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New Privacy Protocol ZEOS

by /u/p0p · 4 votes · 2 months ago

I found this project on twitter recently. Not finished yet but looks interesting. The best thing is you wont even need an EOS account to interact with it. Find the twitter for the full WP link

Excerpted from WP

Abstract

ZEOS enables private transactions for fungible and non-fungible assets on the EOS

blockchain by leveraging Zcash privacy technology and LiquidApps’ DAPP Network

Services. No modifications of existing token contracts are required. Users are able to freely move their assets between transparent EOS accounts and private ZEOS wallets. Ownership of assets held in private ZEOS wallets is untraceable while hidden assets themselves are kept in custody of the ZEOS token contract. Ownership is represented by untraceable UTXOs which can be transferred privately among ZEOS wallets. UTXOs can be redeemed at any time in order to retrieve

the underlying asset back into an EOS account. In addition to private transfers ZEOS

will offer an easy-to-implement interface for all existing smart contracts on EOS to support private deposits and withdrawals. This enables all applications on EOS to become private-by-default protecting their user’s privacy while staying fully transparent on the smart contract level for easy auditability. To completely unlink private transactions from users’ personal EOS accounts the concept of a proxy account is introduced. This account has a special ‘public’ permission which can be used by anyone to conduct private transactions by paying a transaction fee denominated in ZEOS tokens. So-called 'Miners’ compete for those fees by powering

up the proxy account with EOS resources. Finally the ZEOS token powers a capital-efficient DeFi protocol for synthetic ‘zAssets’. The entire ZEOS ecosystem is governed by smart organization¹.

The Protocol

ZEOS is inspired by the Nightfall protocol for private transfers of fungible and non-fungible assets on the Ethereum blockchain. In it’s original version though the protocol is very limited. ZEOS extends Nightfall’s concept by adding useful features from Zcash. One example is Zcash’s ‘in-band secret distribution’ which removes Nightfall’s dependency on a secure side channel for private communication. This is

required in order to share the secret transaction data with receivers of transactions. ZEOS eliminates the dependency of an additional communication channel and solely relies on the EOS public blockchain and the DAPP Network Services.

Private Transactions without an EOS account

The biggest issue regarding private transactions on EOS is that all transactions need to be signed by an EOS account permission in order to get executed on the EOS blockchain. But having users signing their private transactions using their personal EOS accounts poses high risk of having their privacy compromised: Once an EOS account is linked to a user’s identity a public observer could – at the very least – detect that this particular user is ”doing something in private”. This is even the case for private peer-to-peer transfers where all sensitive transaction data is entirely hidden.

This is why ZEOS introduces a transaction fee model enabling private ZEOS transactions without an EOS account. This is possible thanks to the EOSIO permission system and the ‘Contract Pays’ feature which is going to be introduced in the upcoming ‘Mandel’ fork of the EOSIO codebase. In this model, all users sign private ZEOS transactions using one and the same EOSIO permission of a so-called ‘ZEOS Proxy Account’. The proxy account has a special ‘public’ permission whose private key is public and can be used by anyone to sign private ZEOS transactions. Instead of paying for the necessary EOS resources directly when

executing a private transaction, a fee denominated in ZEOS is paid privately by the

transacting user to the proxy’s EOS account. This is done effectively by just ‘burning’ a UTXO from the user’s private ZEOS wallet right into the proxy’s EOS account. So called ‘miners’ on the other hand earn those transaction fees by powering up the proxy account’s CPU, NET and RAM resources.

Everyone uses the 'public' permission to anonymously sign transactions by paying fees denominated in ZEOS which 'miners' compete for

Conclusion

The ZEOS fee model based on the concept of only one public account permission signing all private ZEOS transactions is what makes the protocol truly private and fool-proof. The only interactions with the protocol using a personal, link-able EOS account is when assets are being moved in or out of private ZEOS wallets. All other transactions like private token transfers or private interactions with third-party smart contracts are being paid for with transaction fees denominated in ZEOS and are signed by the proxy account’s public permission. This has even much broader implications: ZEOS wallets become usable for anyone outside the EOS ecosystem since no personal EOS account is required to transact privately. This would allow anyone outside of EOS to hold all kinds of EOS assets in full privacy using only ZEOS wallets

Comments (6)
/u/blackhub · 1 votes · 2 months ago · Link

sound good but I would prefer to stick with xmr not because of any good reason but just old habits

/u/p0p OP · 1 votes · 2 months ago · Link

We all love xmr but the zeos protocol goes well beyond. It appears it will enable on top of everyday private transactions

1. a transaction time of 1-3 seconds

2. a finality of 120 seconds (soon 3 seconds)

3. private smart contracts

4. private non fungible tokens

5. private defi

6. community governance

/u/jomamma · 1 votes · 2 months ago · Link

Community governance will ruin everything...

/u/Xansexual_Maniac · 1 votes · 2 months ago · Link

I'm far from an expert on anything but the history of rapid finality shitcoins is not at all good. Solana is the first to come to mind for some reason.

/u/p0p OP · 1 votes · 2 months ago · Link

Yes i agree solana is a bit of a joke but this is built on a dpos chain not pow or poh. Just bringing it to peoples attention be great to hear some opinions on the WP its fairly detailed and technical

/u/UberChad · 1 votes · 2 months ago · Link

Smart contracts and all its assorted bells and whistles weaken privacy guarantees by increasing systemic complexity and therefore the attack surface. Monero being a simplistic one-trick pony is precisely what makes it so secure, you don't want to be running any more code than is absolutely necessary.