GLYFF - Privacy for Smart Contracts and Beyond

PREAMBLE

A storm has hit the investment market which we are not going to recover from. Crypto investment is that storm. With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.

While this revolution is gaining wide acceptance, Glyff, a decentralized internet platform delivering private asset transfers and programmable privacy for smart contracts has arrived.

"The advent of smart contracts have opened up an entirely new avenue of applications. Ethereum, the leading smart contract platform, has facilitated the creation of compelling decentralized applications such as decentralized exchanges, prediction markets and autonomous organizations. However, the Ethereum blockchain is completely transparent and data from any of these applications is accessible by anyone. This closes the door to an entire range of applications that rely on privacy.

For example, a voting application should not reveal anything about the votes while the voting process is under way, and only reveal the winner once the process has closed. Voting is an extremely compelling use case for trustless, private smart-contracts — you are able to trust that the votes have been tallied correctly and no information about the vote was leaked until it was complete. Because of this, multiple teams have used different approaches to solve the privacy problem  this post analyzes the different approaches and their respective tradeoffs.

The ideal privacy-preserving smart contract should have the ability to hide inputs from everyone except the person supplying it, perform some arbitrary computation without revealing any state, and returning outputs following the program’s specification (broadcast single public output/return output to specific users/no visible output). This poses a few challenges:

How do we hide inputs to a smart contract?

How do we keep state hidden from everyone, yet ensure program correctness?

How do we do arbitrary computations on hidden (or encrypted) data?"

With that being said, Glyff, like Ethereum, allows development of decentralized applications, but with a key difference : the ability of concealing data from the computing nodes. This enables developers to include sensitive data in their smart-contracts, directly on-chain, without compromise on security.

But before we go any further, please check out this video presentation to get even more acquainted

Now that I have your attention, let’s get right to it.

What exactly is GLYFF?

As said earlier and as depicted on the official website of Glyff, Glyff is a decentralized internet platform delivering private asset transfers and programmable privacy for smart contracts.

Glyff has balanced data privacy and transactional security with computational efficiency, which ultimately provides an easy through through smart contract throughput to be easily programmed to the enterprise level while upholding the core principles of the blockchain. Glyff, like Ethereum, allows the development of decentralized applications, but with the main difference: the ability to hide data from computational nodes. This allows developers to enter sensitive data in their smart contracts, directly in the chain, without compromising security

The Problem

Blockchain is one of the most important latest technological inventions, which allows businesses and individuals to instantly send money and information through the internet, without the need for third parties. However, the existing modeling really forgets privacy, with the overall data and the amount transacted between parties exposed to the public, while most real world applications – health, finance, IoT, etc. – requires details about their operations to remain undisclosed and incompatible with the public blockchain system.

The Solution

Glyff is also building a new generation decentralized platform that enables the transfer of safe value and intelligent contract execution, in complete confidentiality and with the assurance of strong truth. Glyff, like Ethereum, allows decentralized application development, but with the main difference: the ability to hide data from computational nodes. This allows developers to enter sensitive data in their smart contracts, connect directly, without compromising security.

Why Trust a Smart Contract?

Smart contracts are planned and executed inside blockchains, and along these lines they acquire a portion of the blockchain's properties:

They are unchanging, which implies a smart contract can never be changed and nobody can tamper with or break an agreement.

They are circulated, which implies that the result of the agreement is approved by everybody in the system, much the same as any exchange on a blockchain. Dissemination makes it inconceivable for an aggressor to compel control to discharge assets, as every other member would identify such an endeavor and check it as invalid.

The Features

Private transactions with the sender, recipient, and amount transferred are completely hidden.

Guaranty Guaranteed integrity and strong anonymity property with zero-knowledge cryptography.

Non-specialist programmers can develop applications that focus on privacy, even without cryptographic knowledge.

Enables the use of smart contracts for decentralized applications that require personal computing and secure data.

By using unique developments and adding elements of the latest cryptographic advancements to the proven Ethereum ecosystem, Glyff balances data privacy and transaction security with computational efficiency, ultimately providing a level of smart contract that is easily programmed and high performance to any application level by any company permanently maintain the basic principles of the chain. Glyff, like Ethereum, allows the development of decentralized applications, but with the main difference: the ability to hide data from computational nodes. This allows developers to enter sensitive data into their smart contracts directly on the network without compromising security.

The Glyff team is building a new generation decentralized platform that enables the transfer of safe value and smart contract implementation, with complete confidentiality and with the assurance of strong truth. Glyff, like Ethereum, allows the development of decentralized applications, but with the main difference: the ability to hide data from computational nodes. This allows developers to enter sensitive data in their smart contracts, directly in the chain, without compromising security.

Personal cash transactions with the sender, recipient, and amount transferred are completely hidden. Guaranteed integrity and strong anonymity property with zero-knowledge cryptography. Provides a platform for the dissemination of cross-industry blockchain technology that meets real-world demands. Applications in Healthcare, Finance, IoT, e-Commerce, e-Governance will increase the social benefits of these sectors. Smart contract system that is easily programmed with advanced privacy features. Open source wallet application and cross platform developer framework.

Token Details

Token: GLY

Token Type: ERC20

Pre-sale phase

Start date : 20 December 2018

End date : 19 January 2019

Token price : 0.11 USD

Discount :25%

Tokens for sale : 6,500,000

ICO phase

Start date : 20 February 2019

End date : 22 March 2019

Token price : 0.13 USD

Discount : None

Tokens for sale : 26,000,000

Distribution

Initial distribution: 50,000,000 GLY

TGE (including pre-sale): 32,500,000 GLY

Glyff reserve: 7,500,000 GLY

Team and early contributors: 5,000,000 GLY

Community and strategic partners: 5,000,000 GLY

RoadMap

Q2/3 2018

Research starts

Prototyping of MVP consensus node and wallet (Sprout)

Q3/4 2018

Consensus node and wallet (early release)

Private test-net launch

Q1/2 2019

Publication of the first whitepaper working draft (Sapling)

Token generation event

Development and code consolidation

Public test-net launch

Q2/3 2019

Programmable privacy

Security audit

Consensus node and wallet (stable release)

Q3/4 2019

Main-net launch

Developer toolchain and documentation

Mobile wallet (Android/iOS)

Meet The Incredible Team

Be a part of this incredible project. Download the whitepaper for the full scoop.

Till next time…

For more information, please visit:

Website: https://glyff.io/

Whitepaper : https://glyff.io/files/glyff-wp.pdf

Twitter: https://twitter.com/Glyff_io

Facebook: https://www.facebook.com/Glyff-353989662044849/

Telegram: https://t.me/glyffcommunity

Official Bounty Telegram Group: https://t.me/GlyffBounty

Author: Cryptoholical

My Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2487106

Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.