On several occasions we have exposed on the derivatives that are born between the technologies of the cryptocurrencies. There are even cryptos that are born by derivatives of this style. On this occasion we present a new case of a hybrid platform. Being the union of Ethereum and Zcash, being Aztec.
Aztec is a platform born in the Ethereum network, using Zcash-based technology. The objective is to introduce confidential tokens where all quantities are cryptographically hidden. In this way, users have the option of using a secure protocol that allows them to keep the amount of the transaction hidden.
At the moment, Aztec is limited, since it is only compatible with zkDai, a private version of Maker’s stablecoin. Other tokens of zero knowledge they will be launched in the coming weeks, while full access to the creation of custom tokens will be granted in two months, the company says. It should be noted that the company does not mention traditional tokens, such as Bitcoin, since its structure is incompatible.
Aztec, like Zcash (ZEC), uses Zk-SNARK to validate transactions. When generating a transfer, a proof of correction is generated as the amount is encrypted. In this way, they manage to hide the amounts of the transactions, unlike traditional cryptos.
The system depends on the Aztec smart contract, which can be used to validate transactions. The contract is based on a system of “notes“, Which are generally used in a structure of inputs and outputs similar to Bitcoin. However, unlike Zcash, Aztec currently does not hide the sender and the recipient of the money. Therefore, the protocol is not completely hidden, although this quality is temporary.
The objective of Aztec is to offer its “Privacy Triptych“, Which would completely hide a particular part of the transactions, made possible by the base of the Ethereum network. The next step is to hide senders and recipients, while the final achievement is to make smart contracts completely private.
Aztec CEO, Thomas Walton-PocockHe explained what the plans are for the short term, with the company’s new goals:
“Our priority is to implement PLONK in ACE in 2020. PLONK is the super fast universal SNARK developed by the CTO of AZTEC, Zac Williamson, and the chief scientist of AZTEC, Ariel Gabizon, which will eventually allow private smart contracts to be executed with only a reliable configuration. ”
In this way we can see that the purpose of Aztec is to develop a 100% private transaction system, providing freedom for users. However, is this end positive or negative? Considering that it would evade the policies of kyc.
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