Onion Mixer AMA Recap with DEGO
Onion Mixer is the first decentralized protocol for anonymous cross-chain transactions.
Onion Mixer creates the new “anonymous transactions + DeFi” approach that combines CoinJoin and zero-knowledge proof. It supports anonymous token transactions on public chains such as ETH, BSC, HECO, TRC, etc. And by enabling liquidity mining, holding mining, anonymous transaction mining, it allows users to obtain extra revenues while enjoying high-quality anonymous transaction services.
Q1: Can you please introduce yourself and your background, also introduce the team working on ONION MIXER?
Hello everyone, I am an Onion! You can think of me as a person or as a team, and we’re made up of a group of geeks, experienced defi players and developers who admire and advocate true decentralized world and privacy protection in DEFI!
Our members are mainly senior programmers from Funderclub, Personal Capital, Xapo, Blockai, Microsoft and other well-known blockchain enterprises. Our project Onion Mixer is a combination of anonymous transactions and DeFi so most of our members vote to stay anonymou. You can call us Onion!
Q2: Can you tell us more about ONION MIXER? Why did you start this project?
Onion Mixer is the first decentralized protocol for anonymous cross-chain transactions on BSC.
Onion Mixer adopts a coin mixing approach that combines CoinJoin and zero-knowledge proof. It supports anonymous token transactions on both Ethereum and BSC. And by enabling liquidity mining, it also provides extra revenues for users.
The name “Onion Mixer” is to pay tribute to TOR (The Onion Router), the origin of cyber anonymity.
The word “mixer” vividly describes the working mechanism of Onion Mixer, that is, to mix transactions in the contract so that the links between deposit addresses and withdrawal addresses are cut off.
In this way, Onion Mixer manages to deliver private transaction services for users.
Q3: Please tell us Why we need onion mixer and what are the distinct benefits of Onion mixer?
Let me give the background in simple terms: the entire blockchain field is actually recorded on chain, and we don’t know each transaction comes from who.
But there are a lot of centralized institutions and organizations in the world, such as centralized exchanges, such as some software monitoring DeFi market, or some agencies. They always attempt to match our transactions with real people, trying to identify traders.
More and more exchanges are associating an address with a person, and even using big data technology to track and analyze transfers from that address to see if that traders are into something illegal.
The crypto world, which is supposed to be decentralized and free, is being monitored by more organizations than ever before. Some people are upset about this. Many big whales keep worrying about being monitored by the market.
That’s why we exist!
Onion Mixer is based on the idea of mixing in Coinjoin, and the privacy of mixing coins is enhanced through zero-knowledge proof, thereby solving the anonymity and privacy concerns.
You may have heard of other mixed currency projects in the market, which can be broadly divided into two categories — managed and unmanaged.
However, many managed coin-mixing services have all but disappeared after being fined or even arrested by the FBI and other agencies in the United States because their services are manipulated and help unlawful bad economic activities.
But are coin-mixing services really just for illegal crimes?
Of course not.
According to our research, only 2.5% of mixing services from 2018 to 2021 are related to illegal activities. Most people use coin mixing services for the purpose of protecting their privacy.
Q4: Can you give an overview of your Tokenomics, and the UTILITY of the ONION MIXER?
OMT is Onion Mixer’s governance token.
It serves the following purposes:
1. reward users
2. improve functions in the protocol
3. deployed on new public chains
4. adjust protocol fees
5. community governance
There are 100 billion OMT issued in total. The distribution plan is as follows:
1. Anonymous mining 70%: to reward users use Onion Mixer for coin mixing.
2. Liquidity mining 10%: To reward users who provide liquidity to the OMT transaction pool from a third-party platform.
3. Team rewards10%: To rewards the team and improve products. The probability of staying locked is high.
4. Presale investors 7%: To reward Onion Mixer’s early investors and TVL partners. 5% unlocked upon listing. The rest 95% will be released on a daily basis for 6 months.
