Glyff (GLY)

What is Glyff

We live an era of increased digital surveillance and have, whether we’ve opted-in or not, surrendered our rights to privacy online. Laws are pushed through every year that introduce new memorandums for monitoring our actions, our locations and our social networks. Whether under the guise of preventing tax evasion or for public safety, information which ought to remain confidential can and has been freely accessed by government agencies, both domestic and international, as well as by other unauthorized actors. For many, decentralized cryptocurrencies and blockchain systems in general are perceived as “privacy enhancing” in the context of payments. However, the pseudonymity provided by examples such as Bitcoin has been often mis-associated with true anonymity, which it lacks by design. Other blockchains, such as Monero and Zcash, deploy advanced cryptography to protect financial details, but they lack programmability and more complex functionality. Newer platforms such as Ethereum have since emerged promoting the idea of smart contracts, i.e. running user-defined programs capable of handling transfer of value in a trust-less environment. Even if for many businesses cutting third-party costs out of the equation is attractive, most cannot relinquish actual transactional privacy, which is a prerequisite for utilizing the Ethereum blockchain. Businesses that can forgo privacy and work pseudonymously are few and far between, which is one of the reasons why we have yet to see mainstream adoption of existing platforms. For organizations whose privacy is paramount (e.g. stockbrokers, healthcare professionals), current solutions simply will not do. Therefore, there is a substantial demand for technologies which can provide the innovative, core functions of blockchain; immutability, provenance, consensus and finality, and at the same time deliver the required levels of privacy and protection necessitated by global businesses and in accordance with the law.

The blockchain is one of the most important recent inventions, enabling business and individuals to instantly send money and information over the internet, without the need for trusted third parties. However, current modeling completely forgoes privacy, with the entirety of data and amounts transacted between parties exposed to the public, whilst most real-world applications - health, financial, IoT, etc - require details of their operations to remain undisclosed and are not compatible with a public blockchain system.

We are building a next-generation decentralized platform that enables secure value transfers and smart contract execution, in complete confidentiality and with strong correctness guarantees. Glyff, like Ethereum, allows development of decentralized applications, but with a key difference : the ability of concealing data from the computing nodes. This enables developers to include sensitive data in their smart-contracts, directly on-chain, without compromise on security.

Particular Qualities of Glyff

• Private cash transactions with sender, receiver and quantities transferred completely hidden.
• Guaranteed integrity and strong anonymity properties by zero-knowledge cryptography.
• Non-specialist programmers can develop privacy focused applications, even without knowledge of cryptography.
• Enables smart-contract use for decentralized applications that require private computation and secure data.
• Addresses blockchain scalability problem with transaction succinctness and compact proof size.
• Provides a platform for cross-industry deployment of blockchain technology satisfying real-world demands. Applications in Healthcare, Finance, IoT, e-Commerce, e-Governance will increase social benefit from these sectors.
• Easily programmable smart contract system with advanced privacy features.
• Cross-platform open-source wallet application and developer framework.