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Project Overview
by starburst
July 12, 2023

BEETroot Privacy Hub on PulseChain

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Blockchains are transparent by default, and there are a few like Monero that were born with privacy in mind, but if you’re a Pulsican and you want to trade on PulseChain while keeping your privacy intact, things get hard pretty fast. Once your account is linked to your identity, your past, present, and future transactions are compromised. BEETroot Privacy Hub is here to provide you with a way out of the Orwellian world through a set of tools and applications to enhance your privacy and self-custody.

What is BEETroot Privacy Hub

BEETroot Privacy Hub is a platform made of tools and dapps that give you anonymity and the freedom to transact on-chain and cross-chain while maintaining full self-custody at all times. The platform provides

  • Anonymous exchange,
  • Aggregator for cross-chain swap,
  • Privacy bridge
  • and P2P fiat on-ramp
  • SugarBEET

Some of the tools are bespoke to BEETroot, while others are powered by battle tested components from established partners such as BlockBlend, Rango, LI-FI, LetsExchange, LocalMonero, Pocket, and Hopr.

Token BEET is an incentive for users to use the platform and gain yield from reflections. Let’s say it’s a token reward for staying private. BEETroot’s creators are Marcelo Bielsa and Emperor Boomer V, who are well known within the PulseChain community and have been in the crypto space for five years already. 

The creators have been criticised for including admin keys in the contract; however, since then, the ownership of the smart contract has been renounced, and it’s now immutable. The BEETroot contract is verified on Pulsescan and went through a security audit.

Beetroot X Swap integrates popular platforms such as 1inch, Open Ocean Uni Swap, Pancake Swap, Sushi Swap, Kyber, Trader Joes, Quick Swap, Para Swap, SpookySwap, Honey Swap, Multichain (AnySwap), Hop, Stargate, Avalanche Bridge, cBridge, Gnosis bridge, and many more.

It operates on chains like PulseChain, Ethereum, Bitcoin, Monero, Avalanche, Polygon, Fantom, BSC, Gnosis, OKXChain, Arbitrum, Optymism, Moonriver, Moonbeam, Celo, Aurora, Velas, Boba, Cronos, Fuse, DogeChain, ZCash, Solana, Aptos, Tron, Astar, Ronin, and Atlas Protocol.

Privacy Bridge

This tool allows users to transfer their native coins (e.g., BNB or ETH) to a new address without leaving any trace of the original source. It can be used within the same blockchain or when bridging to a different blockchain, like PulseChain. It’s both a bridge and a mixer, which doesn’t require any KYC and is completely trustless. 

It currently incorporates ETH, BSC, AVAX, POLY, AVAX, FTM, CRO, & DogeChain, BTC, PLS. It works as a bridge when the user transfers assets from one chain to another and as a mixer when transfers are made within the same network to a new, clean address. For example, users can send assets from one ETH address and receive them to an untracked ETH address. The same applies to the native PLS token. 

“The BEETroot bridge doesn’t work like a normal bridge. The keys are very heavily encrypted and can only be decrypted using the recovery code, and only the user has the recovery code. Any of the thousands of addresses could be used during mixing. The keys for all are encrypted. Only the user has the recovery code to decrypt,” declares Emperor Boomer V. 

There are some recommendations for users using the Bridge/Mixer that must be followed for the best experience and potential fund recovery. 

X Swap Aggregator

X Swap Aggregator provides the best exchange rates by aggregating all decentralised exchanges (DEX) and bridges built on the Ethereum Virtual Machine (EVM). With 24 Dex’s and 17 bridges currently featured, X Swap is one of the best served services. Note that Pulsechain support is not yet available.

While X Swap is a useful tool for cross-chain swaps, it doesn’t have a built in privacy feature. That is available only when using the above bridge.

Anon Exchange

Anon Exchange is powered by SmartRate technology and operates over 3000 assets across EVM chains and beyond. Monero and other privacy preserving coins are available. There aren’t any restrictions or upper limits on transfers and swaps that are direct and anonymous. Users can select a floating or fixed rate. PulseChain is also integrated and available for exchange, which makes swaps like XMR to PLS and vice versa possible.

Local Monero - No KYC p2p Fiat Ramp

One of the features of BEETroot Privacy Hub  is Local Monero, a peer-to-peer fiat ramp service that allows users to buy and sell Monero (XMR) without the need for Know Your Customer (KYC) verification. Trading through Local Monero helps bypass restrictions that banks may have on cryptocurrency-related transactions. The payment is received directly from the other party, not Local Monero, making it appear as a non-crypto payment to the banks. Here’s an overview of Local Monero and its best practises.

Local Monero provides different options for trading fiat currency for Monero. Users can choose between local trades, cash in the mail for nationwide trades, or bank transfers, which can be local, nationwide, or international. Bank transfer trades are usually completed within minutes. Throughout the trading process, users maintain custody of their Monero assets. Local Monero acts as an arbiter to ensure the safe receipt of assets by both parties. Monero remains locked in escrow until the trade is finalised or cancelled. Users can easily swap other cryptocurrencies for Monero and transfer them directly into their Local Monero wallet addresses using BEETroot’s Anon Exchange.

There are some best practises to follow on Local Monero to ensure that trades are anonymous and successful.

Additionally, users who prefer peer-to-peer Bitcoin (BTC) trading with fiat can use their LocalMonero login details on AgoraDesk, a sister website linked to LocalMonero. AgoraDesk shows both BTC and XMR balances, providing a seamless trading experience. Alternatively, users can open an account directly with AgoraDesk, which doesn’t require KYC, email, or personal details. 

By following these practises and utilising Local Monero, users can engage in private and secure Monero trading while maintaining their anonymity.

BEET Token

The $BEET token is an immutable and deflationary reflection token on the PulseChain network. A portion of the fees generated from using the BEETroot tools is used to buy and burn $BEET tokens, reducing the token supply and creating ongoing buy pressure. Additionally, a significant portion of the initial token supply was sent to a burn address, creating a “black hole” that continuously attracts reflections and contributes to deflation.

Holders of $BEET tokens are rewarded through automatic reflections from a 2% transaction tax, which means their token balance increases in real time from all global BEET trades on the decentralized exchange. The platform also uses fees to periodically buy back and burn $BEET tokens, creating further buy pressure and reducing supply.

Holders of the $BEET token get the yield when they accumulate early because once the black hole grows and swallows larger and larger amounts in % of reflections users will never get a larger % relative to the black hole they do when they get in early.

Users of the Beetroot version of the Privacy Bridge can enjoy a special discount of 10% to 15%. This discount will be automatically applied, providing cost savings for users.

Sugar BEET

BEETroot is also preparing some kind of surprise concerning PulseChain and X1 users. It’s a privacy protocol being built from scratch, which is truly unique. They hint that it will feature tokens as opposed to native coins, and it’s not for bridging or swapping. There will be support for HEX and PLSX on the PulseChain side, as well as XEN and XN on X1.

Nodes privacy

BEETroot Privacy Hub teaches how to use the Pokt and Hopr RPC nodes, which provide users with privacy and censorship resistance. Transactions are automatically routed randomly through thousands of private nodes, ensuring that no single node has complete visibility of a user’s activity. They also encourage users to either run their own nodes or use the Remote Procedure Call (RPC) settings provided.

Nothing in this article or website is financial or taxation advice. For advice on these matters, please contact a registered professional adviser.

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