What Is Typhoon Network and How to Use It?

2021-05-14 05:00:00 · 123 views · 3 min read

 

Typhoon is a smart contract running on Binance Smart Chain that enables users to send private transactions between 2 wallets. 

 

 

When depositing money into Typhoon, you generate a random secret and submit a part of it (a hash) along with the assets into the smart contract. In order to then withdraw that deposit again, you need to provide cryptographic proof that you are indeed the owner of a secret to an unspent deposit. All without revealing the secret you hold to the public blockchain. 

 

 

How to Use It?

It’s quite simple to complete a private transaction via Typhoon. Just follow the 3 steps below:

 

$TYPH Tokens

Typhoon has launched with their $TYPH token mainly for these usages: 

  • Governance

  • Fee Claim - Typhoon charges a 0.1% fee on withdrawal. Token holders will be able to claim a share of those fees proportional to the amount of tokens they use to interact with the service for staking and governance votings.

  • Increasing Anonymity - If you provide funds to the Typhoon contracts, you’ll receive $TYPH rewards. Provided funds actively help with increasing the anonymity set and securing the usage of other users. 

  • Fee Reduction - The token will be used to reduce occurring fees when interacting with the Typhoon smart contracts and provided services.

  • Relayer Participation - Relayers are a mechanism to provide an extra step of anonymity when withdrawing. Instead of directly initiating a withdrawal from the users wallet, a third-party wallet is used. To get included as community relayer on the main site, it is required to hold a certain amount of $TYPH tokens to qualify. 

 

You can also stake your $TYPH tokens to earn more. 

There are currently 2 pools live: TYPH LaunchPool and TYPH-BNB-LP v2 pool. The highest APR is 177.82% for the later pool. 

The Typhoon Network dashboard indicates that the $TYPH token price has a high correlation with its social signal score. You can see from the graph above that the 2 curves move in a similar direction after the token launch in April. 

 

 

Besides, it’s important to track Typhoon’s on-chain users, volume and transactions to evaluate if the project is under a healthy operation.


 

 

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