USDtz To Enable Private Stablecoin Transactions Through zkChannels And Privacy Amendment Upgrade
Prelude – zkChannels – a layer 2 scaling solution from Bolt Labs building on Tezos, will enable private transactions for USDtz and the whole StableTez token family.
This means USDtz will become the first stablecoin to enable private transactions through the use of zkChannels and on-chain privacy amendments.
The Haven Protocol, a Monero-based protocol was the first to enable stablecoin private transactions. USDtz will be the first to enable via zkChannels and through the help of an on-chain privacy amendment upgrade to the existing protocol.
zkChannels & USDtz
zkChannels is an L2 scaling solution from Bolt Labs for Tezos that enables private transactions.
In a few days, the EDO upgrade will go live. This will bring a set of unique new features to the Tezos blockchain. One of those features is the fact that smart contracts can now integrate privacy features.
And before EDO goes live, we are happy to announce one of the first use cases.
zkChannels is an L2 solution by Bolt Labs, which enables privacy-preserving, off-chain and scalable transactions between customers and merchants.
zkChannels takes a privacy-first approach to building a blockchain-based solution for everyday spending.
“Our randomizable signature scheme is based on Pointcheval-Sanders (PS) and instantiated on BLS12-381 being introduced on Edonet” zkChannels will be deployed on Tezos once EDO goes live on mainnet.
zkChannels will also be integrated for transactions with USDtz and the whole StableTez asset token series. USDtz will be the first stablecoin that enables private transactions through the help of zkChannels and on-chain privacy amendments.
Through StableTez, users will also be able to send private transactions for wrapped BTC, ETH and soon EUR and Gold. This is just a glimpse of what Tezos-based applications can bring in the future.
The use cases of privacy features in smart contracts are endless.
More extensive info on the zkChannels application is coming soon.
Bolt Labs will be publishing an extensive article on this subject soon. So stay tuned and give them a follow on Twitter @boltlabsinc.
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