and Uniswap wait for another 2 years to see the AMM model, but we learned from all of them, and actually we are building something quite exciting, and we wish what we have done would change the entire Crypto transaction history.
Huang: I can also talk a little bit about the comparison between the Suter project and Tornado.cash. Tornado.Cash is a product that is specifically built for the Ethereum ecosystem, so it has gained the support of the early users of the Ethereum community. But Tornado.Cash only provides currency mixing service for ETH and a few other currencies and does not guarantee the confidentiality of the transactional amount. In contrast, Suter Shield can guarantee the confidentiality of the transactional amount and also the anonymity of the involved parties, and hence can provide a stronger privacy guarantee;
Suter Shield also has a great advantage in terms of usability. For instance, Suter Shield allows the confidential transfer of arbitrary transferred amount as long as it is smaller than the account balance, while Tornado.cash only allows the users to transfer predefined units of token, such as 1 or 10 or 100. As a consequence, suppose you wish to make a transfer of 589, in Tornado.cash you need to split 589 into 5 times 100-transfer plus 8 times 10-transfer plus 9 times 1-transfer, a total of 22 operations while you only need to perform one single confidential transfer in the Suter network. This will incur a huge gas cost and immense inconvenience for the users. Suter Shield is a quantum leap in terms of usability.
Another point is that if you want to transfer money to a friend in Tornado.cash, you will need to first generate notes after you deposit and since the note can be used to withdraw your money by anyone, you have to run an encryption app to transfer this note to your friend to guarantee it’s secure from the attackers trying to steal your money. In contrast, you can directly transfer your money privately to your friend in the Suter network as long as you know your friend’s Suter account, which can be publicly published on a website. Because ordinary users are not necessarily familiar with how to run an encryption app, this is also a great improvement from the perspective of usability.
Richard: Dr.Lin and team are very solid in tech and our design and engineering is original which makes us very fast in delivery and deployment our solutions on other chains and also if we have any idea to try, we have team to do it very quickly with a MVP (minimum valuable product) and as speak of tornado.cash, we dont think we are actually similar in design and usage, it is like you compare an Bank with Venmo or Strip, it is different actually, but right now, Tornado.Cash and Suter Shield are two working product out there in the market.
Huang: The technical architecture of Tornado.cash confines its service object to Ethereum while Suter Shield is a completely open architecture that is compatible with any blockchain supporting smart contract such as Ethereum, and BSC etc. It can also provide a fundamental infrastructure for building privacy-preserving DeFi in these ecosystems. We also believe Suter Shield will also provide an extra advantage for the blockchain that integrates our protocol to further expand its own ecosystem.
Lola (AMA HOST): Great.
Richard: Suterusu protocol can also support other devs if they want to creat privacy preserving smart contracts. Maybe in similar or other directions, we will have support for it in near future.
Maybe we will also consider grant in Suter token for other projects when Suter has more supporters and better liquidity 🙂
Lola (AMA HOST): All right. Thanks 😊
Q4. Is it Only Metamask Suterusu works with? Or can it be used with other wallet?
Huang: We currently work with two wallets and apps: Metamask and Tokenpocket at the moment. We are talking to some other very popular wallets such as Math wallet, which has over 1 million users. In the future, we will develop our own wallet.
We will also develop Suter Shield as a plug-in that can run on multiple browsers such as Chrome, Brave, Firefox, etc.
It will truly become a universal web3 private payment infrastructure.
Lola (AMA HOST): I agree with you. Great move.
Huang: Great mind think alike
Richard: Right now people would have the same feeling like they use Vemo or PayPal, you have to creat an account first and link the bank card with the paypal or Venmo account first, so same for Suter Shield.
Lola | CM | AMA HOST |: 😊👍
Richard: You link your metamask with Suter Shield either on Ethteurm and BSC, and you off to go.
Lola (AMA HOST): Yeah.
Q5. Can you tell us how Private Transfer works in Suterusu? The transaction fees?
Huang: Here is the general idea of how Suter protocol works: we have three contracts: fund, transfer and withdraw. The fund contract convert a token issued in the layer-1 blockchain network into its anonymized version on Suterusu protocol, while the withdraw module will convert the anonymized token back to its native form. The transfer module is the one that enables the confidential transfer of the anonymized token. This process will guarantee the transaction amount confidentiality and the anonymity for both the sender and receiver.
