High-performance protocol to bring cross-chain privacy to digital assets
This layer-two protocol says it is bringing cross-chain privacy to digital assets by enabling account balances and transaction amounts to be encrypted.77 Total views Listen to article 0:00
A high-performance, layer-two solution based on zk-rollups is designed to bring cross-chain privacy to digital assets.
The Zecrey protocol enables account balances and transaction amounts to be encrypted — delivering anonymity and hiding relationships between senders and recipients. It also means that only an owner knows how much crypto is in their wallet.
Bridges to a number of blockchain platforms also ensure a number of digital assets can interact with each other, all while ensuring confidentiality isn’t compromised. This is thanks to the use of the customized Sigma protocol.
All of this is achieved without foregoing speed, and the protocol says private transactions can be completed within seconds on its layer-two network. In a bid to ensure that its technology is embraced as widely as possible, plug-ins ensure that applications on the layer-one network can make full use of its privacy features.
Doing things differently
Zecrey aims to serve as an entry point for users who want to experience privacy features that aren’t overly technical to understand and implement. The driving force for this solution is to deliver four key attributes: Programmable, generalized, user friendly, and cost effective.
The arrival of this protocol ultimately means that any blockchain supporting smart contracts can now offer anonymous and confidential transactions to their users. Developers can also build their own products on top of Zecrey.
Transactions are matched on Zecrey through the use of zero knowledge proof generation, and zero knowledge proof verification. The nodes responsible for verifying these payments will be incentivized to do so.
The team behind Zecrey has noted how privacy has become one of the hottest topics in an increasingly digital world. Consumers are increasingly aware about how their data is used, while companies and governments have come under scrutiny for how they manage the sensitive information that has been entrusted to them.
Whereas some question whether those who seek privacy have something to hide, Zecrey likens it to a basic human right — the ability to present yourself publicly with dignity.
More insights from Zecrey here
Bringing Zecrey to life
In June, Zecrey announced that it had secured $1.5 million in seed funding as part of a round that included investors such as SNZ, Loopring, SevenX Ventures and Bybit.
The project says that it has an experienced and creative team who are prepared to tackle critical and rapidly growing issues that could stymy blockchain technology in the future… and this doesn’t just concern privacy. Its new transaction validating scheme also substantially reduces gas fees.
Work on the Zecrey protocol began in February 2021 involving a number of people who have completed their PhDs. Fast development means that its test network is scheduled to make its debut in July, along with the first version of its wallet plug-in.
Over the next 12 months, work will be continuing to hire a team of professional frontend and backend blockchain engineers — alongside cryptography researchers, designers, product managers and marketing managers.
The protocol also has ambitions to build relationships with other blockchain networks including Near and Solana.
A number of milestones also lie ahead on its roadmap. Facilitating the three different blockchains on layer two is scheduled to be achieved in October, followed by the launch of the platform’s mainnet in January 2022. By February 2022, the team hopes to support at least five blockchains and cross-layer-two networks.
Learn more about Zecrey
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