Cyclone Cash

Web3 Bounties
1

Name of Project

Cyclone Cash
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Proposal overview

Cyclone Cash is a fork from Tornado Cash (running on Ethereum- https://tornado.cash).
Basically Cyclone Cash will be a fully decentralized protocol for private transactions on Harmony.
In our opinion, is necessary to have several applications offering private transactions on harmony.

How Cyclone Cash works ?

Deposit

A user generates a random key (note) and deposits ONE or HRC20 tokens, along with submitting a hash of the note to the Cyclone Cash smart contract.

Wait

After depositing, users should wait some amount of time before withdrawing to improve their privacy.

Withdraw

A user submits a proof of having the valid key to one of the notes deposited and the contract transfers ONE or the HRC20 token to a specified recipient.

How Cyclone Cash achieves privacy?

Cyclone Cash improves transaction privacy by breaking the on-chain link between source and destination addresses. It uses a smart contract that accepts ONE deposits that can be withdrawn by a different address. To preserve privacy a relayer can be used to withdraw to an address with no ONE balance. Whenever ONE is withdrawn by the new address, there is no way to link the withdrawal to the deposit, ensuring complete privacy.

Proposal ask

Proposal to follow the standard model $50K USD:

  • $10K for Cyclone.cash on TestNet functional (wallet connection + mixer implemented- deposit/Withdraw)
  • $10K for Cyclone.cash on TestNet full functional with minimum 20 Unique users (testers)
  • $10K for Cyclone.cash on MainNet
  • $10k for the first 1k Unique users
  • $10k for the 5k Unique users or when we hit the 1M ONEs

Metrics for success

1M ONEs Deposit
5K Unique users
(Tornado in ETH has 2,316,247 ETH deposited + 24,812 Unique users)

We are looking for the ok2go
Thank you
Cyclone Team

1 Like
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Thank you for submitting a proposal to Harmony’s $300M Ecosystem Fund

We are in the process of reviewing your proposal. We would also love :blue_heart: to have the Harmony community participate to ask questions and provide feedbacks.

If you have more details to add, please do so by replying to this thread.

2 Likes
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Well structured proposal :clap: plus a clear and sensible metrics of success. Few questions:

  • Can you describe the team’s background a little further?
  • Does this team have a relationship with Tornado cash team?
  • Has the team done mixers in the past in other chains?
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Unfortunately, your proposal is not ready for a Launch grant based on the guidelines at Apply for Grants or DAO due to the following reasons:

Applications of each launch must have prototyped a feature-full product.

Also

  • running a mixer requires a very specific set of skillset and experience, without it, getting commitment from the Tornado team will be necessary, or a reinvention of a mixer
  • the team is stretched thin between multiple projects, we look forward to seeing the other initiatives delivered within the 4-8 week launch time window