Maintaining confidentiality has consistently been a major issue, particularly in the cryptocurrency sector where all transactions are recorded on the blockchain and available to the public. As a result, developers have made it a priority to create projects that enhance privacy for users, making it harder to trace their on-chain actions.
One of the projects that has garnered considerable interest is Mystiko.Network. So, what exactly is Mystiko.Network? Let’s delve into this Web3 privacy-boosting initiative utilizing ZK technology in the following article!
What is Mystiko.Network?
Mystiko.Network is a project that focuses on creating infrastructure for Web3 through the utilization of Zero-Knowledge (ZK) technology to improve security and anonymity within the cryptocurrency space. The goal of Mystiko.Network is to develop a universal ZK protocol and a ZK software development toolkit to construct a highly secure and scalable privacy setting.
Furthermore, Mystiko serves as a shared ZK Layer for various components such as Layer 1, Layer 2, wallets, cross-chain bridges, decentralized exchanges (DEXs), and other decentralized applications (DApps).
By utilizing Mystiko, users can conduct cryptocurrency transactions without disclosing personal information, ensuring maximum protection of their data. Mystiko.Network offers a more secure and private method for engaging with cryptocurrency in the Web3 ecosystem.
Main Features of Mystiko Network
Extensive Connectivity with Various Blockchains: Leveraging the zk-SNARKs protocol, Mystiko.Network can establish connections with a wide range of prominent blockchains, including Ethereum, BNB Chain, Solana, Polkadot, and others.
Robust Security Measures: The Mystiko protocol employs ZK technology to ensure the utmost security of users’ asset information.
Competitive Transaction Costs: Through the utilization of Zero-Knowledge technology for enhanced scalability, Mystiko.Network offers transactions with significantly lower fees compared to alternative platforms.
Full User Authority: Operating as a non-custodial platform, Mystiko.Network empowers users to retain complete control over their assets.
Improved User Interface: Boasting a user-friendly interface and seamless transaction process, Mystiko.Network delivers a private and convenient trading experience. The platform’s support for multiple blockchains and inter-chain bridges enhances transaction efficiency for users.
Project Products
- Cross Chain Privacy Bridge: Users can anonymously send assets to one blockchain and withdraw them from another without revealing transaction details to anyone.
- MystikoPay: Make payments on a private chain without revealing users’ transaction history to anyone. All incoming transaction history is secure, especially useful for businesses and small users to prevent information disclosure.
- Secret Vault: Users can transfer assets to a secret address that is extremely secure and completely private. Any wallet can provide its users with such features by implementing the Mystiko Wallet SDK.
- Private DEX: Users can trade on a private DEX similar to Uniswap while their asset privacy is protected. Current DEX platforms can add such features for their users by implementing Mystiko Protocol.
Tokenomics
XZK(ERC20) is the Mystiko.Network token.
XZK(ERC20) is the token of Mystiko.Network, a platform built on the web3 base layer. The mystiko sdk allows for interoperability and secure interactions across chains. Mystiko.network v1 mainnets went live in 2023 on the ethereum mainnet, with plans to expand to polygon and avalanche by 2024. This platform offers onchain functionalities such as auditable zk for on-chain privacy, and a Camo wallet for securely storing and transferring tokens.
XZK Allocation
At the beginning, 1 billion XZK tokens were created. The initial distribution is as shown below:
| Category | Allocation | Release Schedule |
| Private Round Backers | 200,000,000 | 1-year cliff after TGE, and then 2-year linear vesting |
| Community Round Backers | 75,000,000 | 25% unlock at TGE, and then 12-month linear vesting |
| Early User Rewards | 7,000,000 | 1 month cliff after TGE, and then 100% unlock |
| Core Contributors/Advisors | 150,000,000 | 1-year cliff after TGE, and then 3-year linear vesting |
| Ecosystem – Genesis Marketing | 50,000,000 | 25% unlock at TGE, and then 18-month linear vesting |
| Ecosystem – Marketing & Community Building | 100,000,000 | 1 month cliff after TGE, and then 4-year linear vesting |
| Ecosystem – Liquidity Rewards | 158,000,000 | 1 month cliff after TGE, and then 4-year linear vesting |
| Ecosystem – Application Developers | 160,000,000 | 1 month cliff after TGE, and then 4-year linear vesting |
| Ecosystem – General | 100,000,000 | 1 month cliff after TGE, and then 4-year linear vesting |
* This is only a preliminary allocation plan and may be subject to revisions.
Mystiko.Network Investor
Mystiko.Network has just completed an $18 million Seed round led by Sequoia Capital India/SEA (now known as Peak XV Partners), with participation from Samsung Next, Hashkey Capital, Mirana, Signum, CoinList, Naval Ravikant, Sandeep Nailwal, Gokul Rajaram, Tribe Capital, and Morningstar Ventures.
This funding round help Mystiko.Network scale its platform and accelerate its mission to create a decentralized, privacy-focused social network that puts users in control of their data. The company plans to use the funding to grow its engineering and product teams, expand its user base, and continue building innovative features that prioritize user privacy and security.
Mystiko.Network has gained traction in the market with its unique approach to social networking, which allows users to connect with friends and family while maintaining control over their personal data. The platform uses blockchain technology to encrypt user data and give users the ability to control who can access their information.
“We believe that Mystiko.Network has the potential to disrupt the social networking industry and bring about a new era of privacy-focused platforms,” said Muneeb Khan, Partner at Sequoia Capital India/SEA.
With the support of its investors, Mystiko.Network is poised for rapid growth and innovation as it continues to revolutionize the way people connect online.
Programs that Mystiko.Network has participated
Previously, Mystiko.Network was also selected to participate in prestigious programs such as Binance MVB, Chainlink Startup, and CoinList Seed.
Conclusion
By providing an overview of the Mystiko.Network project, Coinbold aims to give readers fundamental details about the project so they can make informed investment choices. Best of luck in your investments! If you have any additional queries or require more details on Mystiko.Network, feel free to visit their official website or social media platforms. Thank you for taking the time to read!
