A Quick Look at the Polkadot Ecology Privacy Financial Protocol — Evanesco

Evanesco integrates the issuance, management, transfer, and cross-chain interoperability of assets, while providing privacy liquidity to wallets, exchanges, and aggregated transaction services.

In 2021, Web 3, which aims to build transaction identity data and assets under the independent control of users, has become a hot trend in the blockchain industry and cryptocurrency market. Web 3 is leading the boom of the new public blockchain of Polkadot and its ecology. On April 16, Layer 0 privacy financial protocol Evanesco announced the completion of a new round of financing, adding a technologically unique and powerful recruit to the Polkadot Ecology privacy track.

By Evanesco’s technological innovation, financial privacy solutions are provided.

Today, Bitcoin and DeFi, which are cultivated by the openness, transparence, and manipulation resistance of blockchain, are being accepted by the mainstream, but the open and transparent nature of blockchain prevents more mainstream financial institutions and bulk financial assets from participating in transactions. Most assets suffer from troublesome problems such as illiquidity, traceability and visibility of ledger transactions when traded on centralized or decentralized exchanges. Although the current development of digital assets and DeFi infrastructure is like a raging fire, most of them fail to ensure reliable transactions and privacy at the same time, and the market is vulnerable to public information and exploitation.

As the first Layer0 privacy financial protocol in Polkadot Ecology, Evanesco will build a unique financial privacy platform for Web3 on the basis of Layer0 network infrastructure and Bulletproof privacy computing framework, providing privacy solutions to every step and different levels of the complete transaction process to better protect the security of encrypted assets.

According to William , co-founder of Evanesco protocol technology, Evanesco has 3 technical highlights:

1）The first is the original Layer0 privacy network, which provides multi-hop privacy network transmission, hides the routing information of both sides of the transaction, isolates identity information, strengthens the protection of traditional encrypted asset transactions, DeFi transactions and NFT asset transactions, provides account book layer/account layer privacy mechanism, protects application layer privacy transactions, hides transaction content, and views and transfers transaction content and assets according to contract authority to achieve three layers of privacy protection for routing, assets and transactions;

2）The second is the advanced two-layer consensus mechanism of GPoW. The consensus consists of PoW miners and PoS validators, with PoS validators confirming transactions and sharing profits, and PoW miners minting tokens and electing PoS validators. They collaborate with each other to eliminate the potential risk of centralization so as to reach a fairer and more trustworthy vision of building the next generation of financial ecology. GPoW consensus engine is developed based on hash rate proof mining algorithm and Polkadot’s GRANDPA algorithm;

3）The third is an intelligent engine for privacy transaction. Evanesco provides varied decentralized privacy transaction groups for different tokens and NFT assets. The standard external interfaces feature superb scalability for the easy expansion of financial ecology. Evanesco is provided with the core components for synthesis and dismantling of various assets, thus providing a complete solution for privacy financial derivatives to the customers.

Based on above technological innovations, Evanesco integrates the issuance, management, transfer, and cross-chain interoperability of assets, while providing privacy liquidity to wallets, exchanges, and aggregated transaction services.

For anonymity and security of the C-end users, such as wallets, exchange applications, and even transaction devices for OTC, the private access from the physical link layer significantly exceeds those of other public chains.

For the private access of institutions or bulk users, the security and anonymity of B end are improved greatly, which reduces the risk of hackers and transaction tracking sharply, and provides privacy mobility for dark pools.

For the underlying mining ecology of privacy network, Evanesco’s Layer0 network miner-backed privacy network, and zero-knowledge proof algorithm maximizes blockchain ledger security based on efficient verification.

Evanesco’s privacy finance platform has a wide range of applications and requires an all-round eco-building

Based on Evanesco protocol technology, a new generation of privacy financial platform with a wide range of application scenarios can be created.

1）Open platform of privacy finance: Asset issuance, management, transfer, cross-chain interoperability, standardized smart contract framework;

2） Full privacy lending market: External assets are cross-chained and synthesized into special assets for decentralized lending operations, and privacy contracts validate various lending activities under the premise of ensuring overall asset data consistency;

3）Private NFT market: Make NFT private, hide the identity and payment information in the transaction, protect the privacy and security of both parties, and realize compliance audit, such as mapping PoW hash rate to NFT assets to participate in DeF;

4）Ensure privacy in the liquidity dark pool, so that the addresses and amounts of both parties are effectively kept private;

5）Enable the DeFi ecology by sharing the ecological mobility of outside chain and privacy with a cross-chain gateway.

Evanesco will build an all-round ecosystem composed of four parts:

1）PoW mining: Evanesco is built on the traditional PoW hash rate network, where miners maintain the core position in the ecology, and the distribution of new tokens can only be generated through mining, which is fairer and supports a more sustainable ecology;

2）PEX as a service: Evanesco endows privacy liquidity to OTC, wallet, exchange and aggregated trading services. Through the conversion, diversion and collection of the liquidity of interface-encrypted assets, the servitization of private transactions and the non-influence of users can be realized;

3）DAO: Evanesco will gradually establish a DAO voting iteration mechanism, improve DeFi support system, refine technology development proposals in the community, and shape a decentralized governance model in steps;

4）DeFi: Evanesco bridges the gap between existing DeFi and privacy ecology by building a privacy DeFi platform-XV-Core, and boosts community participants to transplant different projects or innovate models in Evanesco.

Evanesco will make full use of EVA token to drive its ecological construction. The total amount of EVA is 1 billion, the total amount of mining is 400 million, the minting cycle is 10 minutes, and each POW block is awarded 2,000 EVA, which will be halved about 694 days later. EVA is extensively applied in transaction fees, private data routing, cross-chain commission fees, asset transaction and synthesis, asset issuance, cross-chain gateway and transaction verifier pledge and so on.

By now, many institutions at home and abroad have invested in Evanesco, including AU21, Allchaineed, BlockArk, Blocksync, BitZ, Candaq, Cabin VC, Consensus Lab, CryptoDiscover, Dealean, DFG, Dao Capital, FBG Capital, Gate.io Labs, Hot Labs, Krypital Group, LD Capital, Mars Blockchain, MXC Labs, Moon River, NGC Ventures, OKEx Blockdream Ventures, Q42, R8 Capital, Spark Digital Capital, and ZB Capital. After this round of financing, Evanesco is about to launch IDO, and will submit the Rust version of privacy network protocol to the Web3 Foundation led by Polkadot in the near future. In addition, the main network is scheduled to be launched in the third quarter of this year.