Anoma, a layer-one blockchain in development, aims to help traders move assets across networks with privacy technology and without the need for a base currency.
“For example, you can pay BTC to a friend who wants to get ETH,” explained Adrian Brink, founder of Anoma Network, in an email. “Under the hood, the protocol handles the exchange automatically and at the best market price.”
Anoma completed its first private sale of $ 6.75 million earlier this year, the company announced exclusively to CoinDesk. The round led by Polychain Capital included prominent supporters such as Electric Capital, Coinbase Ventures, FBG Capital, CMS Holdings, Lemniscap, Cygni Labs and Walden Bridge Capital. Investors bought tokens in the future network.
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The project plans to roll out a public test network in June and does not appear to rely on synthetic assets that represent the underlying cryptocurrencies. As described in the Anoma whitepaper, no second layer is required either.
A bet on interoperability
The basic bet Anoma is making, according to Brink, is based on the idea that first-layer chains will be interoperable with each other – especially modern chains like Solana, Polkadot, and Cosmos, which are based on Byzantine Fault Tolerance (BFT).
Anoma connects directly (point-to-point) to such networks using interoperability protocols such as IBC.
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For example, the Anoma Validator Set has an account with Near and the Near Validator Set has an account with Anoma. If you move 100 DOT (Polkadots Native Token) from Near to Anoma, you will move the DOT to the Anoma account in Near. As a result, the Anoma Validator Rate will credit you with those 100 POINTS for Anoma. Brink said you can now freely transfer it to Anoma and trade it, and later another user can withdraw the 100 DOT (or part of it) back to Near.
The story goes on
In the past, such assets have been isolated on their home turf, making it difficult for investors to quickly take advantage of market opportunities.
Data protection specifications
When it comes to privacy, Anoma uses a “multi-denomination knowledge-free transmission circuit” that allows different types of assets to share a set of anonymity. An anonymity set is the set of entities that may have the same attributes, which means that they are indistinguishable from one another.
According to Brink, Anoma’s multi-asset shielded pool is a special type of zero-knowledge circuit that enables the private transfer of any asset. It provides a uniform set of data protection for all assets and as such an observer cannot tell whether a transfer contained 1 BTC or 1 SOL.
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A zero knowledge circuit is a method by which one party (the examiner) can prove to another party (the examiner) that it knows a value X without communicating any information other than the fact that it knows the value X. know.
Put simply, it is a cryptographic technique that allows two parties on the Internet to verify information with one another without disclosing or revealing the underlying data about that information.
Zero-knowledge circuits are used by projects like ZCash (for private transfers), Tornado Cash (for building a trustworthy mixer), and Starkware (for building a fast decentralized exchange).
The open sourcing of the codebank and the launch of the public test network go a long way towards determining whether Anoma can meet its ambitions.
UPDATE (April 27, 14:20 UTC): The fundraiser was a private token sale, not a starting round as this piece originally reported.