On Thursday, July 29th, we had the pleasure to welcome to our Telegram chat:
0xNovachrono, The Project Lead at Projecteuanthe.
We asked him questions about the development of Projecteuanthe.
Q~ Thanks for joining us. Introduce yourself and your function in Projecteuanthe to the Blockchain Space community ?
A~ It’s an honour, I am managing operations and leading the engineering team at Projecteuanthe fulltime.
Q~ What are the benefits of Projecteuanthe to other alternatives in the Blockchain field ?
A~ Projecteuanthe is essentially a set of Instructions that enables privacy enabled features for any account based blockchain, namely ethereum. Projecteuanthe is built off of two programs, Ebb and Elara. Ebb is a singular monotone based framework that promotes singular one time transactional privacy for individual eth or erc20 token transactions. Elara on the other end helps you create your own private ecosystem on ethereum itself. It helps you mirror the state of your open ledger non fungible or fungible token network and build a private protected ecosystem. These protected ecosystems could be customised to support smart contracts which enables users to perform any contract based operations confidentially and anonymously.
As of this moment any ZKP system deployed on ethereum is costly and inflexible in its system capabilities. Projecteuanthe wants to break that bound. We are building ebb, that is a system based on LSAG signatures (ring signatures) which gives the protocol an inherent advantage towards escaping circuit tasks and enabling cheap Elliptic Curve operation due to EIP 1895. Ebb will be green, fast and efficient compared to existing mixers on ethereum. This helps with building a better and a stronger anonymity set for the protocol and supports easy privacy service on layer one ethereum. Elara is built to support maximal bitone complex operations and widen the privacy capabilities currently presented by ethereum native networks. It’s the first project that will enable private connections through Elara dark hubs, with already deployed existing smart contracts and token networks. People would simply tap into an existing dark hub through the Elara UI and can import and convert their target open ledger network balance into private zkSNARK based notes in their respective dark hubs. With these users would be able to build an encrypted ecosystem directly in layer one compatible with existing infrastructure. They can perform hub supported DeFi operations, like depositing USDC into Frax Finance and minting Frax stable coin all anonymously and confidentially, through the dark hubs.
Q~ Explain about $EUAN usecases and tokenomics distribution ?
A~ EUAN is the governance and work token that is to be used in Projecteuanthe’s operations. EUAN tokens would be required to create RENODE packages that would help the network open up endpoints for transaction relaying and make up for the gas costs that chains the users from creating private transactions. In ethereum, it’s generally difficult to create a network level privacy layer due to the requirement of ‘gas’ in every transactions. Therefore any true ZKP system needs a relayer blanket embedded in its network layer. EUAN apart from being a work token also has the properties of ‘BuyBack and Make’ featured in it. More on this later.
Cassiterite : Can we get the tokenomics distribution as well ?
0xNovachrono : We would make that details public at a later date.
Q~ How does Projecteuanthe plan to create awareness and adopt communities globally to partake in the Projecteuanthe project ?
A~ Ebb and Elara will release with support for a set of selected genesis projects while launching for the first time on mainnet. Supported projects would be able to enjoy benefits that ebb and elara provides, without going through the usual process. In the future, any projects that would like to be added would need to be voted on by the euanthe DAO and then only would be allowed to be integrated in either of the protocols. Anyone who is interested in protecting their privacy while enjoying the full benefits of DeFi would be able to benefit from Projecteuanthe’s protocols. This is how we would create awareness and adoption for our protocols.
Q~ What are the major milestones Projecteuanthe achieved so far & what are in the future pipeline ?
A~ Projecteuanthe was born last year mid dec, it’s been over six months that we have been in stealth mode. Till now we have looped over multiple research and developments schedules to finalise our system architectures for both our proposed solutions, we will make our whitepaper public soon. Our core development began last quarter and we have finished developing supporting libraries required for our softwares along with ebb’s version 1. We will start a closed alpha round for ebb in the recent future, keep an eye out. We are targeting getting both ebb and Elara on Mainnet by Q1 2022.
QUESTIONS FROM TELEGRAM
Q~ Your mission is the privacy you provide, However the zk-snark comes with inconvenience, over time the computation and cumbersome data requirements must be overcome, how will Projecteuanthe resolve these issues ?
A~ We are creating two solutions, Ebb and Elara with two different technologies and aimed to solve different purposes while being in the same bandwagon, bring flexible and efficient privacy to ethereum. Ebb supports and helps users perform one time privacy services through a singular monotone transaction for any supported asset while Elara helps create a shielded token network, where users could stay, swap assets between one another, and perform any defi operations all confidentially and anonymously. Both Ebb and Elara achieve the properties of a ZKP system through different mechanism but both the protocols were built with the help of precompiles that helped reduce gas costs for ECC operations apart from the general technical optimization built into their individual system. It is one of the main priority for Projecteuanthe to make privacy software feasible and efficient on layer one ethereum.
Q~ I understand that Projecteuanthe seeks to fully protect the privacy and identity of users, but why is it really necessary to protect “identity”, when Eth and DeFi do not require the use of guarantees or identity data?
A~ Your address is your identity. It can be linked with an off ramp, where you have KYCed. We all dream of a world where DeFi has matured and adoption for our native web3 products has grown to such extent we don’t need to tap into an offramp again, but until then protecting our privacy should be an important role for us. There are companies with valuation over a Billion dollars who just do that, analyse who owns what address. We are here to provide a full fledged flexible solution.
Q~ Does Projecteuanthe provide the ability to leverage existing hubs such as DAI through Elara? How does it provide connectivity between multiple parties so that open ledger DAI can be transferred to the hub?
A~ Elara is essentially a smart contract deployed on the blockchain. Connection will not go down until and unless Ethereum breaks.
Q~ What is the technology of Elara’s basic evidence system? When will the MVP product for Projecteuanthe be released?
A~ Elara uses zkSNARK based Zero Knowledge Proof System to provide privacy service for token networks.
Projecteuanthe will launch both Ebb and Elara on Mainnet by Q1 2022.
Q~ Can you tell us how you convince your users that you are safe and that you will protect financial privacy? You announce the integration of 2 components: Ebb and Elara. What are the differences between these two components and what do they work for?
A~ We follow an agile water flow development for all our software’s and include internal audits at each stage. We would be performing external audits after our Software’s internal initial alpha release. This way users can be certain the softwares provide what they claim to do.
Ebb supports and helps users perform one time privacy services through a singular monotone transaction for any supported asset while Elara helps create a shielded token network, where users could stay, swap assets between one another, and perform any defi operations.
Thanks for hosting us here! It was really a healthy turn out !
It’s really nice having the Projecteuanthe project in here!!!
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