Topic: Railgun Privacy wallet - Zero Knowledge Proof secured - Railway (Read 141 times)

You could try searching for ''fake liquidity'' term on g00gle and learn more about that.
All dexes you mentioned are not really decentralized and everyone knows that, they can show you any numbers on screen they want.
Sure, some of them have people who are paid to provide some liquidity, but it's very easy to trick people with all the crap.

Uniswap is centralized junk that spies on all users.
Polygon is also junk that was hacked before and it will probably be hacked again in future like most shitcoin blockchains.

You could try on their GitHub.

Fake liquidity? What on earth is fake liquidity? It uses 0x protocol hence taps into all of the (non fake, lol) liquidity of every dex on the chain. Hence uniswap, sushi etc.

 Does uniswap have ‘fake liquidity’?

OK, show me the links to source code so I can investigate more.
When this question was asked I spent some time trying to find it but it was search without results.
Nobody should hide the source code if this is open source.

This is all fake liquidity, not true dex exchanges, and wbtc is NOT a real bitcoin.

 My understanding is that the Railgun contracts are open source and backed by a bug bounty. As to liquidity there's been about a quarter of a billion transacted through the various Railgun deployments on Ethereum, Polygon and BSC in the last year.

 The smallest of those, Polygon, has about $500m of wBTC liquidity on Dexes, all of which is usable from within Railgun.


The mint of wBTC is done from one bitcoin address, the burn back to bitcoin is done to a completely fresh address, from a new Polygon or Eth address.

 The Railgun transaction in the middle breaks the chain, providing you have a large enough privacy set - which wouldn't be a problem for anything but truly huge transactions.

 So the flow would be as an example.

 Origin BTC address mints 1 wBTC worth $30,000 onto say Polygon ( which has the smallest liquidity and privacy sets currently, saying that their dexes still do billions per day ).

 Then deposits by shielding into Railgun.

 Privately swaps on dexes the wBTC into different amounts of USDC, USDT, Dai, Matic and Eth or whatever else has the largest privacy set.

 Unshields from Railgun into fresh addresses over a period of time ensuring that sufficient volume from other users masks the activity.

 Swap these amounts back to wBTC outside of Railgun.

 When you now bridge back to the Bitcoin network it's from fresh addresses to a fresh bitcoin address which have no connection to the original transaction. Different amounts, different addresses and even different physical bitcoin as there'll have been other wBTC burns and mints conducted since. Meanwhile you can use the entire DEX based liquidity of those chains ( many many billions ) to enhance your privacy set. For instance simply by swapping wrapped matic for matic before swapping back to wBTC prior to bridging.

 So from your $30,000 bitcoin you'd end up with about $29700 ( minus gas costs which are negligible, probably less than a dollar, and dex fees) of clean untraceable bitcoin.

Now I've no idea what native bitcoin mixers charge or how effective they are though doubt there's any more effective way of anonymising than breaking the chain through Railgun and then using the massive volumes of DeFi and Dex transactions to mask your own transactions.

 Hence there is no way to track it.

What prevents analysis tools from searching for wBTC, you get one wBTC for every bitcoin you locked, by tracking what is happening on the bridge block of bitcoins that are released and that are mined or burned, you can easily know which wBTC addresses belong to the owner of the bitcoin addresses. wBTC addresses are in a blockchain similar to Bitcoin and does not support privacy protocols, so it is easy to track.

I'd be understanding about privacy if the other blockchain is Monero or Mimblewimble related blockchain.

Not to mention all the risks of not being able to recover blockchain that you have closed, the possibility of hacking the bridge, a vulnerability in the smart contract, high fees in the decentralized smart contracts, you did not add any privacy-related feature.

I don’t know, man. Sounds good but until proved, I won’t trust it. IDK, something seems a bit fishy to me.

I don’t think going through ETH to anonymize your coins is a good idea either. If you want anonymity, use a combination of mixers, Monero and LN. I wouldn’t trust anonymizing through ETH. It’s just.. not made for privacy and it’s hard to keep your coins anonymous by moving from a transparent ledger to another.

Maybe because Railgun wallet is not open source (correct me if I am wrong) and who knows what kind of mumbo jumbo is hidden inside the code.
Another reason is that it is not supporting Bitcoin mainnet, and random shitcoin chains and apps can never have enough liquidity and transactions to make something really private.
I tried opening wallet and redirected me to some .xyz domain that looks like scam, and new page gave me 403 forbidden error.
If someone is going to use any altcoin for privacy transaction they would just use monero instead of this hocus pocus stuff.

That's what people who don't have much knowledge get confused with that it's also the same but that is another one of the shitcoin on the ETH network.There is only one Bitcoin and all other are just fake copies for it that can't have anything like it.It was just setup to give DeFi platforms acces to bitcoin without any third party intervention but the actual Bitcoin remains the same.So don't sell your coins.

I don't really understand this if you're trying to incorporate bitcoin with another alts called wbtc because aside bitcoin, there's no other currency that's officially known with Satoshi, and if we are to also have a look on what you're trying to say here, it's an altcoins discussion which means wbtc or any other name or letter found attached to btc is an indication of alts, don't know if the coin also have a pair with bitcoin or not.

wBTC is not Bitcoin. It's a token on Ethereum network. Do not be fooled into selling your Bitcoins for wBTC tokens

The wallet clearly isn't supposed to be announced in this section, as it totally has nothing to do with Bitcoin. Maybe you just move the thread to Service Announcements on the Alternate cryptocurrencies board

 Surprised there's no mention of this in the forum.

 Not for native BTC but very useful for wBTC and the cheapest way, that I know of, to truly anonymise BTC.

 It provides for private DEX transactions and private transfers to other users within the Railway wallet. All secured via zero Knowledge Proofs.

 Hence there's a couple of interesting use cases. Allows Bitcoin holders to use their liquidity on Polygon, Ethereum etc, in an anonymous manner or to do a round trip and anonymise their BTC.

 The latter is simply a case of bridging BTC to wBTC. Then deposit the wBTC into the Railway wallet, which is known as shielding. You can then swap the wBTC for any token which has any form of liquidity on the chain ( it uses 0x protocol, so all Dexs used), withdraw these tokens to a fresh wallet, swap them back to wBTC and then bridge back to a fresh BTC wallet address.

 Whilst Railgun isn't inherently a mixer, providing the anonymity set is adequate it acts a bit like one, only using the entire Dex liquidity of the chain and the total deposits to Railway as a privacy set. Provided that adequate time is allowed between the deposit and the withdraw, and that the privacy set is adequate, this should be untraceable.

 Each transaction incurs a 0.25% fee, and there's 4 in total so completely anon bitcoin for about 1%ish plus gas fees.

 Another use case is for miners to sell OTC completely anonymously, settled entirely onchain via stablecoins or other assets.

https://railgun.org/