Hi, they are actually a very different project as they have their own blockchain which entails a whole other set of circumstances. While Mysterium Network MYST tokens are currently ERC20 and the plan is to have the smart contracts on the Ethereum blockchain, we are not exclusively tied to Ethereum and could choose to move to another blockchain if necessary in the future.
The team is working very hard to provide a top quality tool that will allow privacy on demand to all internet users.
Appreciate your answer. Related to Ethereum and smart contracts, how do you provide privacy?
You are welcome, thank you for being a part of our community.
You can check out our
whitepaper for a detailed description of Ethereum smart contracts, identity service and payments.
https://mysterium.network/whitepaper.pdf6.3. Identity ServiceThere are interconnected software agents (we call one instance of this an identity agent)
representing digital identities. Each identity agent acts on behalf of a person controlling the
identity. This software agent is a functional part of the application (a Mysterium network node)
used to connect to the Mysterium network to provide or consume VPN services. Each agent has
access to a digital identity represented by the agent's ability to electronically prove service by
signing and decrypting all communications using a private key associated with the identity. A
node may have access to more than one identity. The identity is created by generating public
and private keys. The identity is identified by a unique identifier derived from a public key by
using the last 20 bytes of a keccak256 hash of the public key. This identity can be made publicly
known to other network users by announcing its existence through invoking an identity
registration smart contract on the Ethereum blockchain. The contract must be supplied with an
identifier and a public key of identity as an argument. After the identity contract is successfully
executed the public key of identity is appended to the Ethereum blockchain by miners. At this
point the appended identity becomes a Registered Identity. All Mysterium nodes in the network
follow the blockchain and read transactions of the newly registered identities and maintain a
local copy of the database of all Registered Identities using data gathered from transactions.
Nodes can use a local copy of the Registered Identities database to lookup public keys
associated with other identities. This database is used by nodes to check if the communications
received from other nodes comes from valid registered identities and are properly signed.
6.3.1. Registered Identity ValueMysterium nodes must attach a predefined amount of value (MYST) to successfully invoke the
identity registration contract and have the identity registered. The amount of value will be
adjusted periodically automatically to reflect the value of MYST in fiat currencies. This forfeiture
of value (MYST) has a purpose of making identity something of value. By attaching cost to
identity we make it unattractive to abandon. Also, because it is expensive to produce identities
in large quantities the system limits exposure to several types of trust exploitation. We see
Registered Identities as something to be reused to users’ own benefit. By reusing an identity for
payments users will have their payments history and balances made public, and their identities
made more predictable and thus trustworthy for service providers. We will discuss risk and trust
relationship further when describing payments.
