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By default, your entire blockchain transaction history and balances are public. All transactions can be seen on block explorers like Etherscan, and anyone who knows that you own a particular address can easily view your payments, trace the source of your funds, calculate your holdings, and analyze your on-chain activity.
But what if you did not want your history and balances to be publicly viewed by everyone? What if you wanted anonymity and privacy when it came to your transactions?
Cyclone is a multi-chain, non-custodial, privacy-preserving protocol. Cyclone applies zkSNARKs to enable transactional privacy by breaking the on-chain link between depositor and recipient addresses. It uses a smart contract that accepts coins/tokens deposits, which can be withdrawn by a different address. Whenever an asset is withdrawn from Cyclone, there is no way to link the withdrawal to the deposit for absolute privacy. Cyclone Protocol first launches on IoTeX blockchain.
Cyclone Protocol is fueled by the CYC token, which is designed to incentivize anonymity providers, liquidity providers, and users. CYC is NOT pre-mined or pre-allocated for investors or team. Those that contribute to Cyclone will earn CYC.
- Initial Supply: 2,021 for the community (see here)
Mint-n-Burn: Everyone can mint CYC tokens if deposits coins/tokens to anonymity pools; CYC tokens are burned when one withdraws coins/tokens from anonymity pools
Anonymity Mining: Coins/tokens are rewarded to ones who deposit coins/tokens into anonymity pools and keep them there for a while
Liquidity Mining: CYC is rewarded to users who provides liquidity for CYC on DEX (Decentralized Exchanges) such as mimo
Decentralized Governance will be enforced after launch, CYC will be used to govern the Cyclone Protocol.[/li]
How to participate?
Fair launches have always been lauded as the holy grail for a cryptocurrency. We advocate strongly for a fair launch for the community. CYC tokens will be initially distributed to community supporters without a price or absurd valuation.
This is the bootstrap phase of cyclone's pools, during which 3 Early Birds Pools will be deployed (where mint-n-burn and liquidity mining are disable with anonymity mining enabled). Everyone is encouraged to deposit IOTX into the 3 early bird pools to get CYCs via airdrop and lucky draw.
More Info: https://docs.cyclone.xyz/cyc-token-roadmap
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