Our Response to the Recent FUD Against ZKT: The Team
The Web3 space is in dire need of real-time anonymity and privacy. As a team of builders rather than complainers, we tasked ourselves with building the first 100% private blockchain protocol with a zk-AnonSNARK powered anonymity protocol leveraging Trustless Setup and almost constant sized SNARK among other unique features.
There has been some misinformation about the innovations of ZKT recently. Thereby spreading FUD among our committed community members. Of course, Criticisms are understandable and welcome in the Web3 space.
This is why, We decided to address few of them from our perspective even though we’ve constantly tried to be as transparent as we can !
1 . Why was beta postponed after every announcement till now?
We have shifted our beta release a couple of times, but it has been due to some factors we couldn’t ignore. This is Decentralized Finance, where everyone wants to see a product built quickly and without hesitation. ZkTsunami Team has been in the space for long so we equally understand the impatience.
But ZKT is unlike the regular products that can be created within a twinkle of an eye. We are spearheading a disruptive ground-breaking innovation that no protocol has accurately done before.
After researching and perfecting our underlying zk-AnonSNARK, we must test it before we can push it to production. We also have an inbuilt decentralized wallet that stores funds of the dapp transactions. The in-wallet is still undergoing testing because we value our community Security above everything else.
Hence, the reason we are taking our time to TEST well. All our smart contracts and infrastructure protocols are under testing to ensure everything works as expected.
Besides that, our Lead Dev has been indisposed lately. This slowed things down a bit, but we are all humans. Meanwhile, they are fully back and healthy now. We know we must serve the ecosystem, but being in a rush will help no one, especially in an industry where mistakes can be costly.
2. What will happen with all those buybacks?
We adopted a design closer to the deflationary model in our tokenomics. The simple law of demand and supply in economics state that the higher the supply, the lower the price. We plan to periodically burn the buybacks to increase the market value of our token.
In addition, we plan to expand across several exchanges in the next couple of months. So,we will use the buybacks for market-making for other centralized and decentralized exchanges. This is essential so there can be enough ZKT liquidity across the exchanges.
We did everything in the design of the tokenomics to serve the community.
3. Why are contract functions like ModifyTax active?
As you may have seen in token scanners or etherscan, few contract functions like ModifyTax is still active, it is because the ownership isn’t renounced yet and that is because we plan to reduce taxes gradually as we move forward. Once our product starts generating revenue, we’ll reduce taxes to 0 Buy-0 Sell and We’ll renounce the ownership after that.
4. Why are wallets linked/funded by the deployer address selling frequently ? :
We as a team have always focused on the right and most impactful side of marketing and that includes our long-term partnership with many top-notch influencers who have supported and promoted us right from the start. Even though we’ve rightfully imposed restrictions, they are free to choose what to do with their :ZKT: tokens. We’ll continue to expand our outreach and are in contacts with few top OGs Influencers to help us spread the word about zk-AnonSNARK powered anonymity protocol.
That being said none of the core team members have sold a single token yet because we have a vision and that is to bring true anonymity and privacy to the DeFi Space. We’ll continue building and delivering products that will help Investors and Developers enhance their level of privacy/anonymity.
5. Why are some parts of whitepaper similar to a different project ?
During our initial days, a lot of our content work was outsourced as we only had the core developers as a team. That backfired on us because We recently found out that some parts of the whitepaper were similar or taken from a different project. To resolve this, we actively worked upon the whitepaper and released a whitepaper V2 with updated sections which can be found on our website.
We now have formed a core team completely dedicated to deliver quality work in terms of content, development, etc.
6. Is ZKT’s GitHub repository same as that of Suterusu ? Why use the same old code ?
Well this one is completely baseless because the code used is the basic zk-SNARK framework but We have not only made sufficient code modifications but our very own encryption library isn’t open sourced and will never be , including few other libraries and set of codes.
Below attached are a few code snippets which clearly shows modifications done by the ZKT Team over the framework wherever needed.
Below are few code modifications which are easily identifiable :
Above is a snapshot of ZKTETH.sol and SuterETH.sol respectively side-by-side showing the difference and modifications done by ZkT Team on the basic zk-SNARK Framework.
Below is another comparison of ZKTERC20.sol and SuterERC20.sol side-by-side :
Above is a snapshot of ZKTERC20.sol and SuterERC20.sol respectively side-by-side showing the difference and modifications done by ZkT Team on the basic zk-SNARK Framework.
Below is another comparison of ZKT- Utils.sol and Suter - Utils.sol side-by-side :
The modifications have been done everywhere needed and the encryption library has been coded from scratch which is our zk-AnonSNARK tech.
As a team we’ve always been transparent and will continue to be so. Further Questions/Queries are all welcome in our community chatgroup and socials mentioned below.
- Team ZkTsunami
Community Group: t.me/ZkTsunamiERC