Ethereum scaling platform zkSync is partnering with Espresso Systems, a crypto infrastructure company, to enable private transactions on its network.
This collaboration will integrate a new privacy technology Espresso Systems built on Ethereum called Configurable Asset Privacy, or CAPE. ZkSync said that anyone using its network will now be able to transact without exposing private data on the public blockchain, which could remove an obstacle for institutions that don’t want balances, on-chain activity and other private data publicly accessible.
CAPE is Espresso Systems first product, and it has been on testnet for six months. The ability to transact privately while still receiving all the benefits of Ethereum security will help grow the adoption of blockchains by global enterprises, a zkSync spokesperson told The Block.
“We’ve seen that private blockchain solutions have so far failed to gain any real traction with enterprises and financial institutions due to scalability and neutrality,” zkSync Head of Business Development and Partnerships Omar Azhar said. “This also lets us leapfrog our competitors from a technical capability standpoint.”
The collaboration is still in planning and hasn’t been deployed on zkSync’s testnet. Updates on tokenization of real world assets, supply chain, identity, payments and trade finance are expected later this year, Azhar told The Block.
zkSync is a new Ethereum scaling platform using zero-knowledge EVM technology for scalability. It is currently in its Baby Alpha mainnet phase, which means it is live, but not available for users or applications to launch yet.
Espresso Systems is a zero-knowledge infrastructure company with a suite of products for scalability and privacy. Besides CAPE, it’s also working on a new product that could decentralize Ethereum Layer 2 sequencers, which order transactions that are settled on Ethereum. As of now, all of the major Layer 2 networks, such as Arbitrum, Optimism, and zkSync, have yet to decentralize their sequencers, one of the critical components of their chains.
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Source: https://www.theblock.co/post/203571/zksync-integrating-espresso-systems-technology-to-enable-private-transactions?utm_source=rss&utm_medium=rss