Typhoon Network: Private transactions & Privacy on Binance Smart Chain

Anonymity has been the most critical feature of the blockchain and cryptocurrency over the years. Privacy-inclined users in the BSC network will find Typhoon Network, a helpful privacy protocol.

By
Wilfred Victor
on
March 30, 2021
Category:
Project Insight

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What is Typhoon?

Typhoon protocol brings about the privacy features notable of privacy protocols like Monero, Pivx, and notably Tornado Cash into the Binance Smart Chain (BSC) network. Users who like to keep their identities anonymous will find this application quite helpful as the possibility of trace becomes relatively impossible within the protocol.

Typhoon is a dApp built on the BSC network to establish a privacy-centric system on BSC and bring it to mass adoption. In a time where everyone leaves a trail of information behind online, it has become quite challenging to stay truly anonymous. This is particularly harder on the blockchain, where transactions are open and transparent for everyone to view.


Key Features

  • Privacy
  • Staking 
  • Governance
  • Decentralized protocol


Project Components

The project team has stated clearly in its whitepaper that the project would focus primarily on privacy features for its users. It has no plan to take on features or projects that would compromise users’ anonymity, such as token swaps, lending, or other Defi derivatives. 

The protocol works by letting users’ transactions mix with each other so that all an observer sees is a mix of a long list of identical transactions coming in and out from the Typhoon smart contract. The more people that use the protocol, the bigger the anonymity set of transactions and the harder it becomes to figure out where a transaction comes from.

The privacy process is achieved in the following setup:

  • Deposit: Deposit your BNB into the Typhoon smart contract and receive a randomly generated piece of text (note) back.
  • Proxy: The BNB sits inside the smart contract. Other transactions will come into the smart contract to mix up and provide anonymity during this time. This acts as a password for retrieving this particular deposit.
  • Withdraw: Withdrawal is made to a different connected web3 wallet, e.g., Metamask, Binance Chain wallet; upon providing the note, the smart contract will transfer the BNB to the wallet of your choice.

Typhoon privacy protocol is made possible by utilizing zkSNARK and zero-knowledge technology to enable private transactions on an otherwise public ledger. zkSNARK is a novel form of zero-knowledge cryptography that makes it possible to prove possession of information without revealing the information.

Yesterday 27-03-2021, the project released its high APR farm on Goosedefi to the public. This was after successfully completing the Initial Farm Offering (IFO) on the platform. Users can access the TYPH-BUSD LP pool and start mining ASAP!


Tokenomics

TYPH is the native token of the platform. Holders of the tokens gain access to the platform’s exclusive features, including staking, increasing anonymity, and governance in the future.

Token Total Supply - 20 000, 000 TYPH

Project and Community - 8, 000, 000 TYPH (40%)

Initial Liquidity - 6, 000, 000 TYPH (30%)

Project Allocation including Locked and Vested Tokens - 6 000, 000 TYPH

Full details about the breakdown of the token are included HERE.


Roadmap


  • Q1 2021: MVP 

- Initial Release to mainnet 

- Token Circulation & IFO 

- Build initial userbase 

- Open source development 

  • Q2 2021: Value 

- Liquidity & Staking release 

- Governance & Voting release 

- Relayer functionality (released!)

- Finalize token & fee related proposals 

- Airdrop considerations 

  • Q3 2021: Ecosystem 

- Fee-split system implementation 

- Token Buyback 

- Protocol integration into AMMs and partner sites 

  • Q4 2021: - Cross-chain considerations

Its governance feature scheduled for release will empower the project to become a community-driven one. This will allow token holders to make major decisions, including platform updates and upgrades, major implementations, and integration. The team has also mentioned that they are looking to directly reward community relayers who hold TYPH. When a relayer is used they will receive a small %. 


Concluding Thoughts

Staying private is currently not achieved on the Binance Smart Chain ecosystem; the Typhoon network introduces privacy-enabled features in its protocol and makes staying anonymous possible.

The project’s long-term plan is to stay private, develop and deliver privacy-enabled products and features with no plans to deviate into a for-profit type of activities or provide typical Defi derivatives in the future. 

For users who wish to learn more about the Typhoon network, check out the following resources and media pages:

Website

Twitter 

Telegram

Medium

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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.