CYC is the initial token of the Cyclone Protocol, and it is used for anonymous transactions in the protocol. Cyclone seems to be a multi-chain, non-custodial, confidentiality technology that operates on many chains. In order to provide transactional privacy, Cyclone makes use of zkSNARKs to sever the on-chain link that exists between the depositor and beneficiary addresses.
About Cyclone Protocol
The concept of Cyclone is straightforward: a user puts cryptocurrency into a group and subsequently withdraws from the same pool, thereby obscuring the history of the deposited tokens. Deposits are made by sending a “secret” in the shape of a hash (known as a commitment) to a Cyclone smart contract, as well as the amount of money being deposited. The deposit is accepted by the contract, and the commitment is added to the contract’s list of deposits.
Afterwards, if the user desires to withdraw funds from the smart contract, they must show verification using the same secret, which is represented by an unexpended promise from the smart contract’s list of deposits. This is possible thanks to the zkSNARKs technology, which does not divulge which specific deposit belongs to this secret.
The smart contract verifies the evidence and transfers the funds that were originally placed to the address that was indicated for withdrawal. An outside spectator would be unable to establish which account this withdrawal was made from due to the nature of the transaction.
What is Cyclone Protocol [CYC]?
The Complex Governance Model served as an inspiration for the development of Cyclone Governance. Users of the CYC token will be able to manage and modify Cyclone through the use of three unique components: the CYC coin, the governing component (Governor Alpha), and the Timelock. These contracts, when taken together, will enable citizens to propose, vote on, and adopt changes in the direction of Cyclone. Some of the adjustments that can be proposed include adding support for additional assets, optimising existing token pools, changing CYC’s minting/burning rates, among other things.
Who Are the Founders of Cyclone Protocol [CYC]?
As an anonymous team, we respect complete transparency and aspire for a smooth and safe launch of Cyclone. Everything is expansive and verifiable — designers use the exact zkSNARKs technology used by tornado.cash, that has been fully examined (circuit, smart contracts) (circuit, smart contracts). In addition, they immediately use the results through Trusted Setup MPC that is functional and operating properly on Ethereum.
What Makes Cyclone Protocol Unique?
It is powered by the CYC coin, which would be intended to encourage secrecy providers, amount of financial, and consumers of the Cyclone Protocol. CYC is funded by Halo, the growth reward plan of the Internet of Things blockchain, IoTeX, and will be the first cryptocurrency to launch on IoTeX. Following that, Cyclone will be launched on Ethereum, Polkadot, Heco, and other public blockchains in the near future, among other platforms. CYC has not been pre-mined or pre-allocated to investors or the CYC development team. Cyclone Credits (CYC) will be awarded to anyone who makes contributions to the project.
Where Can You Buy Cyclone Protocol [CYC]?
If you’re looking for a place to purchase Cyclone Protocol, the best cryptocurrency exchanges to use right now are MEXC, PancakeSwap (V2), Uniswap (V2), Hotbit, and QuickSwap.
Frequently Asked Questions
Can I Buy Cyclone Protocol [CYC] With Cash?
No. There is no direct method to purchase Cyclone Protocol using cash. You can, however, utilise markets such as LocalBitcoins to first acquire BTC, and then complete the remainder of the procedures by moving your BTC to the appropriate AltCoin exchangers.
Are there any quick ways to buy Cyclone Protocol [CYC] in Europe?
Yes, in reality, Europe is one of the easiest countries to acquire cryptocurrency in general. There are also online banks where you can create an account and send funds to exchanges like Coinbase and Uphold.
On what factors does the price of the Cyclone Protocol [CYC] Depend?
Exchange inflows and outflows, technical and fundamental changes, the news cycle, and the overall economic climate are all variables that impact Cyclone Protocol price and market cap.
Cyclone Protocol Official Website –https://cyclone.xyz/
Cyclone Protocol Official Twitter –https://twitter.com/cycloneprotocol/status/1353975495566626817