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🖥️CIRCUITS CONT.

To understand how SLY utilizes simple circuits and Zero Knowledge (ZK) proving circuits to enable privacy-preserving transactions on the Solana blockchain, let's explore the two key components of SLY and how it differs from other protocols like Tornado:

  1. Core Deposit Circuit:

    • The core deposit circuit is the primary component of SLY that most users interact with. It is responsible for verifying essential aspects of deposit and withdrawal transactions while preserving user privacy.

    • When a user initiates a deposit, the core deposit circuit verifies that the user has created a commitment representing a deposit of a specific asset denomination, such as Solana or an SPL-20 token.

    • Additionally, the circuit ensures that the deposited asset has not been withdrawn yet and that the user possesses the secret provided during the creation of the original commitment. This ensures the integrity and validity of the deposit transaction while maintaining user anonymity.

  2. Anonymity Mining Program:

    • SLY incentivizes users to keep their deposits in the contract for extended periods through the Anonymity Mining program. By incentivizing users to maintain their deposits, the program ensures that SLY's deposit pools maintain a high number of active deposits, thereby increasing k-anonymity for other users.

    • Anonymity mining circuits are utilized to facilitate this program, providing a mechanism for rewarding users who contribute to the maintenance of a healthy deposit pool. This incentivizes long-term participation and helps sustain the privacy features of the SLY protocol.

Distinguishing Features of SLY:

  • Inclusive Approaches: Unlike some other privacy protocols, SLY adopts inclusive approaches that prioritize accessibility and usability for a broad range of users. This inclusivity extends to both technical and non-technical users, ensuring that privacy-preserving transactions are accessible to all.

  • Lower Fees: SLY distinguishes itself from other protocols, such as Tornado, by offering substantially lower fees for transactions. By optimizing gas usage and streamlining transaction processes, SLY minimizes the costs associated with privacy-preserving transactions, making them more accessible and cost-effective for users.

  • Embedded Web Browser: SLY provides users with an embedded web browser that ensures a completely anonymous browsing experience. This browser does not store RPC/IP data, enhancing user privacy and security while interacting with the Solana blockchain and other online resources.

  • Hot Wallet Functionality: SLY offers hot wallets with advanced functionality, including the ability to "flip" funds. This feature allows users to seamlessly convert between different assets within the SLY ecosystem, with the associated expenses covered by a 1% buy-and-sell tax. This simplifies asset management and enhances liquidity within the platform.

By combining these features, SLY offers a comprehensive and user-friendly solution for privacy-preserving transactions on the Solana blockchain. Through its innovative approach and emphasis on accessibility, SLY aims to democratize privacy and empower users to transact securely and anonymously with lower costs and enhanced usability.

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