Aztec Launches Privacy Network on Ethereum

Aztec Launches Privacy Network on Ethereum 1

Aztec has launched its privacy network on ethereum, providing users with what it said is a cost-efficient solution for keeping transactions private.

Aztec CEO Thomas Walton-Pocock said in a blog post Friday those using the system will be able to transact with private ethereum-based assets. Using the same zero-knowledge proofs (ZKP) as zcash, the protocol has also launched a privacy software development kit (SDK) that allows users to mint their own private assets.

Initially available with dai, Aztec plans to add support for other ethereum-based assets over the next six weeks, according to Walton-Pocock. The team wants to allow users to make their own completely private custom assets by the end of March.

The Aztec protocol uses the zk-SNARKs privacy algorithm to encrypt blockchain data. Its London-based team claim it works more efficiently and at a lower cost than many existing alternative solutions. It is also intended to be used by banks: JPMorgan’s blockchain team trialed Aztec during a series of ZKP tests in February 2018.

The ethereum startup incubator ConsenSys led a $2.1 million funding round for Aztec in November 2019.

Ethereum transactions are easy to trace. Although users don’t usually input personal information, analytics firms like Chainalysis have been able to develop sophisticated tracking solutions for enforcement agencies that utilizes data freely available on the public blockchain.

Walton-Pocock said Aztec is still on course to offer its “triptych of privacy.” In its next phase, the team plans to introduce user privacy to prevent third parties from determining user identities; it will then develop a technique to keep smart contracts private.

Aztec isn’t the first protocol offering private transactions in the ethereum ecosystem. Big Four accountancy firm Ernst & Young (EY) unveiled a prototype for its own ZKP-powered privacy solution for businesses in October 2018.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

The Largest Crypto Scams Of 2022 (So Far)
The Largest Crypto Scams Of 2022 (So Far)
June 14, 2022
Scammers
How Do Scammers Entice Their Prey?
May 10, 2022
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Prove
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Russia
Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
GamStop
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin21,068 0.03 % 0.19 % 2.91 %
Ethereum1,194.0 0.26 % 1.17 % 9.76 %
Tether1.001 0.04 % 0.13 % 0.01 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
BNB232.84 0.25 % 1.37 % 7.72 %
Binance USD1.002 0.24 % 0.04 % 0.09 %
XRP0.3569 0.13 % 1.13 % 10.73 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana40.05 0.25 % 0.05 % 29.74 %
Polkadot7.910 0.68 % 2.62 % 7.98 %

bitcoin
Bitcoin (BTC) $ 21,017.00
ethereum
Ethereum (ETH) $ 1,187.15
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 231.63
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.356988
cardano
Cardano (ADA) $ 0.482414
solana
Solana (SOL) $ 40.06
polkadot
Polkadot (DOT) $ 7.85