On July 21th 2021, our community had a chance to welcome Mr. Onion, Co-Founder of Onion Mixer to join in an AMA to give fruitful information about the key features and roadmap of Onion Mixer - the first decentralized protocol for anonymous cross-chain transactions..
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the latest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA, our guest directly greeted the community and provided detailed information on Onion Mixer as well as some key products and future plans.
Time: 09:00 PM (UTC + 7) on Wednesday, July 2th, 2021
Venue: https://t.me/CryptoFamilyGroup
Airdrop 200 USDT for the best questions in the AMA.
Below are some main points of this AMA:
Question for Part 1- Project overview
Question 1: Please make a brief introduction of Onion Mixer. How was the idea of the project born?
Mr. Onion: Onion Mixer is the first decentralized protocol for anonymous cross-chain transactions on BSC. Onion Mixer adopts a coin mixing approach that combines CoinJoin and zero-knowledge proof. It supports anonymous token transactions on both Ethereum and BSC. And by enabling liquidity mining, it also provides extra revenues for users.The name “Onion Mixer” is to pay tribute to TOR (The Onion Router), the origin of cyber anonymity.The word “mixer” vividly describes the working mechanism of Onion Mixer, that is, to mix transactions in the contract so that the links between deposit addresses and withdrawal addresses are cut off. In this way, Onion Mixer manages to deliver private transaction services for users.
Question 2: Could you please tell me the mission and vision of Onion Mixer in the near future?
Mr. Onion: Let me give the background in simple terms: the entire blockchain field is actually recorded on chain, and we don’t know each transaction comes from who. But there are a lot of centralized institutions and organizations in the world, such as centralized exchanges, such as some software monitoring DeFi market, or some agencies. They always attempt to match our transactions with real people, trying to identify traders. More and more exchanges are associating an address with a person, and even using big data technology to track and analyze transfers from that address to see if that traders are into something illegal.
The crypto world, which is supposed to be decentralized and free, is being monitored by more organizations than ever before. Some people are upset about this. Many big whales keep worrying about being monitored by the market.
That’s why we exist!
Onion Mixer is based on the idea of mixing in Coinjoin, and the privacy of mixing coins is enhanced through zero-knowledge proof. The Onion protocol solves the problem of the lack of anonymity and privacy of crypto assets in the current blockchain.
You may have heard of other mixed currency projects in the market, which can be broadly divided into two categories — managed and unmanaged.
However, many managed coin-mixing services have all but disappeared after being fined or even arrested by the FBI and other agencies in the United States because their services are manipulated and help some bad economic activities.
But are coin-mixing services really just for illegal crimes?
Of course not.
According to our research, only 2.5% of mixing services from 2018 to 2021 are related to illegal activities. Most people use coin mixing services for the purpose of protecting their privacy.
Question 3: Please update some hot event or incentive programs to engage with more users.
Mr. Onion: Onion Mixer officially launches on PolyGon today, here is the guide to participate in the early mining. https://onionmixer.medium.com/onion-mixer-officially-launches-on-polygon-how-to-participate-in-the-early-mining-a01544ec4b4b
To reward all Onion users for their support and to celebrate the Onion Mixer cross-chain Polygon, The Onion Mixer organize an Airdrop activity will end on July 28, which worth 6,780,000 OMT. For details, please check https://onionmixer.medium.com/airdrop-onion-mixer-is-landing-on-polygon-26b67a03dd28
Questions for Part 2 - Pre-collected questions from Twitter:
Question 1: One of the product of Onion Mixer is Mining in which users can mine OMT in a truly private way. The access to the liquidity pool always stays anonymous and secure. So, how does this anonymity mining works without sacrificing the personal data of miners? @Lidiamga
Mr. Onion: By combining CoinJoin coin mixing scheme and zkSNARK zero-knowledge proof, Onion Mixer splits the linkage between the deposit address and the withdrawal address, thus enabling transaction privacy protection for all DeFi components.
For specific, Onion Mixer is a smart contract mixer. When a user with token shuffle needs sends an encrypted asset to the smart contract, the smart contract will generate a string of zero-knowledge proof codes. The proof then functions as a transaction voucher but contains no valid information about the user.
When the user wants to withdraw assets from the smart contract, he/she only needs to provide the corresponding zero-knowledge proof code and a new address. The smart contract will automatically transfer the asset to the new address.
As these addresses are not linked in any manner, no one can connect addresses with transactions when users withdraw assets. In this way, Onion Mixer manages to provide users with complete transaction privacy.
Question 2: Onion Mixer has what is called anonymous transaction mining which is said to be similar to TRANSACTION MINING on traditional exchanges. How does this anonymous transaction mining work, and how do they get any imbalance or income from this anonymous transaction mining? @Dorothy279knot
Mr. Onion: In the Onion Mixer protocol, any user can earn rewards by adding liquidity to OMT transaction pool. Liquidity mining creates a really powerful incentive for Onion Mixer's early users who are encouraged to actively add liquidity and participate in the protocol. In this way a "flywheel effect" forms.
