We recently hosted an AMA with Projecteuanthe, on July 28th at 2 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by the Project Lead of Projecteuanthe. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks!
Q1. Could you please introduce Projecteuanthe to our community in layman’s term?
Ans — Projecteuanthe is essentially a set of Instructions that enables privacy enabled features for any account based blockchain, namely ethereum. Projecteuanthe is built off of two programs, Ebb and Elara. Ebb is a singular monotone based framework that promotes singular one time transactional privacy for individual eth or erc20 token transactions. Elara on the other end helps you create your own private ecosystem on ethereum itself. It helps you mirror the state of your open ledger non fungible or fungible token network and build a private protected ecosystem. These protected ecosystems could also be customised to support smart contracts which enables users to perform any contract based operations confidentially and anonymously for the first time.
Q2. What are the advantages of Projecteuanthe to other alternatives in the Blockchain field?
Ans — As of this moment any ZKP system deployed on ethereum is costly and inflexible in its system capabilities. Projecteuanthe wants to break that bound. We are building ebb, that is a system based on LSAG signatures (ring signatures) which gives the protocol an inherent advantage towards escaping circuit tasks and enabling cheap Elliptic Curve operation due to EIP 1895. Ebb will be green, fast and efficient compared to existing mixers on ethereum. This helps with building a better and a stronger anonymity set for the protocol and supports easy privacy service on layer one ethereum. On the other hand, Elara is built to support maximal bitone complex operations and widen the privacy capabilities currently presented by ethereum native networks. It’s the first project that will enable private connections through Elara dark hubs, with already deployed existing smart contracts and token networks. People would simply tap into an existing dark hub through the Elara UI and can import and convert their target open ledger network balance into private zkSNARK based notes in their respective dark hubs. With these users would be able to build an encrypted ecosystem directly in layer one compatible with existing infrastructure. They can perform hub supported DeFi operations, like depositing USDC into Frax Finance and minting Frax stable coin all anonymously and confidentially, through the dark hubs.
Q3. What are the major milestones Projecteuanthe achieved so far & what are in the future pipeline?
Ans — Projecteuanthe was born last year mid dec, it’s been over six months that we have been in stealth mode. Till now we have looped over multiple research and developments schedules to finalise our system architectures for both our proposed solutions, we will make our whitepaper public soon. Our core development began last quarter and we have finished developing supporting libraries required for our softwares along with ebb’s version 1. We will start a closed alpha round for ebb in the recent future, keep an eye out. We are targeting getting both ebb and Elara on Mainnet by Q1 2022.
Questions Asked on Twitter For Projecteuanthe Team!
Q1. I understand that Projecteuanthe's vision is to build interoperable privacy frameworks integrated into the Ethereum ecosystem, but how do we really achieve this "interoperable privacy", when this is a totally transparent network and totally isolated from other networks?
Ans — Projecteuanthe builds solutions that enables adaptive privacy capabilities for users who wants to access web3 protocols. With the help of Ebb users can privately transfer their token balances and with the help of Elara users tap into private ecosystems built on top of existing networks. It helps foster network growth through consolidating network effects and brings in privacy services previously unavailable for projects. Each Dark hub acts as a sequential blackbox trailing the state available on mainnet but hiding all the transactions performed in it. A token network can both be public and private on ethereum, enabling interoperable privacy between dark hubs and open ledger assets.
Q2. What killer features Projecteuanthe has that are ahead of the competition and how does intend to open up the technology to the community and to researchers so it can be continuously improved on?
Ans — To talk about the features provided by Projecteuanthe, Ebb helps users access efficient transactional privacy whereas Elara is built to support any defi and tokens networks access to private ecosystems, on top of ethereum. In the initial phase, the protocol would be controlled by the core members and the community with radicle rfc tagging and snapshot. But soon after that, euanthe DAO (i.e. the community) would be responsible for maintaining the system and updating the codebase, through the governance module. More details would be published later on this.
Q3. You are providing privacy solutions for the ethereum ecosystem. High gas fee is also a pressing issue with this ecosystem. Will Ebb and Elara solve this problem too? Further, why did you introduce this dual mode instead of creating one solution?
