Privacy Focused Aztec Protocol Goes Live on Ethereum Feb 3, 2020 Feb 3, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Ethereum NewsFebruary 3, 2020 by Kelly Cromley

Privacy Focused Aztec Protocol Goes Live on Ethereum

The Aztec privacy network has been rolled out on the Ethereum blockchain.

The network is introducing confidential tokens using Zcash powered tech, which facilitates hiding monetary value of tokens using cryptography.

As of now, the network is deployed only on a limited basis as it only backs zkDai, a private variant of Maker’s stablecoin.

Several more zero knowledge tokens are expected to be released in the weeks ahead, while total access to tailor made creation of tokens will be made available in two months.

Aztec protocol, similar to Zcash (ZEC), utilizes Zk-SNARKs to assess encrypted trades. While making a transfer, a proof of correctness is created as encryption of the amount is carried out.

The tool is linked to Aztec’s Cryptography Engine smart contract, which performs trade assessment.

Underlying the contract is a mechanism of “notes,” which are usually utilized in a Bitcoin like framework of inputs and outputs. Contrary to Zcash, Aztec does not conceal the send and receiver of money.

Similar to Zcash, Aztec had a requirement to carry out a trusted set up event. This is an absolute necessity for all zk-SNARK deployments, as it creates a bunch of common parameters to guarantee improved calculation.

Aztec’s objective is to provide “Triptych of privacy,” which would totally conceal a specific part of Ethereum blockchain. The next move is to conceal senders and receivers, while the ultimate objective is to make smart contracts totally private.

Aztec’s CEO Thomas Walton-Pocock believes that the deployment may happen as early this year:

“Our priority is to deploy PLONK to ACE in 2020. PLONK is the superfast Universal SNARK developed by AZTEC CTO Zac Williamson and AZTEC Chief Scientist Ariel Gabizon, which will eventually allow private smart contracts to execute with just one trusted setup.”

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.