zkSync Integrates New Technology for Private Transactions on Its Network
The Layer 2 Ethereum solution zkSync is teaming up with Espresso Systems, a crypto infrastructure company, to enable private transactions on its platform.
zkSync Integrates New Technology for Private Transactions on Its Network
This collaboration will incorporate Espresso Systems' new privacy technology, CAPE (Configurable Asset Privacy), built on Ethereum.
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With CAPE, zkSync claims that users of the platform will now be able to transact without exposing private data on the public blockchain. This advancement could address a significant barrier for organizations reluctant to reveal balances, on-chain activities, or other private data accessible on the public ledger.
The mission continues. Each Wednesday we’re highlighting a member of zkSync's fast-growing ecosystem. Today, we can announce that we’ll be collaborating with @EspressoSys to bring their leading privacy technology, CAPE, to zkSync 2.0. #jointhemissionhttps://t.co/etlHc0Y5S1
— ZKsync (∎, ∆) (@zksync) January 18, 2023
CAPE is the first product from Espresso Systems and has been available on the testnet for six months. A zkSync spokesperson revealed that CAPE will enable private transactions while retaining all the benefits of Ethereum's security, enhancing blockchain adoption for global enterprises.
Omar Azhar, zkSync’s Head of Partnerships and Business Development, stated:
“We’ve observed that private blockchain solutions have yet to gain real traction with businesses and financial institutions due to scalability and neutrality issues. CAPE allows us to outpace competitors from a technical capability standpoint.”
However, this collaboration is still in the planning phase and has not yet been deployed on zkSync’s testnet. Updates regarding tokenization of real-world assets, supply chains, identity, payments, and trade finance are expected later this year.
zkSync is a Layer 2 scaling solution on Ethereum using zkEVM technology. The project is currently in its Baby Alpha mainnet phase, meaning the protocol is operational but not yet available for general user or application deployment.
