5 months ago Binance Smart Chain users were introduced to a new fully decentralized and noncustodial protocol for private transactions called Morphose and their governance token MORPH. The protocol provides users with a simple and the most private way to make private transactions. Unlike other solutions, Morphose doesn’t depend on any off-chain third-party relayer that may reduce the privacy of a transaction. The protocol also takes the lowest commission, supports multiple denominations, supports ERC20 tokens, and uses the lowest gas fees when compared with competitors.
So far, Morphose has proven herself with more than 1000 deposits passed through the protocol. MORPH has also been proven with 48x ATH from presale price. The users of the protocol, on every occasion, thanked the Morphose community for providing them value to support their basic need in life — privacy.
Last month Morphose launched on Polygon and Fantom, supporting MATIC and FTM as well as ERC20 tokens of these blockchains. Morphose also had a second security audit from ABDK consulting.
Morphose has now launched on both Avalanche and Ethereum. According to the Morphose team, launching on two more EVM-supported chains created the foundation for bridging 5 EVM chains together in a privacy-focused EVM-based blockchain that they are working on.
What is Morphose?
Morphose is a fully decentralized and non-custodial protocol for making private transactions. Blockchains allow transferring digital assets in a public and decentralized fashion. However, pseudonyms used in transactions might be traceable and linkable. Morphose breaks the on-chain link between source and destination addresses to enable transactional privacy on a Blockchain — without relying on an off-chain relayer third-party that may risk the privacy.
Morphose works by allowing the user to deposit to a Morphose denomination smart contract in a predefined amount such as 1 BNB or 1 ETH. Using the secret note given at the time of deposit, the user can then withdraw the same predefined amount from the pool with a new address — naturally breaking the link between the depositor and withdrawer.
Zero-knowledge proofs (zkSNARKs) enable obfuscating deposited token history without revealing which exact deposit corresponds to the secret. Unlike other privacy protocols, to pay the gas fee to withdraw funds to an empty wallet, Morphose doesn’t put a third party off-chain relayer between the depositor and withdrawer. Morphose uses an integrated faucet that drips the gas fee to withdraw on request.
What is MORPH?
MORPH is the governance token of Morphose Protocol, only on Binance Smart Chain with 100K supply. In the coming months, to support the protocol, MORPH will be a privacy token using a privacy-focused EVM-based blockchain.
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