When the first-layer is converted into the anonymized version, the account balance will be encrypted. Since for any financial transaction, it must follow certain rules. For instance, it must guarantee the input amounts of a transaction is equal to the output amounts. If all the account balance is in the clear form as in the case of bitcoin for example, it is very easy to verify this rules. However, when it is in the form of ciphertext, when it is completely randomized, that’s when we need to involve the zero-knowledge proof scheme to prove that this relationship holds.
This is why our original ZK-ConNARK scheme (which is a type of zero-knowledge proof scheme) matters so much.
It plays a central role in the transfer contract.
As for the transaction fees, Currently we charge the transfer transaction with 20% of the gas fee and the withdraw transaction with 1% of the amount of the withdraw tokens. All these fees will go to the service fee pool, which will later be redistributed to the community via the xSuter auction mechanism.
Q6. How’s been your experience with LayerX Capital? And what more do you expect from them?
Huang: It’s been great. At the current stage, the main focus of our project is to seek more partnership, expand our community and attract more users. So we expect our investors to help us in this regard so that we can get more exposure.
Richard might have something to say on this topic
Lola (AMA HOST): All right. We can have him
Richard: LayerX Capital core investment team are crypto veterans and they were the first round of Ethereum iCO investors and they also big holders of Sushi and other Defi projects, they very active in the secondary market. They contacted us via community and yeah, we like their style.
Also we have fundamental Labs and maybe you already familiar with them, they managed over 1bn currently and they big supporters for us, they wrote a coverage report for Suterusu and published recently in China crypto market.
We have more good news, and allow me to save some exciting news for community 🙂
Huang: Here is the link of their article
But it’s in Chinese.
Their words carry great weight in the Chinese Crypto community.
Lola (AMA HOST): Ohh. That’s good.
Richard: Privacy is the most undervalued sector right now and more and more investors care about privacy and they are actively looking for great projects to back. I think with more exposure, users and volume, soon they would notice what we do.
Lola (AMA HOST): Okay. Richard!
Huang: They are also early investors in some terrific projects such as Coinbase, so they also have great impact oversea.
Q7. What Future Development and Plannings do you have?
Huang: First of all, we are working on the deployment of Suter protocol on more blockchain projects. The ongoing projects include BCH and Theta. We are also talking to multiple projects including Solona, Near, Avalanche, Polkadot, Moonbeam, Harmony, etc. Will deploy on these projects in the future.
In the next upgrade, we will ensure the one initiating the withdraw functionality can decide the target address to receive the withdraw tokens so that it would be even more usable. We will also focus on optimizing our algorithm and reducing the transaction fee.
We will also work with wallets such as Imtoken, Math, etc to optimize the login process. We will develop the Suter Shield as a plug-in that is compatible with multiple browsers such as Chrome, Brave, Firefox, etc. It will become a privacy-preserving infrastructure for Web 3.0.
Richard: We focus on the growth of BSC at the moment and also deployment on other smartcontract platforms as first mover. The goal is to have at least 100k uses from BSC before the end of this year and we want to process over 10bn in transaction Volume.
Q8. Do you have Bonus or any incentives for users?
Huang: Yes, we do. We launched the privacy mining program on March. 15th. This is a very important marketing activity for our product. The mining program and the method of mining rewards distribution are specifically tailored to the Suter Shield products. You can find the info regarding how to join the privacy mining program from this video: youtu.be/jv-nKtd2rIU
As you all know, Suter Shield is the first private payment product on the BSC chain. We encourage users to try out our product by joining the mining program. Different from other DeFi mining programs, Suter Shield’s privacy mining does not lock the user’s tokens as Tornado.cash does, but instead encourage the users to withdraw their tokens from the network anytime they wish.
Users can increase their computing power each time they initiate a fund transaction, and how the individual computing power is calculated is entirely independent of whether the deposited tokens are immediately withdrawn or not. As a matter of fact, we encourage users to continuously “fund (deposit)” and “burn (withdraw)” as many times as they wish to get more familiar with our product.
It should be noted that for each withdrawal operation we will charge a 1% service fee proportional to the withdrawal amount. If the user launches a transfer operation between the deposit and withdrawal, an extra 20% of the gas fee will be charged as the transfer fee. We should note that the transfer operation is unnecessary for the privacy mining program, all you need to do is fund and burn operations for the mining program.
