Mystiko.Network Unveils First Privacy Solution for L2 on Base Mainnet
In Brief
Mystiko.Network introduced a Layer 2 (L2) privacy solution on Base mainnet, addressing the pressing need for enhanced privacy and security within blockchain transactions.
The Mystiko Protocol, powered by zero-knowledge proof technology, ensures cross-chain connectivity, complete financial privacy in compliance with industry standards and user control.
The network utilizes zk-SNARKs to make privacy affordable for developers and users.
Mystiko.Network, an auditable Web3 zero-knowledge connectivity and privacy base layer, announced its launch on the Base (Coinbase’s L2) mainnet.
Backed by Coinbase, the Base network made its public debut in August and swiftly gained acclaim for its robust security, cost-effectiveness and developer-friendly attributes within the Ethereum L2 ecosystem.
Mystiko.Network’s launch on Base aims to provide a scalable and private blockchain infrastructure tailored to the needs of Web3 developers and users.
While Layer 2 technologies offer improved scalability and speed, they also introduce a distinct set of challenges — particularly in the areas of transaction privacy and security. A primary concern revolves around the transparency of all Layer 2 transactions, which can expose sensitive data and jeopardize cryptocurrency assets. To ensure the continued advancement and acceptance of blockchain technology, the imperative for a scalable, privacy-oriented universal solution is evident.
In response, Mystiko.Network emerges as the first L2 privacy solution that is fully compliant with the Base mainnet.
To address the pressing need for privacy and security within L2 networks, Mystiko is building a privacy-focused universal solution. As the first L2 privacy solution that is fully compliant with the Base mainnet, Mystiko aims to foster universal scalability and cross-chain privacy.
By harnessing “zk of zk” technology and zero-knowledge proofs, Mystiko.Network has introduced a distinctive array of capabilities.
Enhancing Privacy and Interoperability in Web3
Mystiko.Network’s zk-SNARKs protocol, referred to as the Mystiko Protocol, seamlessly integrates with major L1 blockchains such as Ethereum, BSC, Polygon, Avalanche, Polkadot, Fantom, as well as L2 solutions like Base, zkSync, Arbitrium, and Optimum. This robust interoperability establishes Mystiko.Network as the foundational layer of Web3.
The Mystiko Protocol employs secure zero-knowledge proof technology and advanced encryption methods to sever the connection between users’ deposit wallet addresses on source chains and withdrawal addresses on destination chains. This process guarantees complete confidentiality and bolsters users’ financial privacy, encompassing account balances, asset holdings and transaction history.
As a non-custodial protocol, Mystiko ensures that users maintain control over their cryptocurrencies while operating on the network.
Mystiko aims to safeguard the fundamental privacy rights of genuine users against exploitation by malicious actors who exploit on-chain privacy. To achieve this goal, Mystiko developed the industry’s first auditable zero-knowledge private transaction feature for on-chain transactions.
Within the network’s decentralized audit system, a committee of reputable institutions, selected by the community, oversees suspicious deposits made by malicious actors, all the while preserving the privacy of regular users.
In cases where regulatory compliance is necessary, suspicious asset transactions undergo decentralization and audit processes, conducted by trusted auditors based on the majority votes of the committee.
Furthermore, the network provides users with an intuitive interface, allowing them to execute cross-chain private transactions effortlessly. The versatile Mystiko wallet accommodates multiple blockchains and cross-chain bridges, affording users the flexibility to withdraw different sums from a single deposit.
Notably, Mystiko’s private transactions yield a substantial cost reduction of 70-90% when compared to conventional privacy solutions.
Since its deployment on the Ethereum, BNB Chain, and Polygon mainnets, Mystiko.Network has facilitated over 100,000 transactions, amounting to a total value of $97 million in cryptocurrencies. All of this was achieved while upholding complete privacy and security.
Developer-friendly Privacy SDK
In addition to L2 privacy, Mystiko facilitates integration across various blockchain components, including blockchains, wallets, bridges and decentralized applications (dapps). This comprehensive approach guarantees end-to-end privacy for all value transfers, rendering it a versatile solution for developers and users alike.
Moreover, Mystiko offers a privacy software development kit — named “Privacy as an SDK” (PaaS). The offering seeks to address both interoperability and privacy concerns through a unified solution.
Developers can seamlessly integrate the SDK into their infrastructures or applications, making it exceptionally versatile. The platform relies on two distinct zero-knowledge proofs: ZK SNARKs for transaction detail anonymity and ZK rollups to mitigate potential efficiency losses and high transaction gas fees.
Affordable Privacy for All with zk-SNARKs
Mystiko.Network firmly advocates for accessible privacy protection within blockchain networks. This commitment to affordability is reflected in its preference for zk-SNARKs over zk-STARKs.
As depicted in the chart above, zk-SNARKs necessitate a mere 24% of the gas required by zk-STARKs, resulting in significantly reduced transaction costs for end-users.
Additionally, zk-SNARKs feature more compact proof sizes when compared to zk-STARKs, leading to decreased on-chain storage demands.
By maintaining transactions below the 200-byte threshold and minimizing data on the L1 blockchain, users enjoy gas expenses as low as 10% to 20% in comparison to conventional privacy solutions.
Join the Mystiko Community
To engage with Mystiko.Network’s private transactions, users have the opportunity to conduct tests across multiple blockchains and cross-chain networks. Compatible testnets include Base, Ethereum, Polygon, BNB Chain, Fantom, Avalanche and Moonbeam.
Users can explore Mystiko’s privacy protection feature via MetaMask. Additionally, the platform supports bridges like Celer IM, Mystiko Test Bridge, LayerZero and Axelar Network.
Users who try out Mystiko.Network App for private payments stand a chance to earn Mystiko NFTs and gain future whitelist opportunities through the “Level-Up” NFT campaign, verified via Galxe.
Calling All Developers
Mystiko.Network is constructing a universal Web3 privacy infrastructure using PaaS (Privacy as an SDK). Developers keen on incorporating Mystiko.Network’s privacy features in their projects can obtain additional information and integration details by getting in touch with info@mystiko.network.
The network eagerly invites collaboration with developers to enhance on-chain privacy and accelerate crypto adoption within Web3.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
