Since we are using Ethereum's Smart Contracts capabilities that reflect the business logic of trading Ethereum Meta for goods and vise versa, Anonymous E-Market Place cannot work on Verge, Monero or any other privacy-related coins, (any other privacy coins cannot support our Smart Contracts)
Best regards,
Ethereum Meta Team
I understood the part around the name now and indeed it makes kinda sense, what I am still lacking is understanding how this can be a privancy coin if it is using a transparent blockchain as ethereum...can you explain that in simple terms?
That is correct that Ethereum blockchain is traceable, that has its own advantages and disadvantages.
As you know, Ethereum blockchain allows Smart Contracts to control not only the token distributions but also allows to manage the assigned wallets within the contract.
Our first approach (Mixer Approach):
We are building a mixer wallet that will obfuscate the transactions traceability. I.e.: imagine you want to transfer from wallet A -> C, the wallet B, which is solely controlled by the SmartContract, receives the encrypted transaction information. Only wallet B knows its private key to decrypt the transaction information.
Wallet B receives the ETHM and encrypted message within the transaction (message contains information about where to send the ETHM , in this case, to the wallet C), When C receives the ETHM, that transaction will be already obfuscated, since all the transactions go to the wallet B which is controlled by the Smart Contract (i.e. the security of the Wallet B is maintained and reinforced by the peers of the Ethereum blockchain)
Our second approach (Zero-Knowledge Snarks):
As you know Ethereum community announced that they will enable the feature of using Zero-Knowledge Snarks protocol. We are planning to embed that protocol in our SmartContracts which will provide fully anonymous transactions capability.
You can read more about that here: https://www.coindesk.com/zk-snarks-everywhere-ethereum-privacy-tech-hits-tipping-point/
and here: https://hackernoon.com/how-to-prove-that-you-know-something-without-revealing-it-zero-knowledge-proofs-zcash-ethereum-43ce35d4d1c5
Also, please do not forget that the main application of Ethereum Meta is not just the peer-to-peer obfuscated transactions. Ethereum Meta is going to be a foundation of the Anonymous E-Market Place that reinforces buy/sell actions with its Smart Contracts.