Dodgecoin is an innovative solution to facilitate confidential cryptocurrency transactions. Although multiple billion dollar worth of cryptocurrencies are being traded through numerous platforms every day, the privacy issue has not been addressed since the invention of blockchain technology. As cryptocurrency transactions are public, anybody can trace back all the activities of your wallet address. Imagine, all your bank statements were posted online. Would you be happy with that?
Since January 2009 — when the Bitcoin network was created — until today, there were over 20,000 new cryptocurrencies created with a total market capitalization of over 1 trillion Dollars. Despite these astronomical numbers, no reasonable efforts were made to protect the privacy of cryptocurrency transactions. By launching the Dodgecoin Project, our intention was filling this gap. Our vision at Dodgecoin is claiming back our financial freedom. This freedom was originally provided by cash, from the dawn of our human civilization until recently, when electronic payment systems gradually eliminated cash payments in many countries. By switching to Dodgecoin payments you will gain all the benefits of both worlds: the privacy of cash payments and the convenience, speed and security of the blockchain technology.
The Dodgecoin Project has two short-term objectives: selling tokens to raise 15,000 BNB and developing our own blockchain. From the proceeds of the ICO sale 80% will be set aside to create a future liquidity pool of DODGE - BNB, and Dodgecoin will be traded at several decentralized exchanges.
The financial goal of the Initial Coin Offering is selling 750,000,000 Dodgecoins, total value of 15,000 BNB. The exchange rate is: 1 BNB = 50,000 DODGE. From the proceeds 80% will be set aside to create a future liquidity pool of DODGE - BNB, and Dodgecoin will be traded at several decentralized exchanges.
Dodgecoin was originally deployed in the Binance Smart Chain Network. This is the place where the ICO tokens were minted and where Dodgecoin will be traded in the future at decentralized cryptocurrency exchanges. In addition to the Binance Smart Chain, Dodgecoin is also deployed in several Ethereum-compatible blockchains. The total number of supported networks is currently 10.
Although our primary goal is building our own blockchain in order to assure the highest possible level of confidentiality and to eliminate dependencies, Dodgecoin already offers confidential token transfers. By using the Dodgecoin Bridge, you can privately transfer Dodgecoin between the 10 available networks. Since Dodgecoin Bridge transfers consist of two separate transactions in two separate blockchains, there is no direct link between the sender's and the recipient's wallet address.
The Dodgecoin Split Transfer method is an improved version of the Dodgecoin Bridge, where your tokens are sent through not one, but two networks. As a first step you deposit your Dodgecoin to the bridge. Then, the tokens will be randomly divided into two amounts. The first amount will be minted into your first wallet on the first network, and the second amount will be minted into your second wallet on the second network. Because split token transfers consist of three separate transactions in three separate blockchains, there is no link between the sender's and the recipient's wallet addresses. Since the funds are randomly distributed between two separate transactions, the transferred amount cannot be guessed by the amount of deposited tokens.
In addition to these two token transfer services, users can easily generate disposable wallet addresses to further improve the level of confidentiality.
Upon the commencement of trading Dodgecoin at decentralized exchanges, we will start building our own blockchain. To ensure the maximum level of confidentiality, the proposed new blockchain will implement the principle of zero-knowledge proofs (ZKPs); this is a cryptographic protocol that allows one party (the prover) to prove to another party (the verifier) that a statement is true, without revealing any information beyond the fact that the statement is true.
Practically, the application of ZKPs means that all transactions on the blockchain are encrypted. Although transactions are confidential, each wallet address is supplied with a viewing key that can be shared with a third party to reveal encrypted transactions. Account holders can selectively disclose the data from a specific transfer or all activities of their wallet address.
During the Initial Coin Offering our goal is selling 750,000,000 Dodgecoins, total value of 15,000 BNB. The exchange rate is: 1 BNB = 50,000 DODGE. The currencies raised from the token sale are distributed between the following accounts: future liquidity pool, development fund, marketing expenses, compensation for the owners' own work and the Charity Fund.
From all token sales, 80% is set aside to create a future liquidity pool of DODGE - BNB, and Dodgecoin will be traded at several decentralized exchanges, once the initial coin sale is finished.
10% of the sales is added to the Development fund to pay for the expenses of building our own, zero-knowledge proofs (ZKPs) blockchain, then bridging the new blockchain to Ethereum, Binance Smart Chain, Polygon and other EVM compatible networks.
9% of the sales is reserved for the compensation of the work done by the owners, marketing purposes and other expenses.
1% of the sales is added to the Charity Fund to help those who are in need.
The total token supply is 1,500,000,000 DODGE minted in the Binance Smart Chain. There are 1,000,000 additional tokens issued in each of the following networks: Ethereum, Polygon, Base, Berachain, Arbitrum One, Avalanche, Celo, Optimism and Sonic. At the end of the ICO sale, all unsold tokens will be burned. Annual token issuance is capped at 10% of the the total token supply.
Before building a new blockchain, the most important question is how we will keep track of transactions. There are two basic methods to accomplish that: the UTXO (Unspent Transaction Output) and the Account Model. The Ethereum Virtual Machine (EVM) blockchains use the Account Model. Instead of tracking unspent outputs, it maintains a single balance for each account. When processing a transaction, the transferred tokens are subtracted from the sender's account and added to the recipient's. Due to the nature of the Account Model, neither the sender's nor the recipient's address can be obfuscated.
In the UTXO model on the other hand, transactions are like spending physical cash. Users spend their available token denominations and at the end the remaining change is returned to them. Although Bitcoin uses the UTXO model, it is not capable of transferring coins privately, because all transaction data are publicly accessible at the Blockchain Explorer.
The highest possible level of privacy is our top priority. The proposed new blockchain is summarized as follows: The blockchain uses the Unspent Transaction Output (UTXO) model. Transactions are verified by methods based on the principle of zero-knowledge proofs (ZKPs); this is a cryptographic protocol that allows one party (the prover) to prove to another party (the verifier) that a statement is true, without revealing any information beyond the fact that the statement is true. Practically, the application of ZKPs means that all transactions on the blockchain are encrypted. Although transactions are confidential, each wallet address is supplied with a viewing key that can be shared with a third party to reveal encrypted transactions. Account holders can selectively disclose the data from a specific transfer or all activities of their wallet address.
Despite the fact that there are several cryptocurrencies on the market claiming to be a "privacy coin", there are only two major players to be mentioned. Monero transactions are difficult to trace because they use ring signatures and stealth addresses. A ring signature is a type of digital signature that can be performed by any member of a group of users that each have keys. It is computationally infeasible to determine which of the set's members' keys was used to produce the signature. The other cryptocurrency is Zcash. The blockchain is based on a modified Bitcoin source code. Zcash offers regular and encrypted transactions.
Considering all the benefits of using the proposed Dodgecoin blockchain, the key takeaways are:
- Encrypted transactions including the sender's address, the recipient's address and the transferred amount
- Each account has a viewing key to selectively disclose transaction details to third parties
- Low transaction fees
- Bridges connecting to the most important Ethereum compatible networks to interact with smart contracts
- A massive liquidity pool to be built in the Binance Smart Chain
- Trading Dodgecoin at several decentralized cryptocurrency exchanges