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TEESwap: another superior project in Trias 2020 Trusted Computing Hackathon

After months of intense competition, Trias technical experts team has selected one more superior project of 2020 Trusted Computing Hackathon competition, according to the principle of fairness and justice.

TEESwap, a cross chain DEX project based on TEE, has won unanimous praise for its privacy computing practice and unique technological innovation, and has stood out from many participating projects and won the superior prize in 2020 Trias Trusted Computing Hackathon.

TEESwap is driven by a set of smart contracts and hardware solutions, which can achieve secure cross chain transaction signature between two separated blockchain platforms. It uses trusted computing technology (TEE) to ensure the security and auditable execution of all cross chain transactions, as well as the privacy protection of transaction data, which enhances the privacy and integrity of the blockchain.

Introduction of TEESwap function

Swap

The swap contract is a standard Uniswap AMM model, x* y = k, and liquidity provider (LP) provides such as ETH-BTC as liquidity capital. Traders can exchange ETH for BTC and vice versa. LP earns transaction fees.

Liquidity Mining

Similar to Sushiswap, TEESwap launched the liquidity mining function to distribute additional token reward TSP to liquidity providers for specified partial transaction pairs, which is the platform token of TEESwap.

Option

TEESwap is supported by convexity protocol based on smart contract. Each option product of TEESwap smart contract must specify eight different parameters: maturity time, underlying asset, strike price, strike asset, call or put, collateral category, margin required for mortgage and American or European options. In order to ensure the liquidity of the market, the main parameters of options are mainly controlled and created by TEESwap. The option seller can create the option token by locking the collateral within a certain period of time through the interface of the website. Option sellers can sell these option tokens on Swap to earn option fees.

Futures

Futures are extended on the basis of options, where you can pay the base premium and then settle with another trading pairs on a user-defined future date.

Loan

Borrowers and lenders trade through liquidity pools rather than matching with counterparties.

The interest rate of each loan is determined by the liquidity of the pool, that is, the ratio between the total amount of currency provided by the lender and the total amount of money demanded by the borrower.

TEESwap does not set a fixed loan term, so the lender can deposit the funds into the loan pool, continuously earn interest, and withdraw the assets at any time. The borrower has an unlimited contract period.

Secondary market

Loans, futures and options can be token through NFT and then traded in the secondary market.

Characteristics of TEESwap

Security
Safe cross chain based on TEE. In order to achieve complete decentralization, the TEESwap system becomes an open network that anyone can participate in. The verifier uses the MPC algorithm to reach a consensus. The network will also use this technology to enhance its computing power to execute all input and output programs.

This encryption algorithm allows a flexible number of participants in the network to work together. Another advantage of MPC as the input and output operation technology between network verifiers is that it can still maintain considerable security even if some participants maliciously attack the protocol program through traditional ways.

The upgraded TEESwap will use the trusted execution environment (TEE) as an additional shield. TEE is a sandbox that provides security functions to ensure that the code and data loaded inside are protected.

A variety of TEE technologies will be used to protect the key generation and management of TEESwap bridge. The security of the whole system will benefit from this. For example, due to the use of multiple TEEs, the cost of witch attacks will be greatly increased (different isolation technologies will enhance the execution of network licensed programs).

As the basic system of TEESwap, TEE and MPC lay a solid foundation for the real decentralization. This system enhances the safety of TEESwap bridge and minimizes various potential risks.

High performance and low cost
At present, Ethereum adopts the consensus mechanism of proof of work (PoW), while TEESwap adopts the PoS Galaxy Consensus mechanism .
TEESwap Galaxy Consensus mechanism greatly reduces transaction costs and significantly improves transaction speed. According to the complexity of the transaction, the gas fee on Ethereum can range from a few dollars to dozens of dollars or even hundreds of dollars. But the gas fee for transactions on TEESwap is usually less than one cent, less than one thousandth of that of Ethereum. At the same time, the speed of transaction confirmation on TEESwap is much faster than that on Ethereum. Usually, once the transaction is sent, it will be confirmed in time.

Privacy protection
By innovatively adopting TEE + blockchain fusion architecture, TEESwap constructs a trusted network of general smart contracts that can encrypt data, which not only uses the transparency and unforgeability of blockchain, but also protects people’s data privacy. TEESwap can ensure the reliable execution of smart contracts in the network, and protect data secretly to prevent leakage. Using remote attestation protocol, users can always verify whether any transaction is executed safely in tee; all transaction execution of users can be traced back to a group of encryption certificates, which are generated and signed by trusted computing protocols, and users can verify at any time on the blockchain.

Trias hopes that through this hackathon competition, developers can make use of the advantages of TEE technology to improve the pain points of the current blockchain network, so as to promote the real implementation of blockchain technology and promote a new round of business model innovation. In the future, Trias will continue to gather the strength of blockchain developers by holding hack pine competitions with various themes, and truly use technology to solve the real pain points faced by society and enterprises.

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Trustworthy and Reliable Intelligent Autonomous Systems