zkBTTC by mysticWeb3ians - Your Secret Transaction Companion šŸ¤«

TRON Hackathon Hackathon Season 5
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Hey @HODL

Hope you are doing well.

Here is the detailed explanation of the working of zkBTTC.
If you still have any doubt please do let me know.

Thanks

1 Like
63

Thanks for your feedback :handshake:.
Really appreciated :raised_hands:.

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Hey @Prince-Onscolo

Hope you are doing well.

Question 1: Are they progressing?

Answer:
Yes, Monero continues to make progress in various aspects. The development team behind Monero is actively working on improving the blockchain protocol.

Question 2: Do we have more people utilizing their product?

Answer:
Monero has a dedicated community of users and supporters who value its privacy-focused features. While Moneroā€™s user base may not be as large as some other cryptocurrencies like Bitcoin, it has gained popularity among individuals who prioritize privacy and fungibility in their financial transactions.

Question 3: Have they faced any regulatory issues?

Answer:
Regulatory issues faced by Monero:

  1. Delistings from Exchanges: Some cryptocurrency exchanges have chosen to delist Monero or restrict its trading due to regulatory concerns. This decision is often motivated by concerns about regulatory compliance and the potential for Moneroā€™s privacy features to hinder know-your-customer (KYC) requirements.

  2. Travel Rule Compliance: The Financial Action Task Force (FATF) has introduced recommendations for ā€œtravel ruleā€ compliance, which require exchanges to share customer information during transactions. Moneroā€™s privacy features complicate compliance with these rules.

  3. Regulatory Scrutiny: Regulatory authorities in various countries have shown interest in understanding and regulating Monero due to its privacy-enhancing properties. This includes discussions and debates about whether Monero transactions should be more transparent or subject to additional scrutiny.

Thanks

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65

alright thank you very much.

Itā€™s good you are aware of these and still ready to go through all these.

what are you going to do about this, do you know some of the exchanges Monero is listed on?

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Thank for your response ! I will wait for ypur website and test instructions to try the dapp meself

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Sure, working on the same. Would love your feedback and suggestions.
Thanks

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Hey @Prince-Onscolo

We are ready to take on challenges as we believe that personal privacy is not an option but a right that everyone should have and working for the same.

Currently, we do not plan on introducing our own token, we might plan to introduce in the future but no plan as of now so no listing on Exchanges.

Monero is listed on exchanges such as Binance, MEXC, KuCoin, CoinEx and OKX etc.

Thanks

1 Like
69

i have a question here we are receiving funds in different and unique address everytime so why we need this zkbttc we already have metamask we can create different addresses on metamask as well .we can always create a new one and send sender that different address to receive funds !think about it

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Sounds as good alternative, but have you thought of stress of getting new wallet after each transaction?

I know I easy to creat mutiply wallet address.
But let see how zkbttc will respond to this.

Very good question mate

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same thing happening here as well!!!

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why stress! it takes only a single click to create a new unique address in metamask and we already have a private key there to control that!

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@mysticShub .

                                 Q1

What are the costs associated with using zkBTTC,and how easy is it to use zkBTTC.
Q2 What are the limitations of zkBTTC.
Q3
What is the teamā€™s experience in developing
privacy solutions.

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thanks too and wish you all the best

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@mysticShub i m waiting ā€¦

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Hey @maaz @Gordian

Absolutely, you bring up a valid point. Metamask and other wallets do indeed allow users to generate multiple addresses for receiving funds.
However, there are some distinctions between the approach of using unique addresses on Metamask and the zkBTTC solution, zkBTTCā€™s approach offers several distinct advantages:

  1. Convenience and User-Friendliness: zkBTTC simplifies the process of generating unique addresses by providing users with only one zkBTTC IDs i.e. for each transaction a new stealth address is generated with the same zkBTTC ID, so no need to manage yourself. These IDs can be easily shared and used for receiving funds, eliminating the need to manually generate and manage multiple addresses on various wallets. Offoo too much stress. :cold_face:

  2. Hack Proof: Suppose your seed phrase containing multiple address which contains your multiple funds is compromised so what can you do to save your funds, nothing. But if you use zkBTTC even if your seed phrase is compromised, without the zkBTTC ID private key the hacker wonā€™t be able to withdraw the funds from the stealth addresses and also the funds that is to be withdrawn can be withdrawn to an entirely new wallet which is not been hacked from the same hacked wallet, I mean really is that possible, with zkBTTC yessssssss ! :wink:

Thanks

1 Like
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Thank for your clarification,
But Iā€™m stills wondering.
With this zk, why do we still have hacks and from project ?

