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GAINS Associates

ZKChaos— Telegram AMA — May 02

On Sunday, May 02, we had the pleasure to welcome to our Telegram chat:

Erika E, Chief Strategy Officer of ZKChaos.

We asked her questions about the development of ZKChaos.

Some sentences have been slightly edited for readability but the meaning has been conserved.

Summary

ZKCHAOS is a layer2-based anonymous transaction protocol, and a fair game platform, which is built to enhance privacy for all kinds of cryptocurrency.

ZKChaos is based on layer2 through ZK-Rollup technology, providing unlimited scalability and privacy.

Transactions in ZKChaos do not require any gas fees.

Introduction

Q — Ayeley from GAINS: What did you do before crypto and did you have any other previous venture in crypto?

A — Erika from ZKChaos : Of course. I’m Erika, CSO of ZKChaos.

As for my career, that was full of variety. I used to work for Facebook as Strategic Account Manager and then. I worked for a government project about CBDC-central bank digital currency, and that is also where I met my partners for ZKChaos. But for more details I can’t share anymore. That’s also part of the reason why we need to stay anonymous:)

About ZKChaos

Q — Ayeley from GAINS: What is ZKChaos about in a few simple sentences?

A — Erika from ZKChaos: ZKChaos is the first decentralized privacy protocol to enhance privacy for all kinds of cryptocurrency through multiple fair games. It means there is a large number of transaction volume contributed by platform players, not mixers.

ZKChaos is based on layer2 through ZK-Rollup technology, providing unlimited scalability and privacy. It provides high-performance anonymous trading for token holders on multi-chain, and transactions in ZKChaos do not require any gas fees.

Q — Twitter user @AugustK95: You describe that you will have a large volume thanks to the gaming platform that you will have, but really what is the theme of your games? And also, how do you know that these games will attract gamers in order to increase their volume as necessary?

A — Erika from ZKChaos: Good question, you found the core of the product. I mentioned this part in the introduction, now let me summarize it again.

Firstly, 42% of $CHAOS will be used as rewards for game mining. Tens of millions of people play online games every day. If you play games on ZKChaos, you can get additional CHAOS rewards, but on other similar games, you don’t. Why not come to ZKChaos?

Secondly, the law of large numbers tells us that the banker will have an advantage over the player in the long-term game. ZKChaos pioneered opening the banker capital pool operation right to the community, this will attract many long-term investors to become bankers in an attempt to earn mathematical expectations. The more funds in the fund pool, the more players will also be attracted to take risks. You know, this is a positively promoted bilateral relationship.

Thirdly, some players would be attracted by the double card and insurance card included in the NFT item system after the NFT airdrop.

And the homeowner invitation system will accelerate the spread through commissions.

Q — Telegram user Maria Fuentes: Could you tell us what NFT-Buff cards are? are they one of the NFT bonus cards? If so, why does the possibility of obtaining them increase by allocating 50% of taxes for the hosts?

A — Erika from ZKChaos: There are two types of NFT bonus cards, including double-bonus card and insurance card. Double-bonus cards allow you to double the bonus when you win the game, and insurance cards can pay for your lost chips when you lose the game.

Q — Telegram user Memo: Could you tell us a bit about your gaming ecosystem? Will they have a specific theme? How many games do you plan to develop? and what are the necessary requirements to be able to play them?

A — Erika from ZKChaos: For the fair game platform part, actually I have explained that holders can vote through tokens to decide which currencies are supported for private transactions and which games to launch.

Token

Q — Ayeley from GAINS: What is the token use case and how does it capture the value of the ecosystem you’re building

A — Erika from ZKChaos: First of all, as a defi project, our platform currency is also a governance token. Holders can vote through tokens to decide which currencies are supported for private transactions and which games to launch (after all, we are a game platform, and there is not only one game ). In addition, the future decision-making and development of the project will be handed over to the community for voting and governance.

In addition to governance rights, our token also has economic benefits. We will use 20% of the profit to repurchase the token in the secondary market. Game fees are included in the profit.

Q — Telegram user Femi Oyinloye: Is ZKChaos Token(CHAOS) a currency or an asset?

A — Erika from ZKChaos: Both.

Competitive Advantage

Q — Ayeley from GAINS: Is there any other company that provides this service and what sets ZKChaos apart from its competitors?

A — Erika from ZKChaos: You can consider that tornado.cash is our competitor, but we are extremely more amazing than it.😊

There are three aspects that make us different: Layer2, Zero Knowledge Proof and NFT games.

Above all, Ethereum’s congestion and high gas fees are very serious, so it’s necessary to use layer2 for building a protocol with high transaction volume. Meanwhile, zero-knowledge proof is a complex operation, Tornado is obviously inefficient in the main chain operation. Thanks to layer2, there is no gas for transactions and games using ZKChaos.