Onion Mixer's liquidity mining is similar to other DeFi projects': in Onion Mixer's Tokenomics, 10 billion (10%) OMT will be used to reward liquidity providers. When the Onion Mixer protocol is launched, OMT tokens will be unlocked from the "liquidity mining" reserve on a daily basis by blocks as a liquidity incentive to reward liquidity providers in PancakeSwap and other DEXs.
Users who provide liquidity to the OMT transaction pool will receive a corresponding share of tokens, i.e., LP Token which can be staked on the liquidity rewards page. Users then will receive a corresponding share liquidity rewards (staked LP Token / total staked LP Token). The staked LP Token can be retrieved at any time.
OMT tokens for liquidity bonus will be released per block and will go directly to the OMT staking pool. Users can enjoy the dividends from the staking pool immediately.
There is no lock-up requirement. OMT can be withdrawn at any time, but the withdrawal will trigger a "penalty mechanism", i.e. users will be charged 10% of OMT when withdrawing from the staking pool, of which 4% will be used to reward other "loyal users" holding OMT in the staking pool.
Question 3: Investors seem to only care about the token price rather than the true value of the project, what will Onionmixer team do so that investors don’t lose faith in Onionmixer, and what are the advantages of holding $OMT in the short and long term? @HuynhSterling
Mr. Onion: We think one of the most important factor of a great project is its price.
However, sometimes a good price is largely due to economic modelling and practical application, not necessarily a good technique.Fortunately, the Onion Mixer fits both of these qualities. With the Onion, you can get higher revenue and higher service experience.
Question 4: The risks related to lending platform is the smart contract risk . So has the smart contract been audited? Is there any safety mechanism to prevent overminting (to prevent any foul play/hacks)? How does Onion Mixer apply for a witness node or deploy/manage a smart contract ? @nobita404
Mr. Onion: Our contract has been audited by Certik: https://www.certik.org/projects/onionmixer
In addition, we will set up a security reward when we go online.
These rewards will come out of our marketing partner budget, which can be followed by our announcements and community.
We are absolutely safe, and I say this with confidence because we have had a very successful experience. Our code is tested by practice and time!
We have a lot of technical experience in previous projects, and we once launched an experimental product that reached $500 million in trade in two weeks without any publicity.This experimental product has never encounter any problems, and we have all taken multi-signature wallets. It is difficult for hackers to steal assets.
We will have a special section on our Gitbook to introduce our security. At the same time, we welcome the partners with technical strength to join us and contact us.
Gitbook: https://onionmixer.gitbook.io/onion-mixer/
Question 5: Apart from building on BSC, why did you choose to land on Polygon as well? What makes you think this is the right infrastructure for this kind of project? Could you please tell me some advantages of celebrating the cross-chain on Polygon over the other platforms? @MeagerOphelia
Mr. Onion: As DeFi grows rapidly, the congestion and high fees on Ethereum, the top ecology of DeFi, have caused many developers, users and funds to migrate to other public chains or sidechain.
Polygon, formerly known as Matic Network, is a scaling solution on Ethereum, and thereby enjoys the opportunity to easily integrate all Ethereum resources.
Currently, Aave, Curve, Sushiswap, 1inch, Opensea, Zapper and many other well-known projects in the Ethereum ecology have deployed on Polygon and accumulated considerable TVL.
According to the latest on-chain data, the TVL on Polygon exceeds $5.4 billion, following Ethereum and BSC. Meanwhile, Polygon's active on-chain addresses and daily transaction volume outnumber those on Ethereum, indicating that a large number of users are actively turning to Polygon. It is thus fair to say that Polygon is currently the fastest growing Ethereum scalability solution.
We can expect the following benefits:
1. Polygon's rapid growth has attracted a large quantity of capital and users' attention. Deploying Onion Mixer on Polygon can bring new capital and traffic to Onion Mixer.
2. Polygon seamlessly connects to Ethereum assets but its transaction fee is only 1/1000 of Ethereum. Users can use Onion Mixer for coin mixing or mining on Polygon at a lower cost.
3. According to the tokenomics of Onion Mixer, there will be a new round of transaction mining and liquidity mining after the deployment on Polygon. Both new and existing users of Onion Mixer will have the opportunity to obtain the proceeds of initial mining.
4. Deploying on Polygon will help Onion Mixer reach more DeFi projects while at the same time facilitate the growth of DeFi Transaction Exchange.
5. Polygon is currently one of the three major DeFi ecologies. Joining Polygon will help Onion Mixer realize its vision to build a privacy protection infrastructure for the entire DeFi ecology.
PART 3: BEST LIVE QUESTIONS CRYPTOFAMILY GROUP
Question 1: Revenue is an important aspect for all projects to survive and maintain the project/company. What is your plan and way to generate profit/revenue from tokens? In this regard, please explain your income model?
Mr. Onion: OMT is Onion Mixer’s governance token.
