USDtz Will Start Enabling Private Transactions Via Tezos
USDtz will start enabling private transactions with the use of zkChannels and on-chain privacy amendments and will become the first stablecoin to do so let’s read more about it in today’s Tezos news.
The Haven Protocol is a Monero-based protocol that was the first to enable stablecoin private transactions and now USDtz will start enabling private transactions via zkChannels and through the help of the on-chain privacy upgrade for the existing protocol. zkChannels is an L2 scaling solution from Bolt Labs for Tezos which enables private transactions.
In a few days, the EDO upgrade will go live and will bring a set of unique new features to the Tezos blockchain and one of these features is that the smart contracts will also integrate privacy features. Before EDO goes live this marks the announcement of the first use case. zkChannels is an L2 solution by Bolt Labs that will provide privacy-based, off-chain, and scalable transactions between the merchants and the customers. zkChannels is taking a privacy-oriented approach to building a blockchain-based solution for spending every day:
“Our randomizable signature scheme is based on Pointcheval-Sanders (PS) and instantiated on BLS12-381 being introduced on Edonet.”
ZkChannels will also be deployed on the Tezos blockchain once EDO goes live on the mainnet. ZkChannels will be integrated for transactions with USDtz and the StableTez asset token series and will also become the first stabelcoin that will enable private transactions with the help of zkChannels and on the privacy amendments. With StableTez, the users will also be able to spend the private transactions for wrapped BTC, ETH and Gold as well as EUR which is just a glimpse of what the Tezos-based applications can bring in the near future. The use cases of privacy features in smart contracts are quite endless.
As reported previously, The regulated stablecoin backed by the US dollar StablyUSD launched on the popular blockchain Tezos as a part of the collaboration between these two parties. The issuer aims to cut down on the fees with the Tezos network which went through an upgrade that dropped the costs to 75%. Issued until now on the ETH blockchain, StablyUSD is a US-dollar pegged stabelcoin that is backed 1:1 for the dollar in an FDIC-insured trust account that is managed by Prime Trust.