zkSync integrates new technology that allows private transactions on the network

The Layer 2 solution on Ethereum zkSync is partnering with Espresso Systems, a crypto infrastructure company, to allow transactions to be made privately on the platform network.

zkSync integrates new technology that allows private transactions on the network
zkSync integrates new technology that allows private transactions on the network

This partnership will integrate a new security technology by Espresso Systems built on Ethereum called CAPE (roughly translated as Configured Property Privacy).

Thanks to CAPE, ZkSync says anyone using the platform’s network will now be able to transact without exposing private data on the public blockchain, which could remove obstacles for institutions do not want to show balances, on-chain activities and other private data that can be accessed publicly.

CAPE is the first product from Espresso Systems and has been available on the beta network for six months. A spokesperson for zkSync revealed that CAPE will provide private transactions while still getting all the benefits of Ethereum security, helping to increase blockchain adoption for global businesses.

Omar Azhar, Head of Partnerships and Business Development at zkSync said:

“We recognize that private blockchain solutions have so far failed to gain any real traction with businesses and financial institutions due to their scalability and neutrality. CAPE is allowing us to outperform our competitors from a technical capability standpoint.”

However, the above collaboration is still planned and has not been implemented on the zkSync test network. Updates on tokenization of real world assets, supply chain, identity, payments, and trade finance are expected later this year.

zkSync is a new Ethereum-based scaling platform using zkEVM technology. The project is currently in the Baby Alpha mainnet rollout, which means the protocol is live, but not yet available for users or apps to launch.

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