zkBob facilitates secure, anonymous and restricted stablecoin transfers for general users. The app accepts BOB, a stable token, sourced from USDC. Once the BOB has been deposited into the zkBob application, pool members can transfer any number of BOBs among themselves in a private and secure manner.
What is special about zkBob?
The zkBob secure pool uses zkproofs to limit the disclosure of public data. When a transfer is initiated, the amount and recipient are never disclosed or made public. Transactions are routed through a relay, abstracting gas fees and providing an efficient transmission medium.
The exchange accepts BOB stablecoins for deposit, and after making a deposit in the zkBob app, BOB can be transferred anonymously between members. The BOB can be withdrawn from the application to an EOA (external address), keeping the transfer amounts and participants anonymous.
Token features:
| 1. | BOB - the name of a stable token, optimized for this protocol. |
| 2. | BOB can be exchanged for the equivalent amount in US dollars (minus standard exchange fees). |
| 3. | The BOB can be used in conjunction with the zkBob application to conduct small, anonymous transactions between users. |
zkBob uses zero-knowledge proof to confirm that an action was taken (deposit, transfer, withdrawal) without providing any other identifying data about that action. The zkBob account is associated with the user, using a private key. The private key helps to determine the balance of the account, create proofs for the transfer of tokens and withdraw the tokens from the pool.
zkBob accounts are created either from the private key of an existing wallet or from a separate seed phrase. Users can decide how they would like to create an account by following a step by step process.
Commissions on the project
Each transaction adds a stable fee of $0.10, paid in BOB tokens. You do not need native tokens (MATIC) to deposit, transfer or withdraw funds from zkBob. All transaction fees are $0.10 and are paid by using BOB.
Fees cover the cost of transactions in most situations and can lead to excess, depending on gas and token prices. BOB is accumulated by the recipient of the fee and periodically withdrawn, exchanged for native tokens and sent to the relay to subsidize future transaction costs. Relays do not receive any profit from additional fees - all collected fees help to support the protocol.
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