Sequoia India led the investment, a three-minute quick look at ZK's new player Mystiko

Written by: 1912212.eth, Foresight News

The term ZK, which was originally highly anticipated by the market, seems to have been born at the wrong time. With the sluggish market, the attention has plummeted. In addition, the ZK protocols ZKsync, Polyhedra, and Taiko have been questioned by the market due to airdrop incidents, and market funds and sentiment have fallen to the bottom.

Are there any new ZK projects that have been overlooked during the market's quiet cycle? As the infrastructure layer of Web3, Mystiko was the first to be selected as CoinList's 2022 Summer Seed Project. In March this year, Mystiko completed a $18 million seed round of financing, led by Sequoia Capital India/SEA (now known as Peak XV Partners), with participation from Samsung Next, HashKey, CoinList, Naval Ravikant, etc. Both the seed round amount and the investor lineup are luxurious.

What is Mystiko?

Mystiko is the foundational layer of Web3. Mystiko runs as a general-purpose ZK SDK, enhancingBlockchainScalability, interoperability, and privacy. Mystiko’s SDK enables developers to buildBlockchainApplications, thereby reducing costs, easily expanding, and cross-chainSafetyInteract and protect the user's on-chain identity (account balance, transaction history, etc.).

According to data from its official website, Mystiko's total transaction volume has exceeded US$2.7 billion, and the total number of transactions has exceeded 1.26 million.

At the end of March this year, Mystiko Token XZK was sold on CoinList at a price of $0.15 per unit. The final number of participants was 20,260, and a total of 75 million units were sold.Token, raising $11.25 million in funding.

What can users and developers do?

大多数企业以及用户都不愿公众知晓部分数据信息，区块链作为 Web3 的基础，以其透明、可追溯的设计，将所有用户的交易数据暴露给公众，包括账户余额、资产持有、交易历史等，这就带来相当多的不利影响。

Mystiko.Network 则是将区块链上和之间的用户交易详细信息，通过Zero knowledge proofTechnology to ensureSafety.

For users, use Mystiko.Network (https://camowallet.app/) to authorizewalletIf a blockchain or dApp is used, its income and expenditure information will not be leaked through its on-chain payment behavior, and its trading strategy will not be discovered by some traders.

Developers can build any DAppFor the chain, L1 and L2 Mystiko can be used as the ZK layer for both single-chain transactions and cross-chain transmissions. As for cross-chain bridges, Mystiko can be used as a ZK bridge to achieve cross-chain transactions.

walletParties can also use Mystiko to manage assets in a trusted environment. DApps 如 DEX，可以利用 Mystiko 成为 ZK DEX。加密支付 DApp 可以利用 Mystiko 执行 C2C 和 C2B 支付，同时保护接收方的链上收入历史记录。

What are the technical highlights of Mystiko?

Mystiko uses a technique called Snark of Snark to increase itsSafetyMystiko.Network has integrated ZK Rollup, and the transaction cost on the mainnet is 50-90% lower than other major existing ZK solutions.

Mystiko also uses JoinSplit technology, allowing users to transfer and withdraw any amount of deposited total assets. JoinSplit consumes one or two input (deposit) values and creates one or two output (withdrawal) values.

For example, if a user places a deposit on Mystiko.Network on the Ethereum mainnet with 10 ETH, 20 ETH, and 30 ETHXiaobai Navigation If you make 3 deposits on Mystiko, you can now choose to withdraw any amount below 50 ETH with full ZK functionality. This feature enhances functional flexibility and facilitates users to improve funding efficiency. In addition, if both the sender and receiver of funds are Mystiko users, funds can be transferred without touching the public chain.

Mystiko also specifically designs a decentralized audit system for on-chain ZK transactions and establishes a decentralized audit committee that will audit transaction flows of suspicious deposits from bad actors.

XGK Tokeneconomics

The total amount of Mystiko's native token XZK is 1 billion, and the specific distribution is as follows:CommunityIncentives account for 20.8%, private placement round 20%, core contributors/advisors 15%, developers 11%, marketing 10%, and ecosystem 10%.

Currently, the main functions of XZK are staking and governance. Mystiko relies on ZK-Rollup miners and relayers to operate, and to become the former two, XZK token holders need to stake a certain amount of XZK. In addition, XZK token holders can participate in network governance voting, and users who have reached 100 million tokens can directly initiate proposals.

The article comes from the Internet:Sequoia India led the investment, a three-minute quick look at ZK's new player Mystiko

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