Project Description

This project aims to address the privacy concerns associated with blockchain technology. While the technology enables seamless decentralized transactions through the Public Blockchain, the lack of privacy remains a significant challenge. Our solution leverages a combination of proof of ownership via Zero Knowledge and the secure storage of transactions on L2 to facilitate private transactions within any blockchain network.

Problem Statement

Blockchain technology, despite its transformative potential, lacks privacy in its transactions due to the inherent nature of transparent and distributed record-keeping. Our goal is to introduce privacy-enhancing measures within the blockchain framework.

Solution Idea

Our solution utilizes a novel approach, integrating the concept of Zero Knowledge proof of ownership and the secure off-chain transaction storage on L2, ensuring that transactions remain private while maintaining the decentralized benefits of blockchain technology.

Working Implementation

The implementation is divided into three key components: the user interface, an off-chain contract, and on-chain transactions.

• Users securely interact with the off-chain contract to execute fund transfers.
• The contract facilitates interactions with the Public Blockchain for seamless transaction processing.
• Zero Knowledge protocols (SISMO) ensure that user data remains confidential throughout the transaction process.
• Gasless transactions (Cometh) are enabled for deposit and withdrawal-free transactions managed directly by the contract.
• The solution integrates pushProtocol for real-time chat capabilities between users and provides instant notifications upon transaction completion.

Benefits

• Enables private, secure transactions without revealing the identities of the sender or receiver.
• Compatible with various blockchain networks, offering a versatile privacy solution.
• Protects the privacy of users and transaction data without impeding regulatory oversight.
• Facilitates frequent and seamless transactions by eliminating gas fees.
• Provides a user-friendly interface for interactive payment procedures, reducing reliance on external software.