Developers Launch the First Fully-Decentralized Protocol for Private Transactions on Binance Smart Chain

coingape.com April 08 2021 08:48, UTC
Reading time: ~4 m

Binance Smart Chain users have recently been introduced to a new fully decentralized protocol for private transactions called Morphose. The platform provides users with a simple and the most private way to make private transactions on Binance Smart Chain. Unlike other solutions, Morphose doesn’t depend on any off-chain third-party relayer that may reduce the privacy of a transaction.

Morphose: first fully-decentralized protocol for making private transactions on Binance Smart Chain

A number of innovative applications that leverage Binance Coin (BNB)and the use of Binance Smart Chain are on the horizon. In recent times, BNB users have been introduced to a new protocol called Morphose, a platform that allows people to make private BNB transactions in a fully decentralized fashion.

The developers behind the project are 3 experienced programmers who have an interest in cryptography and payment systems. They have 17+ years of coding experience and have been working with fiat and cryptocurrency payment systems for years now.

One of the developers behind the project is a programmer who goes by the name flower. Speaking with the team, flower told us why they started working on Morphose.

“We believe privacy is a fundamental human right. Whether the protocol will be used by a hacker or a normal person who just wants to hide his identity, it’s still a full right of an individual. Just like Swiss banking laws, it should be a crime to disclose the payment information of a person to third parties. We come from the early days of Bitcoin where privacy was discussed daily on Bitcointalk. We briefly participated in Zcash and GRiN developments to support them. All because we all had the same belief that never changed; Blockchain must offer confidentiality to protect privacy”.

Blockchain allows transferring digital assets in a decentralized fashion — without intermediary central third parties while enabling public verifiability as well as the provenance of the digital transactions and data. However, the privacy issue of Blockchain undermines user anonymity, confidentiality, and privacy in transactions. Although the usage of pseudonyms avoids linking transactions to the real identity, usages behind these pseudonyms might be traceable and linkable.

“We think Bitcoin Network, Ethereum, and Binance Smart Chain do not offer the privacy Blockchain users need. This is why MoneroZcashGRiN, and finally the first protocol to make private transactions on Ethereum, Tornado.cash had increasing popularity over the years. People need privacy. The problem is; on Ethereum and Binance Smart Chain, Tornado.cash and its clones depend on third-party off-chain relayers to withdraw funds. Even though they solve the privacy problem while using IPFS and multiple relayer nodes to support decentralization; if a third-party node can tell that you own both the deposit and withdrawal address, then they can de-anonymize you. This is why in order to achieve full-decentralization, the deposit-withdrawal process must not depend on any third party — period. We are maximalists in privacy. So we decided to create our own protocol that does it right.” flower continued.

Morphose breaks the on-chain link between source and destination addresses to enable transactional privacy on Binance Smart Chain. The protocol uses on-chain relayer architecture and zero-knowledge proofs, also known as zk-SNARK that requires no interaction between the prover and verifier. Once a BNB deposit is withdrawn by the new address, there is absolutely no way to link the withdrawal to the deposit, ensuring complete privacy and full-decentralization

“Today, all privacy solutions in Ethereum and Binance Smart Chain are clones of Tornado.cash. None of them are fully decentralized. All of them having staking or mining programs that conflict with the core value the protocol has to provide: preserving privacy. Morphose is not a clone and the first fully decentralized solution on Binance Smart Chain — as well as Ethereum that we don’t focus on. When you make a transaction on Morphose, it stays on Blockchain and Blockchain-only. We are not a yield-farming protocol but a pure privacy solution. In addition to these; Morphose takes the lowest 1% fee, uses fewer gas fees than Tornado.cash and its clones, have multiple denominations and she is truly ownerless.” flower added.

Morphose app is audited and already live for about a week so far, getting used and liked by people. The team intends to make Morphose more widespread because they say “she matters”. Morphose already raised 100 BNB in their Presale for their low supply MORPH token only on Binance Smart Chain. The financing will be used for seeding the liquidity pool and marketing to widespread Morphose. Their PancakeSwap DEX offering will take place on the 11th of April 2021 at 13:00 GMT.

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