Monsoon Finance is a fully decentralized protocol for private transactions on smart contracts. The number of people who are interested in learning about this cryptocurrency is ever-growing.
Monsoon Finance improves the overall transaction privacy by breaking on the on-chain link that is provided between the source and the destination addresses, while it uses a smart contract that accepts the network token deposits. This deposit can be withdrawn from many different addresses.
In order to preserve privacy, the users can withdraw to an address without using a token balance. As soon as the tokens are withdrawn from a new address, it is not possible to link the withdrawal to the deposit. This process will ensure complete privacy, so you will never have to worry about the security of this platform.
How does Monsoon Finance work, what makes it stand out from the rest, and what does this mean for you? Keep on reading to learn more!
How Does Monsoon Finance Work?
Monsoon Finance is an open-source code that is available for everyone. The founders themselves emphasize the transparency between the platform provider and the users who are using this system.
There are several steps you need to go through to get started with using Monsoon Finance. Here is how Monsoon Finance works:
- Deposit – First, you are going to deposit your funds into the Monsoon contract. You can deposit cryptocurrency into the contract in increments of 0.1, 1, 10, etc. The platform will give you flexibility on how many deposits you want to make.
- Wait for a few hours – After your deposit, you are required to wait for a few hours before you can make more deposits to the Monsoon contract. This system is specially created to help you preserve privacy on the platform.
- Withdraw your funds – It is quite easy for you to withdraw your funds from the Monsoon platform. You will provide zero-knowledge proof of what you use for depositing funds to the Monsoon contract.
The overall security of the system that is offered by Monsoon Finance is very reliable.
The Unique Features Mansoon Token Has To Offer
- Completely decentralized – This is one of the most popular features of Monsoon. The platform is completely decentralized, controlled, and governed by its unique community. By having MCASH tokens, you are allowed to participate by voting on the governance proposals. You can also weigh in the evolution of the protocol when using this platform.
- Anonymity Mining – When the token is publicly available, you can also mine MCASH. This is the governance token from Monsoon Finance. The more you use it, the more you will get into the evolution of the protocol. This system is specially created to offer a secure and private platform for all users of the platform.
- Cross-chain protocol – This is another benefit that you will get from Monsoon. You will be able to deposit assets on one chain. Then, you can withdraw those assets from the other chains privately. Additionally, through Monsoon’s Discovery Network, you are allowed to deposit an asset on one chain and swap it to the other assets fairly easily.
- Safe platform for everyone – Monsoon Finance will never collect any user data. You are allowed to host your own frontend once the frontend is finalized as well as open-source. The high security in place is one of the main selling points of Mansoon Finance.
- Monsoon Finance works together with Tornado Cash – It is an audited privacy protocol for Ethereum. This platform is also using the same verification keys as Ethereum, thus, it inherits the same security level as Tornado Cash. This audit will ensure the safety of the Monsoon platform.
Currently, Monsoon Finance is deployed to the Binance Smart Chain Mainnet, Moonbeam Testnet, Matic Network, and Polygon Testnet, among others. They are planning to support the other public blockchains in the future, including Avalanche, Fantom, and Rootstock.