Aztec Launches New Privacy Network on Ethereum

Aztec Launches Privacy Network on Ethereum

Aztec has launched its privacy network on ethereum, providing what it says a cost-effective solution to keep all users’ transactions private.

Thomas Walton-Pocock, CEO of Aztec, said in a blog post that those who are using the program will be able to transact with assets based on private ethereums.

The protocol also introduced a privacy software development kit (SDK) that allows users to mint their own private assets, using the same zero-knowledge proofs (ZKP) as zcash.

According to Walton-Pocock, Aztec plans to add support for other ethereum-based assets over the coming six weeks, which will be originally available with dai. By the end of March, the team wants to allow users to make their own custom assets fully private.

The Aztec protocol uses the privacy algorithm Zk-SNARKs to encrypt blockchain data. Its team claims it works more efficiently and at a lower cost than many alternative solutions that already exist.

It is also planned to be used by banks: during a series of ZKP experiments in February 2018, JPMorgan’s blockchain team tested Aztec.

In November 2019, ethereum startup incubator ConsenSys led a $2.1 million investment round for Aztec.

Transactions of Ethereum are easy to trace. While users usually do not submit personal information, analytics companies such as Chainalysis have been able to develop sophisticated enforcement agency monitoring solutions that use data freely available on the public blockchain.

Walton-Pocock said Aztec is still on track to offer its “triptych of privacy.” The team plans to introduce user privacy in its next phase to prevent third parties from identifying users; it will then develop a technique for keeping smart contracts private.

Aztec is not the first protocol in the ethereum ecosystem which offers private transactions. In October 2018, Big Four accounting firm Ernst & Young (EY) unveiled a prototype to enterprises for its own ZKP-powered privacy solution.

Heath Tarbert, Chairman of U.S Commodities Futures Trading Commission (CFTC), an independent agency that regulates the U.S. derivatives markets, which include futures, swaps, and certain kinds of options, has indicated in a recent interview that the crypto space could soon be witnessing the introduction of Ethereum Futures.

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.