5. Airdrop and marketing 2%: To support the ecosystem development and external collaboration. Unlocked as needed.
6. IDO crowdfunding 1%: For users participating in OMT crowdfunding.
Q5:What are the core gameplays of Onion Mixer? How can users maximize their mining revenues?
The first option is to accumulate a high transaction volume. This strategy works forever. The second suggestion is to deposit your tokens in the vault as soon as possible. You can do that by buying tokens from other sellers. The more tokens you deposit, the higher transaction fees and the more deep is the project which means the more valuable the tokens you hold.
To view our tokenomics, you can visit this link https://onionmixer.gitbook.io/onion-mixer/articles/tokenomics
Q6: Do you think #ONION MIXER system is secure enough from hackers? Does your project have a program that rewards individual vulnerability detection of the system?
Our contract has been audited by Certik, and the audit report will be released soon.
In addition, we will set up a security reward when the project is launched.
These rewards will come out of our marketing partner budget. We will disclose the details later on in our announcement and community.
We are absolutely safe, and I say this with confidence because we have had a very successful experience. Our code has withstand the test of practice and time!
We have a lot of technical experience in previous projects. Before starting Onion Mixer, we launched an experimental project that reached $500 million in transaction volume in two weeks without any publicity.
This project has never encountered any problems. Because we use the multi-signature wallets, it is difficult for hackers to steal assets
We will have a special section on our Gitbook to introduce the security measure we undertake. At the same time, we welcome partners with technical strength to contact us and join us.
Q7: What is ONION MIXER strategy to attract and retain new users and Investors to ONION MIXER?
In addition to common marketing strategis, we will attract new users through our unique tokenomics design and a variety of application scenarios enabled.
- Onion Mixer’s tokenomics makes use of the penalty mechanism that is based on community consensus. Onion Mixer is more than a pure on-chain funds pool. Instead, we aim to fulfill users’ real needs. By constantly injecting transaction fees to the OMT asset pool, we will increase the depth of Onion Mixer and thereby provides more value for users.
- Onion Mixer will to trade assets across multiple chains, and thus is more convenient.
- Onion Mixer provides better mixing effect than other projects. Because the rewards for anonymous transaction depends on the percentage of users’ transaction volume in the entire Onion Mixer network of that day, they are motivates to build up high their transaction, which contributes to higher transaction fees and deeper funds pool. This, in turn, will provide better anonymity effects. This is a very advanced and sophisticated design.
Q8: Please share the roadmap of Onion mixer and tell us is onion mixer capable to complete its promises?
Currently, Onion Mixer’s roadmap consists of four growth stages.
Launch on BSC to create our coin mixer. We have compared a set of public chains such as Ethereum, BSC, etc., and choose BSC as our first stop for its advanatges in large user base, low transaction fees, fast transaction speed and well-developed ecology.
After accumulating sufficient transaction volume on BSC, we will support users to trade their assets on other public chains anonymously, including but not limited to ETH, HECO, TRON, POLKADOT, etc.
Improve the protocol to make it friendly to DAPP ecology. Users can mix their coins immediately after joining in Onion Mixer and receive deposit credentials that are generated in a timely manner. They will also be earning benefits from transaction mining anonymously.
Become the technological infrastructure for anonymous cross-chain transactions in the blockchain and be the leader in this field.
Become the underlier protocol for anonymous cross-chain transactions and be compatible with all DeFi projects.
Q9: Onion Mixer adopts a coin mixing approach combining “CoinJoin” and “zero-knowledge proof”. Can you explain this to us a little more? What are these two things? Why did you decide to combine these two concepts? What are the benefits of this decision?
Onion Mixer not only follows CoinJoin’s core principle of cutting off the connection between transaction deposit and withdraw addresses but also has made some improvements of this idea.
Because of the connections between transaction addresses, traders’ certain private information can be inferred by analyzing the content of the public ledger. An intuitive protection solution is to use an intermediate mixer to obfuscate the relationship between deposit and withdrawal addresses.
