Completely Private Transactions on the Polygon chain
So, what is PolyWhirl?
PolyWhirl is a completely decentralised platform for making private transactions on the Polygon chain.
Okay, but, what does that mean?
You can make private transactions on the chain to avoid linking wallets. It enables you to transfer your funds to an entirely new address without exposing the identity connected to your previous wallets.
Uhh, come again?
Blockchains are at the pinnacle of decentralisation. It is a revolution in itself. You can now earn passive income on your funds by lending them, or invest in entirely new startups or even do high-frequency trading on DEXs — all without a custodian. But here’s the catch. All data, all transactions, everything on the chain is recorded, and anyone can use it to analyse the behaviour of a particular person or an address.
All data, all transactions, everything on the chain is recorded, and anyone can use it to analyse the behaviour of a particular person or an address.
This poses a risk if your addresses and identity are connected — it may be due to the transfer of funds to a friend, a known entity or via compromised Web2 applications. Any money you move from your account to another still leaves a trace behind, never allowing you to achieve that perfect privacy ever again unless you move to centralised, custodial Exchanges or other solutions (which leave their trail behind everywhere!).
That’s where PolyWhirl comes in. We provide a non-custodial, completely decentralised protocol that allows you to regain your privacy, making blockchain transactions as they should be, private.
How does it Work?
PolyWhirl will allow you to de-link your wallets (and hence identity) by simply breaking the on-chain linkage between the two wallets you transfer your funds to & fro. It uses smart contracts to accept tokens in fixed amounts and generates a secret key for you, enabling you to redeem your tokens in a completely different address using it! Since these secret keys are not stored on-chain at the time of deposit, there is no way to link the address you use to withdraw the tokens to the one that deposited it — hence maintaining complete privacy on-chain!
The process can be explained as a combination of the two — Depositing funds and Withdrawing them.
The user generates a secret key at the time of depositing funds. The secret key’s hash is then stored on-chain along with the fixed amount of tokens sent to the contract. This is hence known as a commitment claimable by another account or the secret key holder.
At the time of withdrawals, all we ask is that the user presents the secret key they generated, verifying an unsettled commitment from the contract. This commitment has to be valid and unused, and once the smart contract verifies the same, the funds are released back to the claimer’s account. Using zk-SNARK proofs, the hash of the secret key cannot be traced back to the original deposit, hence decoupling the depositor’s and withdrawer’s accounts!
If the withdrawing account does not have enough $MATIC to pay for the gas, our integration with relay providers such as Biconomy help you withdraw your tokens without having to worry about procuring tokens for the gas!
To ensure best practices to preserve your privacy, you should wait a while before you withdraw your tokens to avoid any speculation and allow multiple users to come in after your deposit, creating a perfect mix of users that you could potentially disappear amongst.
PolyWhirl is based on the work done by the brilliant team at Tornado Cash, who built a time-tested privacy project, and has proved its mettle in preserving the privacy of its users time and again. We implement similar designs that utilise Zero-Knowledge Proofs (ZK Proofs in short) to de-link the wallets.
As we mentioned, this implementation is non-custodial, which means no entity ever gets access to your funds. This follows the principles of “Code is Law”, where only the smart contracts handle your funds, autonomously, without any human intervention.
We are a community-owned project. $WHIRL, the token behind the project, acts as a DAO token amongst other things, allowing the users, the stakeholders, the people who care about the technology, to make decisions that will govern the way the protocol works. This is important as it allows us, the developers, to loop into the community’s feedback and see to it we implement their passed proposals.
Additionally, we will soon be moving towards a completely Private Decentralised Ecosystem. After our Trusted Setup Ceremony, we will hand over the control of the protocol to the community members and burn our admin keys.
We hope to see you on this wonderful journey with us!
You can get in touch with us:
Visit us: PolyWhirl.cash