December 5, 2023

AZTEC protocol ensures transaction confidentiality in Ethereum network

AZTEC protocol ensures transaction confidentiality in Ethereum network

AZTEC – An Effective Zero-Knowledge Privacy Protocol That Allows Anonymoustransactions on the Ethereum network.

AZTEC protocol was compiled from different ideasto improve Ethereum. As a result of privacy studies, the AZTEC zero-disclosure protocol was developed (the abbreviation of “anonymous zero-disclosure transactions and efficient communication”), which allows Eth to conduct private transactions. The protocol is similar to Zcash, but AZTEC does not use zk-SNARK. Rather, it includes a set of zero-knowledge algebraic proofs specific to AZTEC.

This protocol empowers individuals to convert ERC20 tokens into notes, which are encrypted representations of value. 

It can include sensitive transactions for any digital asset on the network, including existing ones. There are two options for conducting anonymous transactions:

-The first with the creation of a token based on the Aztec protocol. 

-Second allows you to create "wrapped" (wrapped) versions of Ethereum and any ETH-20 tokens.

To start a new tool on the network, you mustPerform a sophisticated fine-tuning called the Ignition Ceremony. The ceremony began on September 17 and should last thirty days. At the same time, the more users will be involved, the safer the protocol will be configured.

You need to go through the same settings each time you launch any new Aztec-based application. In order not to duplicate the ritual, an additional Plonk tool was developed.