For short, the intermediate mixer server shuffles the multiple deposit addresses and then sends the transaction by random sorting. As each output address is new, people can not associate any addresses with a specific trader. For coin mixing, the more participants and the more mixing times (mix the output assects again), the better the anonymous effects. In addition, to prevent the individual mixer from being attacked, we can also connect multiple mixers and create a super-mixer to enhance the safety.
As for Zero-knowledge proof, it is a cryptographic proof that allows the user to prove ownership without revealing that information. For Onion Mixer, it is to prove that the user has deposited an asset in the smart contract and has never withdrawn the asset. The proving process will not reveal the specific asset.
By combining these two technologies, Onion Mixer can achieve true anonymous transaction and provide the best privacy protection for blockchain users.
These great ideas come from our Onion members, who are mainly senior programmers from Funderclub, Personal Capital, Xapo, Blockai, Microsoft and other well-known blockchain enterprises. They are really talent and experienced.
Q10: Why does Onion Mixer adopts such locking-up rules? What are your expectations of the token price upon listing?
Unlocking OMT rewards for presale investors: 5% unlocked upon listing and the rest 95% will be released in a linear manner in 30 days after the listing
Unloking INO OMT: 10% unlocked upon listing and the rest 90% will be released on a daily monthly with each month seeing a 10% tokens unlocked. We are really appreciate that though there are only 100 whitelists, we receive over 1500 applications for Onion INO whitelist. We are happy so many users believe in us.
As for INO which will start on June 15th. 100% fully unlocked upon listing and ready for transaction. We are currently in the process of deciding whitelist addresses. The snap-up starts on June 15th. If you still haven’t taken part, it is time to do it now. https://twitter.com/OnionMixer/status/1402883819166846978?s=20
To ensure the price upon listing, we have set very strict unlocking rules which brings us true supporters. Their investment means they acknowledge Onion Mixer’s project and are willing to lend us financial support and resources to enable Onion Mixer’s long-term growth. With these true investors around us, it is without question that Onion Mixer’s value will increase exponentially. Let along staking.
And as the team rewards are unlikely to be unlocked, it will ensure a better ecological growth!
Q11: Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project??
Good question! Yes, Of course, we are a community-driven project.
After we Onion launch on June 20th, the gas fees of first week will be 0.1%, the second week will be 0.2% and 0.3% in third week.
And in forth week, we will start a community vote to decide the gas fees.
Many big decisions such like that will be 100% decided by OMT holders.
We are a completely decentralization community.
Q12: Who are your potential customers and which markets are you targeting on?
Thank you for interesting. Our main potential customers are the following three types:
First, whale account who highly stressed privacy.
Second, users in the digital currency industry who wish to hide income
Third, for some Apps that need to hide their income, we will support the ecology of such Apps more in the future, so that they can realize anonymous income.
As the first decentralized protocol for anonymous cross-chain transactions, there is huge room for Onion Mixer to develop
Q13: Investors seem to only care about the price of the token instead of the real value of the project, how does Onion Mixer attract
We think one of the most important factor of a great project is its price.
However, sometimes a good price is largely due to economic modelling and practical application, not necessarily a good technique.
Fortunately, the Onion Mixer fits both of these qualities. With the Onion, you can get higher revenue and higher service experience.
Q14: What are your Vision for DeFi? What is your contribution for the development of DeFi?
Well， Defi is promoter of bull market. We believe that Defi’s ecosystem will get better and better. The main contribution Onion can make is to help Defi trade more anonymously.
I believe there will be a lot of decentralized exchanges working with us in the future. And Onion can realize the anonymous exchange of cross-chain assets.
Q15: Could you explain some of the Recent Major achievements of OMT , partnerships and long-term plans?
We have achieved deep cooperation with DEGO、DODO、Math Wallets、Token Pocket and BSC NEWS. And we are glad more and more influencers and KOL affirmed our value and share our Twitters spontaneously.
And we just completed INO with DEGO and received 15 times applications of whitelist number.
Now, Onion IDO on DODO also received a lot of support from users. https://twitter.com/OnionMixer/status/1402883819166846978?s=20
With the support from users, we believe Onion can make great achievement.