ETH gets Aztec privacy-based solution which is a 2.0 scaling solution for Ethereum which will use the new PLONK technique which utilizes ZK-snarks to bundle transactions privately as we are reading more in our latest Ethereum news.
The developers will be able to access the new scripting language to write transactions compatible with Aztec 2.0. ETH gets Aztec which announced the new scaling solution for the ETH network and the startup said they are focused on privacy solutions for Ethereum by utilizing a ZK-snark standard called PLONk. This way they will build a two-layer system for processing transactions thus increasing the ETH privacy and scalability.
Today, we're very excited to release Aztec 2.0, our Layer 2 zkRollup network 🚀 Aztec is building the infrastructure for scalable and programmable private payments on Ethereum, running off the DeFi capital system💸 https://t.co/Kj2fW4k2zQ
— Aztec (@aztecnetwork) October 12, 2020
The Ethereum network gained another scaling solution but this time by the Aztec project and the company that gained prominence for using zero-knowledge proofs to increase the transaction privacy on the network also announced the new Layer 2 network solution for the blockchain. According to the announcement, the scaling solution is based on a relatively new privacy standard called the zero-knowledge rollup. The standard uses PLONK which is a type of zero-knowledge proof called zk-SNARKS to crate a two-layer system for processing transactions.
The processing system works by batching transactions into one single proof published to Ethereum’s main chain but also in their announcement you can read that the Aztec 2.0 network will handle a transaction throughput up to a hard limit of 300 transactions per second. The new version will reduce gas usage by two hundredfold compared to Aztec 1.0.
What do we mean by 'UltraPLONK'? It's Aztec's state-of-the-art ZK-SNARK PLONK, but supercharged with special gates – 'Plookup gates'. In this HackMD primer, our Chief Scientist @relgabizon breaks it all down: https://t.co/Qjg0PBprJS
— Aztec (@aztecnetwork) September 8, 2020
What makes this ZK rollup different from other solutions on the market is what the company’s CEO Tom Walton Pocok calls programmable privacy. Using Aztec 2.0 will bring more privacy, and each transaction containing information about the sender as well as the amounts made are complete privacy using ZK-snarks. Each of those private transactions will be bundled up in a rollup where an additional ZK-Snark is employed. The company calls this setup a zk-zk rollup.
In the whitepaper on the zero-knowledge proofs, the company said they will utilize PLONK like this enables the development of a universal solution. The Walton-Pocock explained means that the SNAKRS can be programmed to work with any DeFi interaction which results in the token. To enable the developers to write ZK-snark transactions compatible with Aztec. The company unveiled a new scripting language called Noir.
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