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AOS Public Chain Launches the “Privacy Bank”

By AOS - 2020-5-7

Source: medium

As the world’s first public chain that supports zero-knowledge-proof programming, AOS has officially launched the “privacy bank”, a DAPP that supports the issuance of privacy assets.

“Privacy Bank” has been brewing as a heavyweight application of AOS for a long time. Now the launch makes “everyone can issue their own privacy tokens” becoming a reality. As a decentralized application, Privacy Bank is an important member of the AOS wallet ecosystem. Users can experience the Privacy Bank after downloading the wallet.

In the past, the issuance of assets in public chains such as ETH or EOS required a complex code compilation process, which made many ordinary people out of reach. Based on this pain point, the AOS team has thoroughly researched various products and user habits in the market, repeatedly polished it in the development of the Privacy Bank product, and built it into a convenient, safe and simple product. Now, the ease of use of the AOS asset issuance function has achieved the industry’s first. This is a historic initiative of the privacy public chain, and this function has never been implemented in the old generation privacy public chains DASH, XMR, and ZEC.

The technical process of AOS asset issuance is automatically performed on the chain. Users only need to give their assets a name and pay a small amount of AOS as issuance fees. After the signature on the chain is confirmed, the asset issuance can be completed. The entire process takes only a few minutes.

Is this all the privacy bank? the answer is NO.

After the asset issuance is completed, it is defaulted as a visible asset, which is the ordinary asset token. If the user does not want to disclose such assets, he can hide the assets himself. The process of hiding is also very simple, you only need to convert visible assets into privacy assets in the asset management center. After the transfer of private assets, the transfer transaction will only record the occurrence of this transaction on the chain, and will not record the number of transactions of the asset, thus achieving the security and confidentiality of the transaction.

The transactions of private assets are confidential, while the transactions of visible assets are open and transparent. Privacy Bank meets the diverse needs of users and realizes the diversity and flexibility of DAPP.

So how does AOS achieve this diversity of asset issuance?

The first is technical support for zero-knowledge-proof. It is becoming more and more common in the field of blockchain encryption. The version 2.0 of Ethereum that came online in 2020 will also join this technical support.

For the specific theoretical design of AOS zero-knowledge-proof, we have tentatively set out the following AOS zero-knowledge-proof transfer scheme. 1) A transfers to B through AOS zero-knowledge-proof. A needs to give two parameters Pub_Key and Prv_Key, and generates zero-knowledge proof evidence AOSP_π through the logical processing in the contract given by AOS. That is, A provides the value of the hash token α, that is, the token ID, the public key of A and the 32-bit random value (used to provide the uniqueness of providing acceptance tokens), and finally generates AOS zero-knowledge proof intermediary token assets Z_A .

ZA= H(α|pkA|σ)

The implementation of this zero-knowledge-proof was originally created by the AOS development team. Due to the technical complexity, only one of the implementation steps is listed for now. For more details, you can pay attention to the whitepaper released by AOS. Zero-knowledge-proof provides a strong support for the transfer of privacy assets.

AOS mainly adopt the Account Model to achieve data management. In order to support the Account Model, AOS also adopt a homomorphic encryption method for privacy protection. In the process of mutual transfer of privacy assets, the sender is in the ciphertext state, the balance is subtracted from the amount transferred, and the receiver is in the ciphertext. In the state, add the amount received on the basis of your balance to complete a private transfer.

The launch of the Privacy Bank is a small step in the AOS ecosystem, but it is a big step in the privacy industry. The form of the Privacy Bank pioneered the blockchain’s privacy asset management and lowered the technical threshold for the issuance and popularization of digital assets.

After the Privacy Bank launches, it will be a large-scale use. Not only the privacy bank, the AOS privacy ecosystem has a wider world. As the world’s first privacy public chain that supports zero-knowledge-proof programming, AOS is still preparing for the development of a privacy DAPP. In the near future, users will be able to easily have their own privacy DAPP in AOS.