We have also recently launched a new mining program for Suter-BUSD pair. The rule is basically the same to that of Suter-BNB LP mining program. We have the same social liquidity mining program where you can use the referral code to boost your mining power. For more details on the social mining program, you can check this medium article: medium.com/suterusu/suter-bnb-pancakeswap-lp-liquidity-mining-tutorial-531a5458116a
Pancakeswap also launched a new CAKE mining program based on Suter-BNB LP. You can find the news in here: pancakeswap.medium.com/pancakeswap-welcomes-suterusu-to-syrup-pool-e7b58ec66350. You can deposit Suter-BNB LP to farm CAKE on pancakeswap, and you can also farm Suter by depositing CAKE to the pool.
You can find the Suter-BNB farming lp on this website: pancakeswap.finance/farms.
Richard: Cake has been very very very supportive, and we appreciated they put us in the farming & syrup pool. They provide huge Cake rewards for BNB/SUTER LP.
Huang: The current APY for BNB/SUTER LP is around 387.82%
So it’s still very profitable.
Lola (AMA HOST): Good to hear that.
Q9. Can you tell the Community about xSuter Auction?
Richard: that‘s true, join the BNB/SUTER LP pool on Cake and become both Holders.
Huang: Yes, sure. xSuter is an in-house token issued on the Suterusu protocol. The service revenue of Suterusu protocol from multiple smart contract platforms will be distributed to the holders of xSuter. xSuter will be distributed through several rounds of auction, and a limited and decreasing amount of xSuter will be distributed in each round. Only suter holders can participate in the auction of xSuter and the ratio between xSuter and Suter will increase in each round.
There is no pre-mining of Xsuter or private sale, and all the Xsuter tokens are distributed through auctions. All SUTER obtained from the auctioning of Xsuter will be destroyed, so SUTER is also a deflationary token.
Richard: The detailed number and auction we will circulate this week. Soon to meet everyone for our innovative tokenonmics.
Huang: The xSuter auction development has been completed and being audited at the time of this announcement. The xSuter auction will start once the audit is done.
Richard: We will have an “EOS” like auction model, so this would be a surprise for community as well, and it would definitely boost the demand for Suter token.
Huang: Here is the more detailed rules: Suter holders can deposit Suter to xSuter auction smart contract to join the auction. xSuter will be distributed according to the total amount of Suter participating the xSuter auction and the proportion of Suter deposited. After the auction, Suter tokens taken part in the auction will be burned permanently via the Foundation’s black hole address.
Richard: People who willing to possess xSuter token in order to share the network revenue/fee already start staking the Suter from mining, exchanges and Cakeswap.
Huang: Revenue distribution contract: xSuter holders will first have a 24-hour publicity period for transparency. After the publicity period, there will be 48 hours to stake xSuter to the xSuter revenue distribution contract. The revenue distribution contract will be executed based on the xSuter holding ratio and the current revenue target. For the sake of contract security, if you don’t stake xSuter, you will not be able to claim your rewards.
For more details on this, you can check this medium article: medium.com/suterusu/details-of-xsuter-auction-74e8cf36e533
Richard: We currently have ~2,000 BNB and over close to 1M worth of BUSD in the feel pool for xSuter holder
Q10. Share with us all the links about Suterusu, so that readers can find out more and also follow the development of the project.
Huang: Sure, here is our telegram: t.me/suterusu_en, our twitter: twitter.com/suterusu_io, my personal twitter account: twitter.com/Suter78058619, our project medium account: medium.com/suterusu, my personal medium account: lh-76196.medium.com/.
Here is some link for the Chinese audiance: you can pay attention to Suterusu社区 and 隐私计算实验室 on wechat。
Richard: Shield.suterusu.io and sub link for product on BSC and Ethereum would be bscshield.suterusu.io and ethshield.suterusu.io
And welcome to join our official TG channel for more information.
Our twitter is this, please follow. Thanks a lot
Huang: Also the homepage of our project: suterusu.io/
Q11. Lastly our favourite question, do you have any alpha or juicy news for us in BSC News today?
Huang: We about to launch our xSuter very soon. So pay close attention to this. Also we are about to announce a few new investment from very renowned institutes and new partnerships. Stay tuned.
Richard: I think Dr.Lin already mentioned several! News, read between the lines, and it is so obvious already.
And an AMA with BSC News is a juicy news as we know this is 2nd time we are on BSC, and hopefully people get it.
Lola (AMA HOST): This is a Wonderful AMA. So detailed. Thanks for this session
Huang: Thanks for hosting. @Dapp_Rachel
Richard: Thanks Lola. Very productive.
Source : bsc.news
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