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Alternate cryptocurrencies => Announcements (Altcoins) => Topic started by: dancingeggplant on January 20, 2021, 04:26:11 AM

Title: [ANN][IOTX] Cyclone⚡️ Multichain, non-custodial, privacy-preserving protocol
Post by: dancingeggplant on January 20, 2021, 04:26:11 AM

By default, your entire blockchain transaction history and balances are public. All transactions can be seen on block explorers like Etherscan, and anyone who knows that you own a particular address can easily view your payments, trace the source of your funds, calculate your holdings, and analyze your on-chain activity.

But what if you did not want your history and balances to be publicly viewed by everyone? What if you wanted anonymity and privacy when it came to your transactions?

Cyclone is a multi-chain, non-custodial, privacy-preserving protocol. Cyclone applies zkSNARKs to enable transactional privacy by breaking the on-chain link between depositor and recipient addresses. It uses a smart contract that accepts coins/tokens deposits, which can be withdrawn by a different address. Whenever an asset is withdrawn from Cyclone, there is no way to link the withdrawal to the deposit for absolute privacy. Cyclone Protocol first launches on IoTeX blockchain.

CYC Token
Cyclone Protocol is fueled by the CYC token, which is designed to incentivize anonymity providers, liquidity providers, and users. CYC is NOT pre-mined or pre-allocated for investors or team. Those that contribute to Cyclone will earn CYC.

    Initial Supply: 2,021 for the community (see here)
    Mint-n-Burn: Everyone can mint CYC tokens if deposits coins/tokens to anonymity pools; CYC tokens are burned when one withdraws coins/tokens from anonymity pools
    Anonymity Mining: Coins/tokens are rewarded to ones who deposit coins/tokens into anonymity pools and keep them there for a while
    Liquidity Mining: CYC is rewarded to users who provides liquidity for CYC on DEX (Decentralized Exchanges) such as mimo​
    Decentralized Governance will be enforced after launch, CYC will be used to govern the Cyclone Protocol.[/li]

How to participate?
Fair launches have always been lauded as the holy grail for a cryptocurrency. We advocate strongly for a fair launch for the community. CYC tokens will be initially distributed to community supporters without a price or absurd valuation.

This is the bootstrap phase of cyclone's pools, during which 3 Early Birds Pools will be deployed (where mint-n-burn and liquidity mining are disable with anonymity mining enabled). Everyone is encouraged to deposit IOTX into the 3 early bird pools to get CYCs via airdrop and lucky draw.

More Info:

Join Now

Title: Re: [ANN][IOTX] Cyclone⚡️ Multichain, non-custodial, privacy-preserving protocol
Post by: darktor on January 20, 2021, 08:33:02 AM
Please explain here:

Title: Re: [ANN][IOTX] Cyclone⚡️ Multichain, non-custodial, privacy-preserving protocol
Post by: Rikafip on January 20, 2021, 08:42:37 AM
Please explain here:

Yeah I was just about to ask the same thing. Similar name (Cyclon-Tornado), similar looking website, direct copy/paste from Tornado Cash Medium article etc. Seems like very little effort on their own here, and that usually ends up bad for everyone involved. How to trust them enough to deposit your own hard earn money when they can't make few lousy sentences by themselves?

I can imagine their answer though, it will be "we were only inspired by Tornado" or something along those lines.

edit: I stand corrected, Cyclone did mention Tornado Cash but it still baffles me that they copied some basic stuff like website instead making it on their own.

Title: Re: [ANN][IOTX] Cyclone⚡️ Multichain, non-custodial, privacy-preserving protocol
Post by: Christabel247 on January 20, 2021, 09:03:31 AM
Please explain here:

This is mostly like copy from that same project. Every is similar buddy