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Title: dxmr - Bring Privacy to Ethereum Post by: dxmr on December 14, 2020, 03:10:03 AM Website (https://dxmr.io/) | Twitter (https://twitter.com/dxmrfinance) | Telegram (https://t.me/dxmrfinance) | Medium (https://dxmr.medium.com/) https://i.ibb.co/9n9K9dh/20201214-160025.png Privacy is a growing concern in the blockchain space. Bitcoin has been praised for its improved security over traditional currencies. However, using bitcoin is definitely not the most private or anonymous way to carry out transactions. Same as Ethereum. Monero (XMR) is an open-source cryptocurrency created in April 2014 that focuses on fungibility, privacy and decentralization. Monero transactions are confidential and untraceable, because it uses an obfuscated public ledger, meaning anybody can broadcast or send transactions, but no outside observer can tell the source, amount or destination. Ironically, buying and selling Monero needs to go through centralized exchange requiring KYC which makes Monero an isolated island with internal privacy only. We believe building DeFi products connecting Ethereum and Privacy Coins such as Monero will be interesting and beneficial. https://i.ibb.co/bKNYzc3/20201214-160628.png Same as WETH, WBTC, USDT and renBTC , dXMR is an ERC20 token 100% backed with XMR. There are several reasons we need dXMR to achieve our goal. https://i.ibb.co/RSd49h4/20201214-161010.png XMR is the only true privacy coin. Through exchanging, minting and redeeming with dXMR, Ethereum assets can be untraceable and stealth. https://i.ibb.co/vZ2kLmJ/20201214-161152.png dXMR expands the capability and liquidity of existing dApps and creates XMR new business cases such as lending, staking, OTC trading, etc. https://i.ibb.co/7Ks4NvZ/20201214-161331.png Minting XMR allows you to trade XMR with ERC-20 tokens directly without going through any centralized exchange. https://i.ibb.co/C1D2N87/20201214-161537.png If users’ ERC-20 assets want to go dark, they can purchase dXMR using Uniswap, and redeem to XMR using our gateway. Once they want to exchange back to ERC-20 tokens or even BTC, they can mint dXMR using XMR and trade freely using Uniswap and other decentralized exchanges or gateways. Below are detail process explained. https://i.ibb.co/1Kv2cTs/20201214-161737.png Minting refers to the process of minting new dXMR tokens. User initiates a minting order specifying amount and destination ETH address. Then, user sends XMR to the one-time XMR address generated. Once deposit confirmed, equal amount of dXMR will be minted from the token contract and sent to the user. Monero’s confirmation takes 10 blocks(roughly 20 minutes), that’s also one reason we need dXMR to speed things up. https://i.ibb.co/Q96Rywx/20201214-161855.png Redeeming is the action of redeeming XMR and burn dXMR tokens. User interacts with the smart contract to redeem dXMR and provides XMR receiving address. Once on-chain activity including burning confirmed, equal amount of XMR will be sent to user automatically. Supply of dXMR is then reduced and always 1:1 backed by XMR. https://i.ibb.co/gDRPQtt/20201214-162007.png Liquidity is the key to dXMR success. Majority of our governance tokens will be distributed to liquidity providers through farming. Uniswap dXMR-ETH and dXMR-USDT will be the first two pairs to be awarded. dXMR price will be extremely close to XMR price because of 1:1 asset backing design. Arbitrage trader can buy dXMR and redeem XMR when dXMR gets under valued, and vice versa. |
