Bitcoin, Crypto currency, Blockchain

Ethereum soon a Privacy Coin like Monero?

Last week a new technology with the name AZTEC to the well-known joined a lot of the Blockchain-technologies promise, such as, for example, Lightning, Sharding, Mimblewimble, and Sharding.

The Name of this technology is AZTEC (Zero-Knowledge Transactions, with Efficient Communication) – a Protocol for Zero-Knowledge Proofs specify what kind of secret transactions. The Protocol can be used on any Blockchain, which is Turing-Complete, and any calculations you can perform. Thus, this Protocol would allow also veiled transactions on the Ethereum Blockchain. Thus, for example, the number, in an Ethereum transaction consigned Coins could be concealed.

The idea behind AZTEC is a novel Zero-Knowledge Proof, which can prove the legitimacy of a transaction, through a succession of Homo morph of encryptions and Range Proofs.

AZTEC log on the Mainnet

As the Tech Leader of AZTEC announced that it will be running in the AZTEC Protocol on the Ethereum main chain. A AZTEC zero-knowledge proof run for around 840,000 ‘Gas needed’.

The AZTEC Smart Contract can disguise at the Moment, already transactions of the stablecoins DAI. An example of the execution of a secret transaction can be viewed here.

Therefore, the AZTEC PROTOCOL is important

At the Moment, the majority of Blockchain applications are of a public nature. So it can be publicly viewed, which Account is sending what Account when and how much. In addition, the account balance is more different Accounts at any time. While most of the Blockchain-solutions, such as Bitcoin solve the middleman Problem and build trust, so this is a step backwards in terms of anonymity. The AZTEC Protocol could create this anonymity. In addition, anonymous cross-chain decentralized exchanges are conceivable.

How does it work?

The Team around AZTEC has proven the System with the DAI Token. For this purpose you have assigned a AZTEC Token using a smart contract a DAI token. The following graph shows the Token of the function behind an AZTEC.

In the current Implementation of the “price of gas” scaled with the number of Inputs and Outputs. To make a transaction completely anonymous with 2 Input AZTEC, and 2 Output AZTEC, you have to pay a “gas” of approximately 900,000. This price could be reduced, however, through Updates from the Ethereum network to 200,000.

AZTEC is understood only as a Proof of Concept. A more detailed and technical explanation, click here.

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