AZTEC Protocol, a privacy layer for the Ethereum blockchain, has announced their official launch on the network. The protocol, which was funded purely by VC money, has been in the works since late 2018 and has now officially gone live, with many marking it as a watershed moment for Ethereum’s future.
If you weren’t bullish $ETH..
Guess we aren’t getting two digit Ethereum.https://t.co/Vi6chsNPxw
— Loma (@LomahCrypto) February 2, 2020
The Answer to Ethereum’s Privacy Problem?
AZTEC has been heralded as the answer to Ethereum’s privacy problem, hence why news of the launch has been greeted with such enthusiasm. AZTEC is a privacy protocol that allows anyone using the public Ethereum blockchain to enjoy privacy on their transactions, including the issuance, redemption, and exchange of assets, as well as payments, something that it so far lacks.
AZTEC feel that privacy is vital because currently every single transaction on the network exposes the user’s Ethereum address to anyone involved in the transaction. This in turn could allow them to view your wallet balance, payments, and more – essentially like giving anyone you pay money to full, live access to your banking transactions. Not an appealing prospect, especially if Ethereum grows in usage to the point where it is used for transactions on a daily basis.
AZTEC Guards Against Snoopers
AZTEC guards against this, giving users control of third-party access to their own financial and personal data, something that is becoming an increasingly important aspect of modern life. Given that Ethereum is already used by the likes of Microsoft, Ernst and Young, and sports franchises like the LA Dodgers and Major League Baseball, it is clear that mainstream adoption may not be too far away.
AZTEC Beats Zether
Interestingly, a competing privacy protocol, Zether, has already been developed for Ethereum, but it seems that it has fallen behind in development compared to AZTEC. Zether is being developed by researchers at Stanford University and banking giant Visa, so it’s certainly no pushover, but it seems like AZTEC has beaten them to the punch. Either way, it seems that Ethereum is looking to the future once more.
