Introducing Hana Network — Layer 0 for Privacy
As crypto grows exponentially, On-chain privacy is becoming a central theme in the applications/products. However, this is just the beginning.
With the entrance of more enterprise and institutional investors into this market, On-chain user size will increase 100x-1,000x and privacy will become more essential.
When it comes, Hana will be the de facto standard for the Next Billions.
What is Hana Network?
Hana Network is privacy hub for all blockchains, enabling on-chain privacy on existing chains and for arbitrary assets including Bitcoin.
Hana consists of three main parts:
1)Layer 0 for Privacy Payment
a multi-asset zk-UTXO based privacy computation layer
2)Hana Transporter Protocol
a cross-chain protocol connecting Layer 0 with other chains
3)Hana SDK
a SDK adding a privacy option that can be integrated into any dapps and wallets
Why Hana?
Nowadays, a lot of companies and individuals are using blockchain for payments and building on-chain services.
In fact, several countries have announced plans to issue central bank digital currencies (CBDCs), and existing big tech companies are also partnering with some Layer 1 ecosystems.
And when this movement happens, on-chain data is constantly monitored and analyzed by third parties. Especially for enterprise payments, the incentive for analysis is so great that the address is being identified. Therefore, the negative impact of the transparency is significant, and on-chain transparency tends to discourage companies from entering the market.
However, despite its necessity, privacy adoption remains an unsolved problem. Existing privacy solutions have several shortcomings.
First, closed privacy ecosystems are not enough such as Mina Protocol and Zcash. These chains can provide privacy for users and dapps within their ecosystems, but not outside of them. For privacy, users need to put their assets on them, and developers need to deploy on them.
Second, privacy solutions like Tornado Cash have been used by various bad actors with money laundering. The critical issue with Tornado Cash was essentially that legitimate users had limited options to dissociate from the criminal activity the protocol attracted. For a long time, privacy and regulatory compliance are perceived as incompatible.
Third, it is too complicated for users to continue using privacy solutions. In order to just make transactions private, there are too many hurdles to overcome. For example, users need to install new wallets and tools or change platforms just to make transactions private.
To solve these issues, Hana adopts a new approach that can be the de facto standard for privacy.
Our Approach
Our approach is groundbreaking in three respects.
Let’s start by discussing what sets us, Hana Network, apart.
On-chain privacy on existing chains
By Connecting Layer 0 for privacy with existing chains and Bitcoin, Hana makes transactions private on existing chains. And also, Hana builds a strong network effect with interoperability between different chains. To put it differently, Hana can collaborate with existing ecosystems to facilitate the emergence of new use cases.
Regulatory Compliance
Unlike Tornado Cash, Hana brings some solutions to provide privacy in compliance with regulations. For instance, viewing key allows users to prove their innocence by creating a proof of which deposit a given withdrawal came from. And also, users can decide on the UI whether or not to keep private transactions. Moreover, depending on the situation, Hana has the flexibility to adopt new solutions like Privacy Pools where users can provably dissociate from illicit funds and eKYC to collaborate with enterprises.
Simple UX
By integrating Hana SDK into existing dapps and wallets, anyone can make transactions private on any chain or dapps without even being aware that you are using Hana. Moreover, users doesn’t need to understand too much about our technology concept to use Hana, and developers doesn’t need to deploy smart contracts on Hana. Thanks to its simple UX, it can be leveraged for practical use cases such as private payment and enterprise finance.
What is the Use case?
Private cross chain swap & transfer
1)Private cross chain swap
Users can swap between any pair of assets without revealing their trading history.
ex: private cross chain swap between $ETH and $BTC.
2)Private cross chain transfer
Users can transfer any kind of assets privately from any chain to any chain and from any user to any user.
ex: private transfer $ETH from Ethereum to Polygon from Alice to Bob.
3)Private inner chain transfer
Users can realize completely private transactions like Zcash, selectively shielding a sender, a receiver, an asset type, and an amount by combining zero-knowledge-proof technologies and a multi-asset UTXO model.
ex: private transfer native assets on Layer 0, completely shielding both entry point and endpoint.
App integration by Hana SDK
By integrating Hana SDK into existing dapps or wallets, users can have the option to make transactions private. Additionally, all assets of any chain, including Bitcoin, can be used in a single application supported by Hana SDK.
ex: In a wallet supported by Hana SDK, users can manage assets and make transactions on all kinds of chains and have the option to make transactions public or private.
What is Next?
For now, we are focusing on the development of Hana Network. Stay tuned for more technical details and our story soon! To keep up with future updates, follow us on Twitter.
See you all soon!
