JP Morgan Is Quietly Testing Cutting-Edge Ethereum Privacy Tech
Ian Allison's original article for www.coindesk.com reduced by 41%
Previously, JPMorgan did pioneering work in this area with Quorum, its private version of the ethereum blockchain. Now, the global bank is testing out another zero-knowledge privacy solution called AZTEC. Developed by a London startup of the same name, this protocol aims to allow encryption of blockchain data at a lower cost and more efficiently than previous versions of the technology.
"AZTEC allows you to take what would normally be restricted to a private blockchain and to issue those assets, trade and clear them on a public blockchain, with all of the additional execution guarantees," he said. Dr. Zac Williamson, AZTEC's CTO, explained that AZTEC uses a different approach to privacy than Quorum; the latter combines its own Constellation privacy system with zero-knowledge proofs.
The system also differs from other privacy solutions on ethereum as values are represented much more like bitcoin's unspent transaction output model, where inputs on a blockchain are deleted when a transaction occurs, whilst at the same time new outputs, or UTXOs, are created. In terms of usability and performance, the AZTEC system allows for much lower transaction processing costs on ethereum than ZKPs currently do, the startup says. Bridging the gap where legally or contractually it's not possible to put data on a public blockchain is AZTEC's aim, said Williamson, concluding,.
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