Complete Privacy for Every DeFi User of Every Smart Contract Blockchain
Decentralized Finance (DeFi) is the new star of the blockchain industry. We have seen exciting new DeFi projects that have changed the blockchain landscape. We have also witnessed the rise of a new blockchain-based economy, thanks to amazing DeFi powered projects.
Now with the help of DeFi, we have crypto-backed lending/borrowing platforms, staking, yield, and optimized yield farming platforms, and many other projects that are helping us realize the dreams of the pioneer blockchain creators: create an economy fully powered by blockchain technology.
However, an advanced ecosystem can allow you to do whatever you want and be wherever you want or don’t want to be. This is where privacy comes in.
Without privacy, decentralized self-sovereignty cannot be achieved. This is why every blockchain should have privacy features built into it, unfortunately, most do not.
This is where Monsoon comes in. Monsoon is a fully decentralized protocol for private transactions on every smart-contract blockchain.
In this article, we will be taking a closer look at the Monsoon finance platform and how it is revolutionizing the DeFi sector
Monsoon Finance is a Privacy-as-a-service DeFi platform that provides users with complete anonymity on any smart contract blockchain.
The great thing about Monsoon is that they’re building a suite of privacy tools for every DeFi user of every smart contract blockchain. The platform will deploy privacy solutions to blockchains that support them and run on smart contract technology.
Let’s say you’re on a smart contract blockchain that doesn’t have a privacy solution, you can run privacy tools on that blockchain if it supports Monsoon Finance privacy tools.
Monsoon Finance has already been deployed on the Binance Smart Chain, making Monsoon the first DeFi solution to bring privacy to the BSC.
Monsoon improves transaction privacy for users on any blockchain it is deployed to by breaking the on-chain link between the source and destination address. This is achieved by tweaking the smart contract to accept deposits of a network token that can be withdrawn by a different address.
A relayer is used for this purpose. The relayer can be used to withdraw to an address with no token balance. This new withdrawal address will have no link to the deposit address thereby ensuring complete privacy on the blockchain.
In simple terms, your transaction can’t be traced to you from the on-chain connection. Monsoon makes sure the on-chain connection is broken but the transaction remains unhindered and seamless.
In practical terms, this is how privacy is ensured by the Monsoon finance smart contract. You deposit crypto (the network token) into the Monsoon contract, you wait for more deposits to enter the Monsoon contract to help create a thick veil of transactions, and ultimately more privacy.
Then you (the user) provides zero-knowledge proof that you deposited funds into the Monsoon smart contract. When confirmed, your withdrawal request is processed on-chain and deposited into your new address. This is called a Multi-Chain privacy bridge.
The Monsoon Finance platform has a governance model with its traditional governance token called MCASH. By acquiring the MCASH token, users can participate in governance like voting on proposals and decisions about the future of the platform.
Monsoon also allows what we call anonymity mining. By using the Monsoon platform you automatically mine MCASH.
Monsoon Finance is a fork of Tornado Cash. It uses the same verification key as Tornado cash and, as such, inherited the same level of security.
About Monsoon
Monsoon Finance is a decentralized multi-chain privacy protocol bringing private transactions to every smart contracts blockchain.
Monsoon: Enabling Privacy, One Chain at a Time
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