SilkPay
SilkPay is an arbitrable payment protocol on L2 that is capable of resolving disputes in various payment scenarios on a low cost and high efficiency basis. We introduce an arbitration mechanism to resolve disputes, and ZK technology to protect user privacy.
Project Description
SilkPay is a blockchain-based arbitrable payment solution on L2. We want to resolve trust issues between senders and receivers in case of contractor work payment, escrow payment, etc. SilkPay uses an in-house arbitration panel cooperate with each other in disputes.
Uniqueness: Since the recent L2 solution, we might be one of the first arbitrable payment service, that we create a universal platform for advance payment, arbitration and split payment.
Efficiency: We use L2 to leverage our platform to make complex computation more affordable. By using pre-payment protocols, we bundle up transactions into batches to save gas fees.
Secure: We set the payment amount and whitelist receivers ahead of time before the payment is triggered, to prevent loss of funds.
Privacy: Embedded Zero Knowledge proof tools to make sure court evidence upon submission is kept secret. During voting, we also keep all on chain users anonymous by using ZK Rollups.
How it's Made
In the main arbitrable payment system, we write smart contract in solidity, and hardhat for infrastructure and deployment. And Merkle tree and other open source library to handle multiple parties participation to the arbitration, so we are capable to store only the Merkle tree root on chain, to save space and make cost effectively. To incentivize juries, we also introduced the mechanism to always yield > 5% transaction fees to the juries, that helps with the arbitration process.
We used L2 chain for complex computation, that we support ZK Scroll, Genosis, ZK Polygon, and Optimistic. Empowered by the Rollup solutions, we save gas fee on locked payment and arbitrable contracts. With the ZK technology, we are able to provide wallet/user profile protection on voting commit and voting cast.
On the frontend, we use NextJS + ReactJS to render the pages, ether.js to interact with the deployed smart contract on different chains and wagmi and connectkit to connect wallet to the dapp.
For the demo presentation, we used AI video editor to edit script and polish the video. And yes, it's still the voice of a real person (Shanni)
