JPMorgan Chase developed new privacy featured for the etheruem-based blockchains for confidential payments. In today’s coming altcoin news we take a closer look at the new developments.
JPMorgan Chase built an extension for the Zether Protocol which is fully decentralized, a cryptographic protocol for confidential payments that is compatible for the ethereum platform and other smart contract platforms that are designed to add another layer of anonymity in transactions. The major financial institution will open-source the brand new extension Tuesday and will use it with the private version of ethereum-Quorum.
Zether uses the zero-knowledge proofs which is a math branch that allows only one party to prove knowledge of important value or information without showing the details about that secret. The JPMorgan Chase head of Quorum Oli Harris said in an interview with CoinDesk:
“In the basic Zether, the account balances and the transfer accounts are concealed but the participants’ identities are not. So we have solved that. In our implementation, we provide a proof protocol for the anonymous extension in which the sender may hide herself and the transactions recipients in a larger group of parties.”’
JPMorgan Chase attracted about 220 banks to the Quorum-based Interbank Information Network as reported in the best cryptocurrency news sites. Recently, it completed the integration work with Microsoft Azure and prepares further for Quorum to continue to exist as an open-source protocol.
Harris also pointed out that Zether’s confidential payments have an account-based approach by ethereum, different than the ones that use the UTXO-based approach that the BTC client uses. The extension can benefit the Quorum users and encourages building on top of other ethereum variants. Harris also outlined:
“When we think about the community building on top of Quorum, if anyone is looking to get an efficient trustless mechanism for trustless and anonymous payments in a consortium then that’s when it’s relevant. That’s why we wanted to open-source it back to the community so anyone can build on it further and continue enhancing it and potentially put it into their use cases as needed.”
One possible negative side of the complex zero-knowledge proving schemes is the computation amount that they require which can potentially slow down the blockchains.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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