It serves the following purposes:
1. reward users
2. improve functions in the protocol
3. deployed on new public chains
4. adjust protocol fees
5. community governance
There are 100 billion OMT issued in total. The distribution plan is as follows:
1. Anonymous mining 70%: to reward users use Onion Mixer for coin mixing.
2. Liquidity mining 10%: To reward users who provide liquidity for OMT transaction pool from a third-party platform.
3. Team rewards10%: To rewards the team and products improvement as well as development, The probability of staying locked is high.
4. Presale investors 7%: To reward Onion Mixer’s early investors and TVL partners. 5% unlocked upon listing. The rest 95% will be released on a daily basis for 6 months.
5. Airdrop and marketing 2%: To support the ecosystem development and external collaboration. Unlocked as needed.
6. IDO crowdfunding 1%: For users participating in OMT crowdfunding. In fact, our private investors’ unlocking rules are very harsh. But the fact that people are still investing in us speaks to the confidence that institutions have in us. We’ve just done a multi-million dollar private placement round these 2 days. IDO and INO will be launched soon.
Question 2: CAN you explain the background of your team? How will you and your team carry out this project during this current pandemic?
Mr. Onion:I'm Onion Mixer. You can imagine me as a person or as a team consisting of farmers who are passionate about private transaction and DEFI.
The Onion Mixer is a self-organizing team that gathers programmers from Funderclub, Personal Capital, Xapo, Blockai, Microsoft and other well-known blockchain companies.
As the team has decided to complete a project combining anonymous transactions and DEIF, so the majority of our team members voted for us to be anonymous.
Question 3: Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves. So, I want to know the value you aim to add to crypto industry that will bring greater abundance to the industry?
Mr. Onion: Onion Mixer is the very first decentralized cross-chain protocol that supports anonymous transactions.
Our name, Onion Mixer echoes TOR--The Onion Router, which is the originator of anonymous communication online; and Mixer means “blender”, which demonstrates how Onion Mixer works, i.e., blending transactions in the protocol, thus breaking the link between input and output addresses to secure private transactions.
As everyone has the right to keep their private data from being monitored or recorded without permission, Onion Mixer wants to be the universal privacy protector for all products containing DeFi components with lower fees, more efficient transactions, and more decentralized governance. To know more information, please check this link: https://weibo.com/3891213973/KjRC9xfBQ
Question 4: Where is mask road map now? Are all targets in accordance with the current road map? And what are the next steps that will be taken in the future?
Mr. Onion: Stage 1, Among all the public chains including ETH, BSC, etc., we select BSC as the starting platform to build our coinmixing pool for its advantages in user base, low transaction fees, fast transaction speed, and a complete ecology.
Stage 2, after accumulating enough transaction volume on BSC, we will support anonymous cross-chain transactions for assets from other great public chains, including but not limited to ETH, HECO, TRX, Polkadot, etc.
Stage 3, we will make our protocol more accessible to connecting DAPP ecology and realize immediate coinmixing after deposit. We will be able to generate deposit certificates in batches and support deposit and withdraw at any time, so that our users can enjoy the profits of anonymous transaction mining every day.
Stage 4, we hope to function as the technical underlier for cross-chain anonymous transactions in the blockchain field, and take the lead in the marketplace. We hope to build private transaction infrastructure which is accessible for DEFI ecology.
Now, Onion Mixer officially launches on PolyGon today, here is the guide to participate in the early mining https://onionmixer.medium.com/onion-mixer-officially-launches-on-polygon-how-to-participate-in-the-early-mining-a01544ec4b4b
Question 5: Only getting users, holders etc is not everything. In my opinion, a project needs to deal with solving a real world issue or problem What is the problem that your project primarily focuses on?
Mr. Onion: I want to explain this in simpler terms: the entire crypto world is actually recorded on chain, and we don’t know each transaction comes from who. But there are a lot of centralized institutions and organizations in the world, such as centralized exchanges, such as some DEFI software, or some agencies, they will match our transactions with real people, trying to identify traders. Some people are upset about this.
Most big whales keep worrying about being monitored by the market, more and more exchanges are associating an address with a person, and even using big data technology to track and analyze transfers from that address to see if that person has the potential to do or done something bad. This will bring distress.The crypto world, which is supposed to be decentralized and free, is being monitored by more organizations than ever before.
That’s why we exist!
Onion Mixer is based on the idea of mixing in Coinjoin, and the privacy of mixing coins is enhanced through zero-knowledge proof. The Onion protocol solves the problem of the lack of anonymity and privacy of crypto assets in the current blockchain.
For all of the questions that have not been answered yet, guys feel free to search for more information or ask directly to them on the links provided below:
Website：https://onionmixer.com
Twitter：https://mobile.twitter.com/onionmixer
Medium：https://medium.com/@onionmixer
Telegram：https://t.me/OnionMixerOfficial
Discord: https://discord.gg/Kw44Rxg4
GitHub: https://github.com/Onion-Mixer
Gitbook: https://onionmixer.gitbook.io/onion-mixer/
