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Payment Channel Solution enabling yield generating transactions


Created At

ETHGlobal Paris

Project Description

Zook is a second-layer protocol for payments that uses payment channels for all transactions and does off-chain computations for the settlement and verification of these transactions. All the transactions in a payment channel are settled together after a duration of time, costing the user lesser gas fees. Even better, the funds these transactions hold are used to earn yield, which is distributed equally between the sender and receiver of the payment channel, making the transactions in a channel almost gasless. The sender and receiver are both verified before starting a payment channel and performing transactions, making the channel more secure. Offchain-attestations are also generated for every transaction, which is accessible only to the sender and receiver of the channel, maintaining the privacy of the channel.

How it's Made

This project uses multiple protocols like EAS, WalletConnect, XMTP, Safe and Spark(MakerDao). Attestation on EAS about the transactions and user information acts as an explorer and attesting off-chain attestation, it is easy for us to maintain user privacy and, at the same time verify and keep records of the transactions. The user uses Safe Smart contract wallets for all the transactions and all the funds are kept in same. Safe modules contain all the logic for transaction signatures and verification for withdrawals. XMTP messaging is used to send receipts and transactions to both sender and receiver to create a record of them and notify them about the transactions and because they are end-to-end encrypted, it also preserves user privacy. We are using WalletConnect's web3Modal for wallet connection to provide a fast and safe wallet connection. Spark(MakerDao) allows to earn yield by investing the funds in the contract and this yield is equally distributed between the sender and receiver. This also incentivizes both parties to keep their funds in the contract for a longer duration.

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