Skunkworks Project Suggestion: Project Phoenix on Scroll 📜

akuon commented 9 months ago

Name of the project

Project Phoenix on Scroll 📜

Project abstract

Project Phoenix aims to develop a novel privacy-preserving cryptocurrency protocol that leverages zero-knowledge proofs and homomorphic encryption to enable verifiable transactions without revealing sensitive financial information. This project focuses on scalability and interoperability while prioritizing user privacy and security.

Specification

Technology Stack :

Consensus Mechanism : Byzantine Fault Tolerance (BFT) consensus protocol with hybrid Proof-of-Stake (PoS) and Proof-of-Authority (PoA) elements. PoS ensures broad-based participation and decentralization, while PoA provides fast transaction confirmation and light node support.

Cryptography : -Ring signatures for enhanced transaction anonymity. -Zero-knowledge proofs for verifiable computations on encrypted data (e.g., balance checks, transfers). -Homomorphic encryption for private smart contracts.

Scalability : Layer 2 solutions such as state channels and optimistic rollups to improve transaction throughput. Interoperability : Integration with existing blockchains and financial systems through atomic swaps and interoperable sidechains.

Key Features :

Unlinkable Transactions : Utilizes ring signatures to make it impossible to trace transactions back to specific users.
Verifiable Computations : Zero-knowledge proofs allow users to verify transaction validity without revealing their financial information.
Private Smart Contracts : Homomorphic encryption enables complex computations on encrypted data within smart contracts, preserving user privacy.
Fast and Scalable : Leverages PoS and layer 2 solutions to achieve high transaction speed and scalability.
Interoperable : Seamless integration with existing financial infrastructure and other blockchains.