Sequoia India leads the investment, a quick look at ZK's new player Mystiko in three minutes

The word ZK, which originally had high hopes from the market, seems to have been born at the wrong time. Under the sluggish general market, attention has plummeted. In addition, the ZK protocol ZKsync, Polyhedra, and Taiko have been questioned by the market due to the airdrop incident, and market funds and sentiment have fallen to the bottom.

Are there any new ZK projects that have been overlooked during the market quiet period? As the Web3 infrastructure layer, Mystiko was first selected as CoinList's 2022 summer seed project. In March this year, Mystiko completed a $18 million seed round of financing, led by Sequoia Capital India/SEA (now known as Peak XV Partners), and Samsung Next, HashKey, CoinList, Naval Ravikant and others participated in the investment. Both the seed round amount and the investor lineup are luxurious.

What is Mystiko?

Mystiko is the base layer of Web3. Mystiko runs as a universal ZK SDK, enhancing blockchain scalability, interoperability, and privacy. Mystiko’s SDK enables developers to build blockchain applications that reduce costs, easily scale, interact securely across chains, and protect users’ on-chain identities (account balances, transaction history, etc.).

According to data from its official website, Mystiko’s total transaction volume has exceeded US$2.7 billion, and the total number of transactions has exceeded 1.26 million.

At the end of March this year, Mystiko token XZK was sold on CoinList with a unit price of $0.15. The final number of participants was 20,260, a total of 75 million tokens were sold, and $11.25 million was raised.

What can users and developers do?

Most companies and users do not want the public to know some data information. Blockchain, as the foundation of Web3, exposes all users’ transaction data to the public, including account balances, with its transparent and traceable design. , asset holdings, transaction history, etc., which brings considerable adverse effects.

Mystiko.Network uses zero-knowledge proof technology to ensure security of user transaction details on and between blockchains.

For users, using a wallet or dApp authorized by Mystiko.Network (https://camowallet.app/) will not reveal the income and expenditure information exposed by their on-chain payment behavior, and also protect Its trading strategies will not be discovered by some traders.

Developers can build any DApp by integrating Mystiko’s universal ZK SDK. For chains, both L1 and L2 can use Mystiko as the ZK layer, which can be used for single-chain transactions or cross-chain transmission. For cross-chain bridges, Mystiko can be used as a ZK bridge to achieve cross-chain transactions.

Wallet parties can also use Mystiko to achieve asset management in a trusted environment. DeFi DApps such as DEX can use Mystiko to become ZK DEX. Crypto payment DApps can leverage Mystiko to perform C2C ​​and C2B payments while protecting the recipient’s on-chain revenue history.

What are the technical highlights of Mystiko?

Mystiko uses a technology called Snark of Snark to increase its security and reduce its gas fee (picture below). Mystiko.Network has integrated ZK Rollup and transaction costs on mainnet are 50-90% lower than other major existing ZK solutions.

Mystiko also uses JoinSplit technology, allowing users to transfer and withdraw any amount of deposited total assets. JoinSplit consumes one or two input (deposit) values ​​and creates one or two output (withdrawal) values.

For example, if a user makes 3 deposits on Mystiko.Network in the amounts of 10 ETH, 20 ETH and 30 ETH on the Ethereum mainnet, the user now has the option to withdraw any amount up to 50 ETH with Full ZK functionality. This function enhances functional flexibility and facilitates users to improve capital efficiency. In addition, if both the sender and receiver of funds are Mystiko users, they can transfer funds without touching the public chain.

Mystiko also specifically designs a decentralized audit system for on-chain ZK transactions and establishes a decentralized audit committee that will audit the transaction flow of suspicious deposits from bad actors.

XZK Token Economics

The total amount of Mystiko’s native token XZK is 1 billion. The specific distribution is: 20.8% for community incentives, 20% for private placement rounds, 15% for core contributors/consultants, Developers 11%, marketing 10%, ecosystem 10%.

Currently, the main functions of XZK are staking and governance. Mystiko operates on ZK-Rollup miners and relayers, and to become the first two, XZK token holders need to stake a certain amount of XZK. In addition, XZK token holders can participate in network governance voting, and users with 100 million tokens can directly initiate proposals.

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