AMA (ask me anything) Of ZK-Chaos with Stakely.io
We present a new chapter in our AMA series, today is with us Erika CEO of ZKCHAOS, and James Co-Founder of ZKCHAOS.
- Julio — Stakely.io: Welcome everybody to the AMA with ZKCHAOS team. It is currently one of the most anticipated blockchain projects of the moment.
- Juan Carlos — Stakely.io: The AMA will be structured in 3 phases:
1. Short presentation as voice chat.
2. Questions of the group members.
3. Small open round for live questions.
- Julio — Stakely.io: Welcome Erika! Let’s go. The first question:
Q1) Why not build a protocol based on privacy instead of a layer2 with this feature?
Where the assets and users are, where the privacy protection is needed.
In the DeFi world, which ecosystem has the most users and assets? Definitely Ethereum. So, It is more meaningful to solve the problems of Ethereum based on layer2. And BSC has a wonderful ecology too, we are also considering this possibility.
Q2) At present, we offer our data without economic return. Do you think that user data can one day be monetized?
It depends on the user itself, people have the right to sell or exchange their data. Anyone else shouldn’t have this right to sell others information. And ZKCHAOS of course can’t get anyone’s data.
Q3) Regarding the institutions and agencies of the state with a desire to control everything. Do you think they will accept these privacy-based protocols?
They certainly won’t be easy to accept. We believe that the authority should control the exchange between fiat and cryptocurrency, just like managing foreign exchange transactions. In the cryptocurrency market, we hope to have a higher degree of freedom. I think each of you also thinks so.
Finally, if they must intervene in our business, we may start negotiations, but our original intention is absolute privacy protection.
Q4) If I have understood correctly, the greater the number of transactions, the easier it is to get the “Zero-knowledge Proof”. Is there a minimum number of transactions to be able to obtain the “Zero-knowledge Proof”?
Not exactly correct. It should be the greater the transaction volume, the better the effect of anonymous transactions. There isn’t a minimum limitation for ZKP, but if the transaction volume is not large enough, even after ZKP processing, the transaction information may still be marked.
Q5) What is special about your infrastructure to say on the web “It provides a high-performance anonymous trading for token holders on multi-chain”?
That is because we are building on layer2 to scale Ethereum, adopting ZKRollups which considered as the long run solution without compromise. We need high TPS and better security on and off chain, and we have designed double coverage for anonymous trading. Moreover, we plan to launch a multichain platform after deploying the mainnet.
Q6) What are the main differences between Tornado Cash and ZKCHAOS?
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, this is not good.
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.
What Is A Better Anonymous Transaction Solution
Superb makeup skills are not the most important thing. Whether a transaction can be identified is the key point.
Q7) You comment that there will be no gas rates in ZKCHAOS that your intention is to subsidize gas, how do you plan to do this? Where will you take the funds to do it?
Because ZKCHAOS is base on layer2, and one of the great thing about layer 2 is there are no gas for transactions and games.
Why ZKChaos choose ZK-Rollups？
The future of Ethereum is layer2, and the future of layer2 is zkrollup
Q8) When you mean that it is a gaming company, what kind of games do you mean? Casino type games too?
All games with high transaction volume can be accepted by us. And the lotto is the first one.
Q9) Where do you and the ZKCHAOS team see the world of the blockchain being in years to come, and how will change the landscape of the cryptocurrency space in years to come?
We are embracing the era of web3, and privacy protection is one of the most important aspects building web3. And to become the privacy shield of crypto and the DeFi world. We hope that ZKCHAOS protocol can be part of the DeFi infrastructure. No matter what business you solve at the application layer, such as lending, mining, synthesizing assets, etc., the privacy of underlying asset interaction will be protected through the ZKCHAOS protocol.
Q10) ZKCHAOS will have an application in NTF, wanted to know how they plan to work with NFT?
There will be useful NFT in games, if you don’t play, you just sell it. Only investors know. And we maintain anonymity for the public.
There will be two systems here, NFT achievement system and NFT props system. Every time a player achieves some memorable achievements, such as winning a jackpot or completing 1,000 games, we will reward him with an NFT commemorative medal. The NFT item system is a utility card, the double-bonus card and insurance card which Erika just mentioned.
- Erika — ZKCHAOS: Thank you, Julio, Juan and the team.
- Juan Carlos — Stakely.io: Muchas gracias @zkchaos00 @P1_ZKCHAOS to spend your precious time with our community.
- Julio — Stakely.io: Gracias Erika y James! I know your Spanish is good.
- Erika — ZKCHAOS: Welcome to join our telegram community, and get the latest information about us: https://t.me/zkchaos
- Julio — Stakely.io: Remember the winners Erika.
- Erika — ZKCHAOS: Yes!
- Why not build a protocol based on privacy instead of a layer2 with this feature?
- If I have understood correctly, the greater the number of transactions, the easier it is to get the “Zero-knowledge Proof”. Is there a minimum number of transactions to be able to obtain the “Zero-knowledge Proof”?
- What are the main differences between Tornado Cash and ZKCHAOS?
- Juan Carlos — Stakely.io: Congratulations to all the winners!
- Julio — Stakely.io: The AMA is finished. Thanks, ZKCHAOS Team.
- Website: https://www.zkchaos.com/
- Telegram: https://t.me/zkchaos
- Twitter: https://twitter.com/zkchaos2020?s=09
- Medium: https://zkchaos.medium.com/