Ans — Ebb and Elara are two different systems, built with two different technologies and aims to solve different purposes while being in the same bandwagon, aiming to bring flexible and efficient privacy to ethereum. Ebb supports and helps users perform one time privacy services through a singular monotone transaction for any supported asset while Elara helps create a shielded token network, where users could stay, swap assets between one another, and perform any defi operations confidentially and anonymously. Ebb and Elara both the protocols were built with the support of precompiles that helped reduce gas costs for ECC operations apart from the general technical optimization baked into the system. It is one of the main priority for Projecteuanthe to make privacy protocols feasible and efficient on layer one ethereum.
Q4. Existing networks and protocols today can choose to register a custom Elara Dark hub on the same chain. But, in case of being a common user wanting to make use of this service, how can we interact with smart contracts?
Ans — As a user, any one can login through their metamask and access a dark hub listed on the Elara UI. Inside the hub they would be able to access all the features that a particular hub would provide. It can range from claiming rewards for a DeFi action to minting a new stablecoin on a protocol. Each hub would only work for a particular token network. Elara also supports NFTs, so a dark hub could also be customised to work with platforms such as Charged Particles or Aavegotchi. It’s truly exciting.
Q5. How, or through which big partnerships do you plan on utilising to pass your product onto the normal consumer - especially non-crypto people?
Ans — Ebb and Elara will release with support for a set of selected genesis projects while launching for the first time on mainnet. Supported projects would be able to enjoy benefits that ebb and elara provides, without going through the usual process. In the future, any projects that would like to be added would need to be voted on by the euanthe DAO and then only would be allowed to be integrated in either of the protocols. Anyone who is interested in protecting their privacy while enjoying the full benefits of DeFi would be able to benefit from Projecteuanthe’s protocols.
Questions Asked by our BlockTalks Community Members during live Session to Projecteuanthe Team!!
Q1. Projectuanthe’s goal is to provide privacy solutions for the ETH ecosystem, what motivated you to work on this? Could you tell us how you will manage to provide this privacy?
Ans — What motivated us to improve the existing privacy infrastructure was the fact that we came across a lack in security while dealing with people. Our digital identities are locked in our web3 instances and every time we interact with a solution we are complacent towards handing over our passbook and our behaviour patterns to the open world. While DeFi came to be a core value proposition for web3, even interacting within DAOs to coordinate online success stories became a problematic venture for strategists and conservatives like ourselves. Existing solutions are inflexible and bound to their limited capabilities, through Ebb and Elara Projecteuanthe aims to bring in a revolution in privacy entropy in DeFi!
Q2. I read that the community will release an MVP product as soon as possible safely, after following the meticulous security procedures, but do you really already have a definite date of when it will be released? Also, what would those "security procedures" be followed?
Ans — We are following our timeline, Ebb is on track to be released on Mainnet by next quarter and Elara by the beginning of next year. We follow an agile water flow development for all our software’s and include internal audits at each stage. We would be performing external audits after our Software’s internal initial alpha release.
Q3. DeFi has three areas: DEX, Aggregate Assets, and ml Lending. What exactly are you focusing on? Do you have plans for others that you haven’t focused on yet?
Ans — While Ebb provides singular access to transactional privacy Elara tap into DeFi through its dark hubs. All Defi operations could be performed anonymously and confidentially through Elara once it goes live.
Q4. I read in your medium, that after the launch, participants will be able to use the power of governance to refine the long-term vision of Projecteuanthe. On what topics exactly will we users be able to have voting power? How will the process be to take our opinions into account?
Ans — Users have complete control over Projecteuanthe once euanthe DAO goes live. They can change all existing system parameters and can even upgrade the entire stack for Ebb or Elara.
Q5. Can you briefly describe your partnership so far and upcoming partnerships?
Ans — Projecteuanthe is partnering with projects for being a genesis launch partner for Ebb and Elara. If a project becomes a launch partner then they don’t have to risk getting rejected by the DAO and can enjoy the full benefit offered by Projecteuanthe. More details about the initial partners later.