Private (user anonymity) is still a big challenge for the Crypto market. Currently, this segment is developing very well and is meeting users’ needs, but the law is really strict on this segment. Because Private demand is used for both good and bad purposes, countries like the US are afraid of this market, so they pay more attention to bad purposes.
Typically, the US recently banned people from using Tornado Cash, an anonymous money deposit and withdrawal service, so companies in the US are also afraid and do not support the project. It doesn’t kill Tornado, but it does lose a large number of users, which is a huge loss for the project.
To solve the remaining problems of Privacy, a project called Hinkal Protocol has just won the MVB VI organized by Binance Labs and received investment from Binance Labs.
Hinkal Protocol is inspired by the delicious khinkali dumplings of Georgia, a state in the US. Just like the diverse ingredients that make up the delicious khinkali, Hinkal Protocol provides a layer of security, where the ingredients are transactions and assets that can be shielded from public view to create Unique and personalized financial experience.
With Hinkal Protocol, no one knows how many assets users have or what transactions they have made, ensuring their privacy and security. But Hinkal Protocol is not just about privacy and security, it is also about convenience and ease of use. The platform is designed to be user-friendly and intuitive, allowing even those without technical expertise to easily navigate and use Hinkal, similar to how anyone can enjoy great flavors of khinkali without knowing its ingredients.
So what is Hinkal Protocol? How special is it? Let’s find out in this article!
What is Hinkal Protocol?
Overview of Hinkal Protocol
Hinkal Protocol is a protocol that provides users with anonymous DeFi services. Initially the project supported popular assets such as ETH, DAI, USDC, USDT,… on the Polygon network but later the project had can be extended to support other EVM networks.
The development direction of the project is to bring products such as money mixers, money transfers, Token exchanges, staking, Lending,… But when accessing these products, users will not be tracked by others thanks to use ZK proof.
The Hinkal protocol allows for the security of transactions with a cooperative privacy-preserving KYC layer aiPrise as a KYC provider. First, sensitive or anonymous data is not stored on-chain. Second, no party has a link between the wallet address and the user’s personal identification information. At the same time, users must pass KYC verification before interacting with the protocol.
No one party has a link between personal information and wallet information: Hinkal protocol has wallet address information but no personal information, while KYC providers have personal information but no address wallet. This preserves the necessary level of user anonymity. The only way information can be disclosed is when a court subpoenas it to examine certain transactions. Hinkal protocol will then cooperate with aiPrise and KYC providers to link wallets and personal information. This mechanism ensures that users can transact securely and meet legal requirements.
Hinkal Protocol’s customer base is not just regular DeFi users, but it also has easy access to non-traditional customer base. In particular, the protocol can support businesses or investment funds.
Additionally, Hinkal Protocol offers SDK toolkits to provide the ability for EVM dApps to integrate privacy without any contractual changes. The DApp UI simply uses the Hinkal SDK to allow users to transact privately.
Business applications:
- Institutions only participate in DeFi if they are confident that no illegitimate counterparties can transact with them.
- Businesses will only use wallets to pay salaries if they feel secure about the privacy of these transactions.
- B2B payments with Stablecoins are only possible if this can be done privately.
Hinkal Protocol Differences
- Helps users access DeFi services anonymously.
- When necessary, the protocol can still combine with the KYC party to provide user identities for the investigation process against bad behavior.
Hinkal Protocol’s mechanism of action
Products available on Hinkal Protocol:
- Deposit/Withdrawal: The deposit and withdrawal product on Hinkal Protocol is similar to the Tornado Cash project, the person depositing assets will receive a zk proof and to withdraw money, just enter the proof with the withdrawal address.
- Transfer: Users can transfer assets to others, but the recipient will not know who the transferor is and no one can find out where the sender transferred the asset and where the recipient received the asset from.
- Swap: Users can swap assets on Dex like Uniswap without revealing their actions. That is thanks to the protocol’s use of Relayers and Uniswap API. To trade, users must create zk proof that they own the amount of assets to trade, The swap transaction will be sent from Relayers’ public Ethereum address to the Hinkal Pool smart contract. During the transaction, Hinkal Pool will invoke the Uniswap smart contract to swap assets. It is important to mention, the forwarder has no custody over the swap assets. Importantly, Relayers has no custody over the swap assets.
- Lending: Just like Swap, users will be able to use borrowing and lending services on AAve anonymously through Hinkal.
- Staking: Similar to Swap and Lending, users can stake on Lido completely anonymously through Hinkal.
Development Roadmap
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Core Team
Georgi Koreli: Co-Founder & CEO
- In 2015, Georgi successfully obtained a Bachelor’s degree in Economics and a Master’s degree in Management, Logistics, Materials and Supply Chain Management at Plekhanov Russian University of Economics. Until 2021, he continues to complete the Master’s program in Business Administration at Stanford University Graduate School of Business.
- Currently, Georgi is the Founder of SV Icons, a company established in 2021 to become a partner of major investment funds in the market such as Sequoia, Benchmark, a16z, Kleiner Perkins, NEA, Coatue, Lightspeed, Norwest, Accel , Founders Fund.
- In addition, Georgi is also Co-Founder and CEO of Hinkal Protocol, a project established in 2022.
Nika Koreli: Co-Founder & CTO
- In 2011, Nika successfully obtained a Bachelor’s degree in Computer Science at the Higher School of Economics, then he continued to successfully obtain a Master’s degree in Science, Economics at Alma Mater Studiorum – Università di Bologna and a Doctor of Philosophy, Economics at University of Warwick.
- In 2011, Nika started working at Sberbank as a Software Engineer, participating in building import/export financial tools using C#.
- In 2015, Nika became a lecturer at the University of Warwick. After 4 years of working as a lecturer, he moved on to find other jobs.
- In 2019, Nika worked as a Financial Analyst at Oliver Wyman Group.
- In 2020, Nika became Co-Founder of novelty.today, xBuild some Web3 products, build a token control community, then move on to an on-chain resume and security protocols.
- Currently, Nika is Co-Founder and CTO of Hinkal Protocol, a project founded in 2022.
Investors
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Exchanges
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Information Channel of Hinkal Protocol
- Website: https://hinkal.pro/
- Twitter: https://twitter.com/hinkal_protocol
- Discord:
Summary
Hinkal Protocol was born to solve the major problems of the Private sector, which is to meet the anonymous needs of users while still ensuring legal friendliness. The protocol brings a very smart new idea and helps DeFi continue to grow rapidly.
So I have clarified what Hinkal Protocol is? Hinkal Protocol cryptocurrency overview. Hope this article provides you with a lot of useful knowledge!