One of the main impeding obstacles to mass adoption for many public blockchains is the total lack of privacy. Aztec has launched its privacy network on Ethereum, providing users with what it said is a cost-efficient solution for keeping transactions private.
Aztec CEO Thomas Walton-Pocock said in a blog post Friday those using the system will be able to transact with private ethereum-based assets. Using the same zero-knowledge proofs (ZKP) as zcash, the protocol has also launched a privacy software development kit (SDK) that allows users to mint their own private assets.
Initially available with dai, Aztec plans to add support for other ethereum-based assets over the next six weeks, according to Walton-Pocock.
AZTEC Protocol, a smart contract-backed privacy solution for Ethereum, has officially kicked off its 30-day “Ignition Ceremony,” a trusted setup process that will successfully underpin AZTEC’s privacy features.
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.
Contrary to Zcash, Aztec does not conceal the sender 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.
The randomization ceremony can be generally likened to the shuffling of playing cards: “A good analogy is a group of people shuffling a deck of cards. Each person shuffles the deck (in AZTEC’s ceremony, that’s the process of adding randomness into the transcript), and then hands on the pack to the next participant.” Said the project’s CEO Thomas Pocock.
Once the “shuffling” is finished in a month’s time, the ensuing randomness will support the zero-knowledge proofs, or zk-SNARKs, that power the project’s lone smart contract, the so-called AZTEC Cryptography Engine (ACE).
Once ACE is live, the system will allow users to make private Ethereum transactions in two distinct ways: one involves the direct creation of Aztec tokens that can be used anonymously, and the other involves wrapping, which will entail using ACE to peg private tokens to other assets like ether (ETH) or ERC20 tokens.
The team wants to allow users to make their own completely private custom assets by the end of March.