Aztec Protocol To Establish Anonymity In Ethereum Transactions
Aztec As The “Blanket of Anonymity”
Walton, CEO of Aztec, explains that the new system will aid the user’s transactions with private assets which are backed by ETH. The Aztec protocol is not new for the community of Ethereum as the blockchain earlier utilised the protocol to convert its stablecoin (MakerDAO) to an anonymous asset. The protocol is moving ahead with “Zero-knowledge Succinct Non-Interactive Argument of Knowledge”(Zk- SNARK) which enables to hide the transaction amounts (using tokens) with a sophisticated level of anonymity.
The process of anonymity starts when the user transfers tokens. Aztec Cryptography Engine smart contract encrypts the amount in a different note which results in generating proof of correctness. The process ultimately results in hiding the coins in the recipient’s account.
Aztec has the vision to create “triptych privacy” which could completely shield the separate part of Ethereum blockchain. The team is aiming to add the function which could cover the identities of the sender and recipient. Thus, it is significant that the protocol developers have the mission to launch the full version of the open-source protocol, which would constitute the zero disclosure cryptocurrency exchange.
Ethereum Network Accelerated With New Protocol
After the significant support from various industrialists, the team of Aztec Protocol is seeking to fulfil the dream of Vitalik Buterin, co-founder of Ethereum. They aim for the implementation of private transactions on ETH network. Until recent times, the network of Ethereum has experienced the problems related to anonymity, but the Zk-SNARKs technology of Aztec is rising as the solution for the network.
As the ETH has the potential to become faster and scalable without compromising the flexibility of the network, Aztec may accelerate its growth in the crypto market when the issue of keeping personal data confident is turning into a matter of urgent importance.
