Categories: Ethereum

ConsenSys Leads Investment into AZTEC, a General-Purpose Protocol, to Enable Private Transactions on Ethereum

Click here to view original web page at aithority.com

AZTEC can deliver the benefits of public blockchain technology with bank-level privacy, thanks to zero knowledge proofs running on the Ethereum mainnet

ConsenSys Labs announced it led a $2.1 million seed investment into AZTEC, a protocol on the Ethereum mainnet facilitating private transactions across the public blockchain. Other investors in the round included Entrepreneur First, Samos Investments, Jeffrey Tarrant (Mov37) and Charlie Songhurst, and leaders from the financial industry.

AZTEC was founded by Dr. Zachary Williamson and Tom Pocock. Zachary, the inventor of AZTEC, holds a PhD in Neutrino Physics from the University of Oxford. AZTEC uses zero knowledge proofs to allow transactions to be fully executed through the Ethereum mainnet while retaining bank-level privacy for users. AZTEC is the first implemented protocol to achieve this on Ethereum, and is twice as efficient as other known technologies on the network.

Read More: Fluor Uses IBM Watson to Deliver Predictive Analytics Capability for Megaprojects

AZTEC presents an enormous opportunity in the financial sector, allowing market participants to transact in a private and frictionless manner, and eliminating counterparty risk. The business value-add of blockchain technology is expected to exceed $3.1 trillion by 2030 (Gartner), with applications to financial services forecasted to account for a significant portion. With its zero-knowledge technology, AZTEC can support transactions for anything from existing ERC-20 tokens to real financial assets.

“ConsenSys is proud to support this breakthrough from AZTEC and CreditMint, bringing zk-SNARKs-based privacy, confidentiality and scalability to a wide variety of asset transactions on public Ethereum,” said Joe Lubin, co-creator of Ethereum and founder of ConsenSys. “Ethereum is currently the only viable platform for rigorously trustworthy digital assets in a broad spectrum of forms, and AZTEC takes this to the next level with an important new protocol that Ethereum developers can configure for a variety of use cases.”

Read More: The AI Gold Rush: How to Make Money off AI and Machine Learning!

AZTEC’s first commercial user is CreditMint, a corporate debt issuance and trading platform running on Ethereum. CreditMint partners with leading banks and asset managers to allow faster settlement in loan markets.

“The success of the Internet and the Web clearly shows that importance of the alignment between protocols and Open Source endeavors implementing those standards,” said Jim Jagielski, Co-Founder Apache Software Foundation, Director Emeritus Open Source Initiative. “The combination of AZTEC with Ethereum, in addition to the forthcoming release of the underlying smart contracts under an Open Source license, will enable true collaboration and ensure wide adoption.”

Read More: Calabrio Delivers Powerful Enterprise Scalability and Management Capabilities

The smart contracts underpinning AZTEC’s private transactions have been temporarily released under copyright at AztecProtocol.com, and will subsequently be released under a permissive licence to build AZTEC into an open-source decentralised exchange. AZTEC is currently raising additional funds to build out the protocol to provide on-chain privacy for all transactions. The academic paper describing the details of the protocol can be found here.

“I am thrilled we have been able to release Zachary’s protocol today, and excited that AZTEC will bring Ethereum’s public ledger to the capital markets for the first time, aiming to reduce economic frictions and increase transparency of execution,” said Tom Pocock, CEO, AZTEC Protocol. “We look forward to developing AZTEC with a wide community of technologists, digital asset builders, payment providers, decentralised marketplaces and more.”

Read More: Interview with Ben Goertzel, CEO at SingularityNET

ConsenSys Labs announced it led a […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoin’s Bulls Now Have a Target of $13.2K, Monthly Chart Suggests

View Bitcoin charted an "inside bar" pattern last month, making $13,200 the level to beat for the bulls. A convincing… Read More

6 hours ago

Japan to Solarize Its Burgeoning Digital Economy, Expert Take

Society is now witnessing the implementation of digital currencies, artificial intelligence (AI) and blockchain technology worldwide. These new digital technologies… Read More

6 hours ago

Mass Media’s Phony Freakout Over Bernie’s WaPo Criticism Is Backfiring

Authored by Caitlin Johnstone, After days of ridiculous, hysterical garment rending by mass media talking heads in response to Senator… Read More

12 hours ago

Quadriga CX Dukes It Out with “Failing” Auditing Firms

Quadriga CX , the crypto exchange in Canada that lost all access to customers’ funds when its founder passed away… Read More

12 hours ago

The Bearish Trends That Continue to Strike Bitcoin

At press time, bitcoin – the granddaddy of all crypto – is once again down for the count. Bitcoin Is,… Read More

12 hours ago

Will Growing Interest from China Propel Bitcoin’s Price Higher?

Bitcoin (BTC) has incurred a significant amount of volatility as of late which was perpetuated yesterday by news regarding the… Read More

12 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More