[PROPOSAL] NEAR Peer-to-peer private transactions dApp

Near Community and nodes
1

NEAR easy-to-use private wallet

“At Near we believe in the world where people can control their assets, their data, and their power of governance.“

-Marieke Flamet, CEO of NEAR Foundation.

The goal is to create a Peer to Peer (P2P) dApp, which enables complete privacy of NEAR holder. The app obfuscates the NEAR token holder’s identity during transactions.

Problem

There is no solution provided to address these three conditions simultaneously:

  • User friendly way to send and receive tokens.
  • Keep the identity of token holder untraceable.
  • Mass adoption.

Think of Wenmo, but without KYC, and on NEAR blockchain.

Solution

This dApp will benefit the NEAR blockchain technology for being Secure, scalable, fast, low transaction fees. And NEAR ecosystem philosophy of better internet.

As a first step we will find the way to add privacy to transactions, which make the holder’s identity untraceable after first initial wallet use.

This will allow users exchange tokens freely without the concerns of exposure privacy to outside organization (including state governments).

Second step will be to make the private transactions easy and user-friendly. We will develop web-based UI for private wallet.

User Experience

  • User will go to web based private wallet (common url will be provided).
  • Connect private wallet with official wallet.near.org wallet.
  • Perform the transaction which adds a privacy layer (one time wallet setup, and one time transaction fee).
  • Send tokens to other NEAR wallet address (example: superstar.near), or scan barcode.
  • Request payment by entering NEAR wallet address (example: student.near).

Future roadmap

Utilize existing projects: Collaborate with the existing DAO projects to further improve user experience.

No need for third party exchanges: To purchase NEAR tokens for fiat currency or for a stablecoin without leaving the wallet.

Tools for merchants and marketplaces: Generate [Pay with NEAR] code as a payment option for online merchant (similar to today’s Pay with PayPal).

2

Something I’ve been debating a lot (with myself) would it be worth to build a tornado.cash like dApp for NEAR as accounts are named (I love it) but they are not very private. It would require a lot of time and technical skill from multiple people.

By the way tornado.cash has a lot (if not all) of their code oss, so check their GitHub for clues if you are thinking of building it. :slight_smile:

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@joaquimley Tornado cash is cool. I totally believe that it will make even more sense to build privacy dApp on NEAR than on Ethereum. Fast, low-cost, scalable, open, finance oriented, guilds and dev support. It can be a new internet. In addition to privacy feature, if we can build amazing user experience, we can succeed. I am thinking of Wenmo app, but with privacy and natively on NEAR blockchain. Whatever was very difficult on ETH, can be build easier on NEAR.

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Even if it is simpler compared to Ethereum it is still complicated :wink:

5

Just saw this post, not sure if the project was dropped or is still WIP.

6

Thanks, dude. It seems they received the grant from NEAR foundation in 2020. I contacted them in Discord if they can point me at any documentation or code.