Bermuda AMA announcements

Today was a big day for the Bermuda team, we ran our first self-hosted Twitter space and ran through some major announcements centered around the “Privacy Wallet” functionality coming to the Bermuda dApp as part of Phase 4 of our roadmap. This phase of our roadmap will change the nature of Bermuda from being a mixer into a complete decentralized privacy wallet with the ability to anonymously swap tokens inside your Bermuda wallet.

To summarise, our announcements covered the following:

• Untraceable swap and send functionality introduction
• Anonymous Swap and store functionality introduction
• Anonymous long-term storage for supported tokens (privacy wallet)
• External deposits into a users Bermuda wallet (allows for bypassing the standard deposit workflow)
• Enhancements to the dApp contract to support additional functionality
• Engagement with industry-leading audit providers (contracts and full codebase audits)
• Revised tokenomics and new in-app rewards for listed tokens
• Functionality to allow in-app gas to be paid using ETH balance
• Cross-leveraging SHIDO’s technology stacks and functionality

Untraceable swap and send

Functionality that allows a user to send a different token from what they deposited. This provides a big step up in privacy as the inbound/outbound tokens no longer have to be the same, making identifying the sender considerably more difficult. The swap occurs on a contract level creating a larger break in the chain. Today’s announcement was that this is in our current dev cycle and will be released in the coming weeks.

Anonymous Swap and Store

Similar to swap and send, this will grant users to buy, swap and sell tokens completely anonymously within the Bermuda wallet, essentially acting as an internal privacy DEX. All buys, swaps, or sells of tokens will appear as having come from the Bermuda dApp, not the user’s address. This functionality is currently in the development cycle and will be released in the next few weeks.

Privacy Wallet

This next phase of the protocol will further cement Bermuda’s unique place within the crypto privacy sector. Utilizing the swap and store workflow, users can store their tokens anonymously within the dApp without their holdings being visible on block explorers. Instead, the block explorer will show the Bermuda ENS as the holder with the total supply representing the combined pool of all users for the token. This prevents external parties from tracking specific holders or copy trading well-known addresses.

External Deposits

This will tie into the release of an enhanced dApp contract. This functionality will allow users to transfer directly to their Bermuda wallet from external wallets and allows them to optionally bypass the in-app deposit workflow. This has been included in the current dev cycle and will be released in a few weeks.

Enhancements to the dApp contract

The items within the current dev cycle require the launch of an enhanced dApp contract to support the new functionality. As such a new dApp contract is underway and will be released within 2 weeks.

Contract / Codebase Auditing

To increase user confidence in the protocol and ensure privacy and security remain our highest priority, Bermuda is currently in discussions with several top-listed crypto auditing companies and will be making a significant investment in getting all contracts and the entire codebase audited. This includes pen testing/vulnerability scanning, control measures, and workflow reviews. We will announce to the community when we have chosen a partner to carry out this work and the timeline for completion.

Revised tokenomics and new in-app rewards for listed tokens

Included in the current development cycle will be a revision of our in-app tokenomics. The 20,000 BMDA token threshold for free use will be lowered to allow more holders to meet this requirement. We are also looking to allocate 1% of the 2.5% service fee (charged to non-token holders) as a reward to listed token partners. This will work by performing a chart buy on the token being sent and immediately burning it. We see this as a reward mechanism for the supported tokens that will allow Bermuda to help support our partner projects. This will is in the current dev cycle and will be released in the next few weeks.

Paying in-app GAS with Ethereum

As discussed in the release notes for version 1.2, we will shortly support the option for users to pay for GAS with their in-app supply of ETH, which helps lower gas fees. This will be an option for users when sending or swapping instead of using the token being swapped or sent. This will be released in the next few weeks.

SHIDO Partnership

Yesterday Bermuda announced support for SHIDO within the dApp as well as a strategic partnership with SHIDO. Through this partnership, we are currently exploring the implementation of technology stacks from the SHIDO ecosystem in the Bermuda dApp. While we have not made specific announcements on what features will be integrated, we will keep the community updated as to progress in our discussions.

We will provide additional announcements regarding the release dates of the above functionality shortly, so buckle up and stay tuned!