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@mysticShub

Hello Buddy this project is interesting but I have some questions.

(Q1) What are your plans for the future of zkBTTC.

(Q2) How do you plan to make zkBTTC more user-friendly.

(Q3) How do you plan to address the legal and regulatory challenges of using zkBTTC.

(Q4) How do you plan to measure the economic and social impact of zkBTTC.

2 Likes
79

no the valid point is that with your ā€œzkbttc idā€ the sender can send funds only from your app because its not related to any blockchain addressā€¦ but if sender has any of the wallet address of you sender can send funds from any app to your addressā€¦aND also it creates issues for receiver to check if sender has sent the funds or not because u cant predict to whom address you are receiving funds but if you have your multiple wallet address as in ā€œmetamaskā€ you can check if the funds have been sent or not and have some control over the funds plus you could also get anonymity if u dont stick to one wallet address hereā€¦I know you can control that address in zkbttc too if you have the zkbbtc ephemeral private key saved thereā€¦But dont you think it also very contemptibleness than having your private key already stored in metamask? which are already managed and secureā€¦

plus your second answer didā€™nt get me out of the question i guess! @mysticShub

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and secondly i dont see zk thing in this project why u name this project zbtttc.

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Hey @Okorie

Question 1: What are the costs associated with using zkBTTC,and how easy is it to use zkBTTC ?

Answer:

Costs Associated with Using zkBTTC:

  1. Transaction Fees: Every blockchain transaction, including those using zkBTTC, incurs a transaction fee. However, zkBTTC leverages the BTTC Blockchain, known for its affordability, which helps keep transaction costs reasonable and very low.

Ease of Use with zkBTTC:

  1. User-Friendly Interface: zkBTTC is designed with user-friendliness in mind. The website provides a clear and intuitive interface for generating zkBTTC IDs and managing stealth addresses.
  2. Simplified Privacy: zkBTTC abstracts complex cryptographic processes in the background, making it easy for users to enjoy privacy without diving into technical intricacies.
  3. Stealth Address Management: Users can easily generate multiple zkBTTC IDs and corresponding stealth addresses. This offers flexibility and convenience in managing privacy for different transactions or purposes.
  4. Transaction Process: Sending funds using zkBTTC is as simple as initiating a transaction through the provided interface. The recipient monitors their stealth addresses to access their funds securely.
  5. Transparent Process: zkBTTC provides clear instructions and explanations throughout the process, ensuring users understand how their privacy is protected.

Question 2: What are the limitations of zkBTTC ?

Answer:

While zkBTTC offers significant benefits for privacy and security, itā€™s important to recognize its limitations as well:

  1. Blockchain Dependency: zkBTTC relies on the underlying BTTC Blockchain for its operations. This means that any limitations or issues with the BTTC Blockchain, such as scalability challenges or network congestion, could indirectly affect the performance of zkBTTC.

  2. Regulatory Considerations: Privacy-focused solutions like zkBTTC might raise regulatory concerns in certain jurisdictions.

  3. Limited Token Support: Currently, zkBTTC supports native coin transfers (BTTC) on the BTTC Blockchain. While there are plans to expand support to tokens and NFTs in further development.

  4. Evolving Technology: The blockchain and cryptocurrency landscape is constantly evolving. As new technologies and solutions emerge, zkBTTC might need to adapt to remain relevant and competitive.

Question 3: What is the teamā€™s experience in developing
privacy solutions ?

Answer:

- Team Members:

  • Shubham Gupta, a Full-Stack Blockchain Developer with a keen entrepreneurial spirit, is a valuable asset to the project. His technical expertise in blockchain development, combined with his leadership skills, will play a pivotal role in bringing zkBTTC to life.

- Team-Market Fit:

  • Shubhamā€™s deep understanding of both the technical aspects of privacy solutions and the dynamics of the market ensures that zkBTTC will be well-positioned to seize the opportunities presented by the privacy-focused blockchain landscape.

The combination of technical proficiency, entrepreneurial drive, and a clear understanding of the market places the team in a strong position to effectively develop, implement, and promote zkBTTC as a leading privacy solution in the blockchain ecosystem.

Thanks

2 Likes