I’ve been working to understand Elysium and have an…ok…handle on it. I don’t want to build it up as something in my head that it isn’t, and am having trouble connecting some dots. The concept of Privacy Infrastructure as a Service just sounds huge and amazing, and I’d very much like to understand Firo’s vision in this aspect. I’m not a techie guy, so please bear with me.
I get that new private tokens can be made on it, but what I think I’m catching hints of in various writings and videos of people chatting about it is that it may be possible to bridge coins from other chains over?
Perhaps that is a good place to start. TIA
Yes I would like very much like a detailed rundown of Elysium’s capability for the initial release, which as I understand will be more limited/basic.
It would then be good to hear what capabilities are being considered for Elysium V2.
Really I guess I’m looking to get an idea of what the potential possibilities are, especially ones that may not appear obvious.
@chrysanthemyl Like you, I thought this sounds like it could have huge potential also!
For starters the private stable coin partnership with dotoracle seem very interesting.
One of those 3-5min long Youtube videos would be perfect for that, to kinda summarize the whole thing
Being that the team has the funding for that, of course
Anyone can create their own tokens and send them. You can choose either to have it managed (meaning you can change supply of it when you need it (think like USDT) or not managed (meaning you can’t change it once you set the supply).
They all support Lelantus transactions and will use anonymized Firo as fees to send it to hide the source of fees.
Its possible to have a orderbook DEX for it as well, as they are treated like tokens but this isn’t available in this release.
Elysium doesn’t have smart contract capabilities.
However you can still do bridging through MPC setups where the key isn’t controlled by one person but by groups of validators. This is what DotOracle does where let’s say coins are locked in a smart contract on Eth/BSC and then issued on Elysium. When it is bridged out, they are then removed from supply on Elysium. This is achieved using the managed supply mode of Elysium tokens.
The end goal is to introduce additional functionality to Elysium such as Spark Assets which hides the asset type being transferred (means you don’t know which token is transferred) and also have some limited smart contract functionalities to enable swaps or AMM models along with easier bridging to EVM chains.
Good stuff, thanks. Excited to see what the DotOracle partnership brings.
So, if I’m understanding correctly, the tokens created on Elysium are independent of Firo, outside of using Firo for transaction fees. Yes?
Yes correct, any ‘issue’ with Elysium tokens do not affect Firo beyond using Firo to pay transaction fees.
Not a Luna type situation lol
No crypro-based algo peg? Cause what could possibly go wrong? Haha