Research

Published whitepapers with full reference implementations. A rigorous whitepaper with working code is a legitimate output on its own; not a failed product.

Research Approach

Each paper follows the same path: start with a formal model of the mechanism, implement it as a working system (Compact contracts + TypeScript SDK + CLI/UI), document the security assumptions and failure modes explicitly, and publish the result; whether or not it ships as a product. Some of this research becomes products (Obscura's bonding curve grew out of this work). Some remains research. Both are worth publishing.

Theory → Mechanism → Protocol

01

pUSD: Privacy-Preserving Synthetic Stablecoin

v2.1.0; March 2026

A design for a collateralized synthetic stablecoin on Midnight that uses shielded state; not a public liquidation mechanism; to maintain solvency. Unlike the MakerDAO model where every position is publicly visible and liquidations are transparent auctions, pUSD uses zero-knowledge proofs to verify that each position remains overcollateralized without ever revealing the position's size, collateral ratio, or liquidation status to the public ledger. The system maintains aggregate solvency invariants while individual positions are known only to their owners.

Collateralized lendingSynthetic assetsZK privacyMidnightMechanism design
Read the whitepaper →Reference implementation →

Published whitepaper. Reference implementation (Compact lending + token circuits, React app, CLI). Development paused.

02

Veracis: LMSR Prediction Market AMM

v1.0.0; March 2026

A Logarithmic Market Scoring Rule (LMSR) prediction market designed for privacy-preserving blockchains. The core contribution is implementing fixed-point arithmetic inside a ZK circuit; the cost function, price calculations, and marginal cost evaluations all happen in-circuit, while witness verification remains off-chain. This separation minimizes the on-chain footprint while keeping market operations fully verifiable. The design is specific to binary (YES/NO) markets and is a separate mechanism from Precizion's range-based approach (see Products).

Prediction marketsLMSRFixed-point arithmeticZK circuitsMarket design
Read the whitepaper →Reference implementation →

Published whitepaper. Reference implementation. Development paused.