zkSync Partnering with Espresso Systems to Facilitate Privacy Transactions
Ethereum-based scaling zkSync is set to collaborate with Espresso Systems in delivering Configurable Asset Privacy. The partnership with the crypto infrastructure firm will facilitate the execution of private transactions on the ZkSync network.
Eliminating Barriers to Privacy in Public Blockchains
The collaboration aims to eliminate the bottleneck confronted by users and institutions who desire to conceal their private data when using the public blockchain. Matter Labs chief executive Alex Gluchowski indicated that zkSync could enable individuals to realize self-sovereignty by allowing cryptos to deliver positive change.
In his statement conveyed on January 18, Gluchowski indicated that zkSync has the potential to make Ethereum scalable and accessible to the masses while according users complete control over their digital wealth. He challenged the crypto industry to prioritize investment in securing the crypto future, decentralization, and scalability.
CAPE Prioritizing Scalability and Privacy
Gluchowski attributed the increased number of crypto firms battling financial crisis, bankruptcy, and layoffs to the need to prioritize resilience in Web3 through innovative projects breaking down existing barriers in the global instructions and geographies. He lauded the integration of privacy tech within the Configurable Asset Privacy (CAPE) to enable users to execute transactions without exposing their balances and on-chain activity to the public.
zkSync spokesperson revealed placing CAPE on the testnet for 180 days. He commended its capability to facilitate private transactions without compromising Ethereum security. Gluchowski portrayed such achievement as a breakthrough that will foster blockchain adoption amongst large enterprises.
Matter Labs Superior Technical Capability
zkSync executive for business development and partnership Omar Azhar regretted that the private blockchain solutions could not gain traction among enterprises and financial institutions for needing more scalability and neutrality.
Azhar echoed Matter Labs’ chief executive perspective that the collaboration will enable it to leapfrog the rivals given the superior technical capability. While the collaboration is yet to deploy on the zkSync testnet, Azhar assured that plans would include tokenizing assets, identity, payments, and supply chains.
zkSync is utilizing the zero-knowledge EVM tech to ensure Ethereum scalability. However, the platform is within the Baby Alpha mainnet stage. Although live, zkSync is not accessible for users yet.
The espresso system involves a zero-knowledge infrastructure entity with an expanded offering of privacy and scalability products. Besides CAPE, Espresso targets Web3 applications that support DeFi, NFTs, and DAOs availability in a cheaper, private and robust network. Additionally, CAPE will enable stablecoin providers to exercise controls against fraud, dispute resolution, and freezing policies.
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