- JP Morgan is looking into AZTEC protocol; a zero-knowledge proof solution.
- This particular technology is different from other zk-SNARKs solutions in that it utilizes range proofs.
The largest bank in the United States JP Morgan seems to be extending its crypto involvement by running trials on a privacy-offering technology referred to as zero knowledge proofs (zk-SNARKs). JP Morgan recently revealed plans to develop a stablecoin called JPM Coin that will be utilized by the bank’s customers to move funds internationally.
Precisely, JP Morgan is looking into AZTEC protocol; a zero-knowledge proof solution. The solution was created by a startup based in London and already executes on the Ethereum mainnet. According to the whitepaper:
“The AZTEC protocol enables confidential transactions in a generic form that can be implemented on blockchains that support general-purpose computation, such as the Ethereum blockchain. The AZTEC protocol can be attached to existing digital assets defined on these platforms (for example, digital assets that conform to the ERC20 token standard). The protocol also enables confidential cross-asset trades for digital assets defined on the same blockchain platform via confidential zero-knowledge decentralized exchanges.”
This particular technology is different from other zk-SNARKs solutions in that it utilizes range proofs. Range proofs are less taxing in terms of the computer power required. Moreover, transactions costs are lower. However, in terms of efficiency, it lags behind the main Ethereum network.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.