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Cypher Deposit

Cypher Deposit: Elevating financial privacy in crypto withdrawals. Securely withdraw funds via anonymous transfers & secure transactions, preserving anonymity.

Cypher Deposit

Created At

ETHGlobal Paris

Winner of


🥈 zkBob — Best Use


🏆 ETHGlobal Paris 2023 Finalist

Project Description

Cypher Deposit introduces a revolutionary solution for private crypto withdrawals, catering to the growing demand for enhanced financial privacy in the cryptocurrency landscape.

Our platform prioritizes user confidentiality, providing a seamless and secure way for individuals, businesses, and high-net-worth individuals to conduct anonymous transfers, keeping their financial data and transaction details private.

We offer a trusted platform where users can withdraw their cryptocurrencies without compromising their anonymity.

The core of our solution lies in leveraging advanced ZKBOB (Zero-Knowledge Balance Obliviousness) technology, ensuring that transaction details remain private and off-chain. This guarantees that users' financial activities remain confidential, shielded from third-party tracking and surveillance.By integrating liquidity pools through the Software Development Kit (SDK), Cypher Deposit enables swift and direct deposits and withdrawals, further enhancing the convenience and efficiency of the withdrawal process.

Users can move their assets seamlessly, without compromising privacy.

Moreover, our platform hosts a private HOPR container on Filecoin Bacalhau, granting secure access to the Optimism blockchain. This added layer of security ensures that users' transactions are protected, reinforcing their financial privacy throughout the entire withdrawal process.

Embracing decentralization, Cypher Deposit's frontend is hosted on the IPFS protocol, providing users with a transparent and trustworthy platform. Users retain full control over their financial assets, free from the control of centralized authorities.

How it's Made

Cypher Deposit is an innovative solution that redefines private cryptocurrency withdrawals, offering users enhanced financial privacy and autonomy. The platform empowers individuals, businesses, and high-net-worth individuals to execute anonymous transfers without compromising their personal information or transaction details.

The core of Cypher Deposit's approach lies in its use of advanced Zero-Knowledge Balance Obliviousness (ZKBOB) technology. This cryptographic protocol ensures that transaction details remain hidden off-chain, making it impossible for third parties to track or trace the origin and destination of transactions. By leveraging ZKBOB, users can execute transactions with complete peace of mind, knowing that their financial activities are shielded from prying eyes.

The withdrawal process starts when a user creates a unique burning address directly on the Cypher Deposit platform. This burning address serves as an intermediary, preserving the user's anonymity and privacy during the transaction. The user then enters the burning address on the centralized exchange (CEX) platform, where their cryptocurrency holdings are currently stored. This step ensures that the user's original CEX address remains confidential and disconnected from the final destination address.

Once the user inputs the burning address on the CEX, Cypher Deposit's platform automatically generates a Zero-Knowledge (ZK) address for the user. This ZK address is used as the final destination for the withdrawal. The platform proceeds to transfer the user's cryptocurrency from the burning address to the ZK address. This transfer is made possible through ZKBOB's Software Development Kit (SDK) for direct deposits, ensuring efficient and secure transactions.

To enhance security and confidentiality, Cypher Deposit hosts a private HOPR container on Filecoin Bacalhau. This integration provides secure access to the Optimism blockchain, further fortifying the protection of user transactions and data. By keeping user interactions within a private container, the platform ensures robust defense against potential threats and unauthorized access.

The frontend of Cypher Deposit is hosted on the IPFS protocol, giving users full control over their financial assets without relying on centralized authorities. Users receive updates when the burning address receives funds and when the ZK address is ready for withdrawal, keeping them informed and engaged throughout the process.

In conclusion, Cypher Deposit is a groundbreaking solution that empowers users with unparalleled financial privacy and autonomy during cryptocurrency withdrawals. By leveraging ZKBOB's technology, integrating liquidity pools through the SDK, utilizing Filecoin Bacalhau for secure blockchain access, embracing decentralization with the IPFS protocol frontend, the platform sets new standards for private crypto withdrawals. With Cypher Deposit, users can transact with confidence, knowing that their financial data remains protected and their transactions remain confidential in the fast-evolving world of cryptocurrencies.

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