zkSync, an Ethereum scaling platform, is teaming with Espresso Systems, a crypto infrastructure startup, to implement a new privacy technology called Configurable Asset Privacy, which will allow private transactions on its network.
To allow private transactions on its network, Ethereum scaling platform zkSync has partnered with Espresso Systems, a crypto infrastructure firm.
This cooperation will include Configurable Asset Privacy, or CAPE, a novel privacy system developed on Ethereum by Espresso Systems. Anyone utilizing ZkSync’s network will now be able to transact without disclosing private data on the public blockchain, which might eliminate a hurdle for organizations who do not want to make balances, on-chain activities, and other private data publicly available.
CAPE is the first product from Espresso Systems, and it has been on testnet for six months. A spokesman for zkSync told The Block that the ability to transact anonymously while still enjoying all of the advantages of Ethereum security would aid in the worldwide corporate adoption of blockchains.
Due to scalability and neutrality, private blockchain solutions have failed to gain momentum with corporations and financial institutions, according to Omar Azhar, head of business development and partnerships at zkSync. This also allows us to surpass our competition in terms of technological capacity.
The partnership has not yet been implemented on zkSync’s testnet and is currently in the planning stages. Azhar told The Block that updates on the tokenization of real-world assets, supply chain, identification, payments, and trade finance are due later this year.
zkSync is a new Ethereum scaling platform that employs zero-knowledge EVM scaling technology. It is now in the Baby Alpha phase of its mainnet, which means it is active but not yet accessible to users or apps.
Espresso Systems is a zero-knowledge infrastructure firm offering scalable and private solutions. In addition to CAPE, the company is developing a new product that might decentralize Ethereum Layer 2 sequencers, which arrange transactions settled on Ethereum. Currently, none of the main Layer 2 networks, including Arbitrum, Optimism, and zkSync, have decentralized their sequencers, a crucial component of their chains.
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