Typhoon enables you to send private transactions between 2 BSC wallets
All questions answered by SC
Lola (AMA HOST): Can the team member of Typhoon say hi?
SC: Hi everyone!
Please to meet you all
Lola (AMA HOST): You’re Welcome. Glad to have you here.
How’re you doing?
SC: Pretty well so far, been a busy week! How about yourself?
Lola (AMA HOST): Busy too. ☺️
Shall we go into what we’ve got for you 😊
Q1. Can you give us a general introduction of you and Typhoon? Could you tell us your role in the project?
SC: go ahead 😄
Okay – yes. Hi everyone! I’m SC, blockchain lead and co-founder of Typhoon Network.
Typhoon Network, is a privacy-centric app running on Binance Smart Chain that allows users to send private and anonymous transactions between wallets. We do this by utilizing zero-knowledge technology and making it available in an easy-to-use app
Our mission is to bring privacy-related features to the masses on this (still relatively new) chain
Lola (AMA HOST): Good to hear that.
Since when have you been into Crypto and blockchain technology?
SC: Quite a while – as an engineer at heart, decentralized tech always sounded very interesting. But it wasn’t until Binance Smart Chain came along that we actally decided to start something onchain
It made everything a bit more accessible in terms of gas 😄
Q2. How many team members do you have working with you? And can you also tell us their roles?
SC: We’re a small distributed team of currently 4 core engineers, then we have 2 community managers that we recently converted from volunteer mods into paid staff. We also have 2 freelance designers on standby for when we need design-related work
Us engineers are ‘fullstack’, so we are experienced in all parts of the application development cycle, but we focus on different areas of the product, such as blockchain, frontend, etc.
Each member also handles the project in general besides development, so we’re a good mix
Lola (AMA HOST): Great.
Q3. Typhoon works by letting user transactions mix with each other. Can you tell us why you came up with this? And how does it help the community?
SC: The initial idea for for using zero-knowledge proofs for anonymous transactions actually came from a service on Ethereum called tornado.cash. We adapted (forked) the technology for Binance Smart Chain and created Typhoon Network out of it
In contrast to Ethereum, BSC operates on a much smaller network with most of the validator nodes still operated by Binance themselves. This is important to keep in mind because it drastically impacts how decentralized the entire network is
A service like Typhoon matters even more in this ecosystem to provide a layer of security and anonymity, and remove direct links between wallets like the personal Binance exchange (deposit) wallets and onchain user wallets. BSC is also much cheaper than Ethereum which means that an action like using a complex smart contract such as the Typhoon one is much more of a no-brainer to do than it is if it would cost $50 to do so
So we’re hoping that by providing an easy-to-use and cheap service that facilitates privacy, that more users start to think about the transaction trail they leave behind, and that maybe that that’s not a good idea in the long-term
Q4. Can you tell us about how Typhoon works?
SC: Like I mentioned in my last message, Typhoon is built on zero-knowledge technology called zkSNARK. In simple words, this technology allows us to prove something without revealing what that actually is (hence ‘zero-knowledge proofs’). In the case of Typhoon, the user deposits some funds into the smart contract and saves a piece of text (something like a private key). When he wants to withdraw those funds later, he doesn’t just send the private key to the chain (which would expose it), but he generates a proof that he knows that there are some deposited funds in the contract, without revealing the details
The key element here is that nothing that links user and deposit together is transmitted onchain. Only the proofs (generated through the private key) are.
In the end, an outsider will see some BNB going into Typhoon smart-contracts, and some BNB going out, without a way to link “in” and “out” together
.Q5. What are the benefits or Reward in Typhoon?
SC: The obvious benefit is privacy and anonymity 😄
Lola (AMA HOST):
Haha
SC: But besides that we are currently also having staking pools active where users can stake either TYPH by itself, or provide liquidity in the form of TYPH-BNB-LP tokens and stake those.
We also have a self-compounding pool up on beef.finance currently!
The team is working on additional reward systems as well, such as giving users some tokens if they provide fundùs to Typhoon (and help with anonymity)
Lola (AMA HOST): All right. We await that. 😅
Q6. How many Partners do you have? And what do you expect from them?
SC: On the exchange side of things, we are friends with Goose Finance (who we IFO’d through) and keep contact, and recently launched on CoinTiger as our first centralized exchange who also supported us. We’re in talks with other bsc players as well but can’t reveal more yet
On the other side, we just last week announced our strategic partnership with Sonar, and leverage their expertise on marketing and growth, to bring TYPH and Typhoon to a much bigger scale
There’s still lots ahead and I hope we can share more soon!™
Lola (AMA HOST): And how’s been your experience with Goose Finance
SC: They’ve been incredibly supportive from before IFO until now!
We’re grateful for them enabling our journey
Lola (AMA HOST):
Good to hear that. 👍😊
Q7. Can you tell us about the Transaction fees in Typhoon?
SC:As I mentioned above, we want to make privacy accessible to everyone and that includes not giving people doubts with a high fee. We currently charge a flat 0.1% fee on any transaction made through Typhoon which is much less than any other service on BSC that usually charge around 1% of any transaction
There is an additional cost involved when using our relayer (1%), since that requires a few additional components (like hosting an offchain server) that cost money. Relayers are offchain entities that proxy transactions through a third-party wallet, to provide an additinoal layer of privacy, like an extra hop between sender and target.
Using a relayer is purely optional, but is required when a user wants to send tokens to a wallet that doesn’t have any BNB in it to pay for Gas fees. We’re also currently the only service on BSC providing relayer-like functionality
A unique point about Typhoon is that those fees aren’t just meant for us. We’re hoping to integrate community relayers as soon as possible, which means that anyone with a bit of IT knowledge can host their own, set their own fees, submit it to the registry, and if theirs gets picked, they cash-in on transaction fees for helping making the service more anonymous.
We’re also hoping to share the base service fees with community members that use their TYPH tokens to participate and help Typhoon grow in the future.
Q8. Can you share with our community the plans you and your project have for this year and the coming years?
SC: We have so much planned and can’t wait to get it all finished and into users hands.
The next steps currently are first and foremost community relayers, then providing an incentive for funding our smart contracts that I mentioned above (similar to staking)
We also want to integrate Typhoon into other services in the next months, so that we can offer privacy and anonymity directly when interacting with smart contracts outside of our current site
In the longer-term, we’re hoping to be one of the main facilitators of privacy-related features, and hope we can bring what we built back into other chains as well (think cross-chain withdrawals for example)
Q9. What are the major challenges of Typhoon and how do you intend to solve them?
SC: Right now, the major challenge is to expand our current pools into more currencies, but at the same time provide incentives to users to get those pools used (because without users there is little anonymity).
We’re hoping to solve this with our token ecosystem and providing direct rewards (besides a warm fuzzy feeling for enabling privacy) to users that provide their funds to Typhoon
We want to create a self-sustaining ecosystem using the TYPH token, to make Typhoon as usable and available as we can. The goal is to make privacy as easy to use as normal transactions
Q10. Share with us all the links about Typhoon, so that readers can find out more and also follow the development of the project.
SC: Our main links are:
dApp:
Medium (where we post weekly digest updates):
The team is the most active on Telegram and Twitter. So if you have any questions or feedback for us, reach out! Our DMs are always open
Q11. Lastly our favourite question, do you have any alpha or juicy news for us in BSC News today?
SC: Haha. Without giving too much away, there is something we’re working on behind the scenes that should help us expand outside of our current dApp and into a broader, even more useful realm 🙂
Lola (AMA HOST):
Thank you so much SC.
It was a great AMA with you.
Source : bsc.news
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