Hotbit AMA🎉: Cyclone Protocol (CYC) AMA in English Telegram

Sara: Let’s welcome bf945 @cycloneadmin, Core Developer of Cyclone Protocol to introduce 【Cyclone Protocol】 to us in AMA. Could you introduce yourself and what is Cyclone Protocol?

bf945: Hello, everyone! Cyclone Protocol is designed and developed by an anonymous team, and I am one of the core developers among them. My name is bf945.

Sara: Thanks for the introduction. Let’s start my questions.

What was the original purpose of designing Cyclone Protocol and how does it protect the privacy of user transactions?

bf945: Users’ transaction history and account balances are public on the blockchain. All transactions can be seen on block explorers like Etherscan. It is easy to figure out a user’s asset holdings, transaction records, source of funds, etc. Even worse, one’s on-chain activities can be monitored through these data! So how can we protect the privacy of these transactions? Cyclone is here to help!

Sara: Quite detailed explanation. How is Cyclone different from other anonymity protocols? Like Tornado.

bf945: This question is great! Currently, Tornado has worked great on Ethereum and proved the usability. But as users by ourselves there are limitations by Tonardo:

Sara: Why does the team stay anonymous?

bf945: Great question! A team working on blockchain privacy, we prefer to stay private, like many other privacy related projects.

Sara: Please explain in detail the incentive and mining mechanism of Cyclone Protocol?

bf945: Cyclone Protocol is fueled by the CYC token. In order to stimulate the growth of the community, we have designed “Mint-n-Burn, Liquidity Mining, Anonymity Mining” in the token economy. Those that contribute to Cyclone will earn CYC. Let me introduce these three mechanisms in detail.

Sara: let’s move on to the next question.

What’s the utility of CYC token? Why shall we hold CYC token for long term?

bf945: While the Cyclone Protocol is an anonymous protocol that protects transaction privacy on multi-chain, the CYC token can be seen as a unified pass for anyone using this protocol, which is designed to effectively motivate anonymous providers, liquidity providers and users.

Sara: Why did Cyclone Protocol choose IoTeX as the public chain for its initial launch? What’s your plan to launch on other chains?

bf945: Cyclone choose to launch on IoTeX first as it is a fast and feature-rich blockchain with a healthy global community. Most importantly, they are one of very few public chains that already have cross-chain bridges functional (ETH, BSC, etc.) and the fee is low, easy for any user to participate. CYC is supported by Halo, the development incentive plan of IoTeX Foundation. The tech supports we received are great, they provide amazing developer tools and iterate fast. We like their platform, good for builders.

Sara: How is your community growing so far? How can the global community participate into the future governance of Cyclone?

bf945: Cyclone community has grown very fast since the project launch. There are 10K+ followers on Twitter, and in Telegram Group, we have 14.4K+ community members.

Sara: What is the future plan for Cyclone?

bf945: We are currently working on Cyclone V2 and will launch very soon. There are a few highlights in V2:

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