The second is our advantages over privacy protections.

Tornado adopts the ZK-Snark to complete the process of zero knowledge proof.

The problem is that they have to make the trusted settings for each transaction which is costly and inconvenient to upgrade the protocol.

But we chose ZK-Plonk, whose Trusted settings are more flexible and efficient in multiple application scenarios without sacrificing security.

And meanwhile we are free to upgrade and iterate our protocol whenever we want.

Even if we ignore the deficiencies of Tornado in layer2 and zero-knowledge proof, it is difficult to protect privacy perfectly.

All tornado users come to mix coins, and this single use case will make users easily marked as mixers. Differently, ZKChaos is not a purely technical protocol, we also want to build a NFT game platform.

The reason for the combination of privacy products and games is that anonymous behavior needs to be covered by normal and highly concurrent applications. None of the privacy protocols solve this problem, we are the first.

We also wrote an article on this issue, you can read it carefully.

Financial

Q — Ayeley from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?

A — Erika from ZKChaos: Yes, for sure. We don’t want to be too proud, haha, but yes we are quite popular through crypto funds…

Yes, we already finished our early financing process. So more than half of the fund will be used for expansion of the technical team, recruiting more experts in cryptography, and a small amount will be used to subsidize gas fees from the users’ side. You know we charge nothing for gas:)

And about future raises, the answer is not sure yet. We will definitely start to raise funds again especially when the transaction volume becomes high enough.

Q — Twitter user @Cleitoclo: I understand that transactions in ZKChaos do not require any gas fee, but it is a gaming platform that improves privacy. How is revenue generated in games by not relying on gas fees and how is ZKChaos’s economy diversified?

A — Erika from ZKChaos: Good question. First of all, gas fees are generated during transactions or contract interactions. Because all our operations are based on layer2, we only need very low gas and we can afford it for users.

When it comes to revenue, it’s another question. We will charge game players some handling fee, about 0.5%, and how to set it up is determined by community voting.

When we achieve multi-chain, the community will decide which assets and games to launch through voting, and this process will also generate profits.

Of course, if the community wants to achieve commercialization in more places, it can be decided by voting.

Business Development

Q — Ayeley from GAINS: What stage is the project at? And what should we look forward to in the coming months?

A — Erika from ZKChaos: We are about to launch beta 1 version, at the end of this month. Here users can experience the complete product process.

And IDO will be coming in two weeks, on Bounce Certified.

Beta 2 version will be launched in June, which version is realized by smart contract.

Main network will be launched in July.

And DAO governance listing is opened in August, holders can decide to add more supported cryptocurrencies to the mixer through voting governance.

Q — Twitter user @Lidiamga: Does ZKChaos have an incentive program running at the moment and how can we benefit from it? Where and when were the prizes from the incentives program distributed?

A — Erika from ZKChaos: As a community project, of course we will reward all volunteers who participate in the construction of the project. We will announce the reward plan for each stage at the right time. What I want to announce now is that all friends who participate in asking questions on Twitter will receive $CHAOS airdrop regardless of whether the question is selected or not.

After that, our official Twitter will DM participants to confirm their address information. And you know we also have an NFT system, there will be a big prize tonight. We will give out an insurance card worth 1000USD, which means you can participate in a 1000usd bet without stress.

As for who will win the grand prize tonight, I suggest deciding through a lottery. The rules of the lottery should be decided by the community. Just tell me the result within 3 days, okay?

Q — Telegram user Cengizhan Tekin: The first target of planned international regulations on crypto is Privacy Tokens. And this makes people put distance between them. So what is your plan to overcome this hesitation of traders for privacy tokens?

A — Erika from ZKChaos: Here I would need to emphasize that, PRIVACY TOKENS don’t have the future. Only by providing an anonymous solution to the mature ecosystem like Ethereum or BSC can it have long-term vitality.

Q — Telegram user iGervacio: Until now the deposits of ZKChaos users are made through ETH or any ERC20 token, and long ago they had announced a solution for eth gas problems, when will they enable multi-chain solutions for ZKChaos and thus achieve greater participation of the people?

A — Erika from ZKChaos: ZKChaos adopts ZK-Rollups to scale Ethereum, so we start with the asset on Ethereum, but we will do multichain deployment in future.

It was a pleasure having you in our group today, and taking the time to answer all our questions, Erika. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS Associates

Thanks guys from Gains!! Great to meet you today! Hope you can follow up with more news from ZKChaos. Privacy is the first thing we care about.

The following is the official link of ZKChaos and we can contact anywhere

Twitter | Telegram | Medium | Website — Erika from ZKChaos

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