Tezos News Today – Headlines for July 2

  • Tezos partners with Bolt Labs
  • The goal is to integrate the layer two privacy protocol for Bitcoin
  • Bolt Labs to provide censorship-resistance features to DeFi apps

Tezos News Today – Bolt Labs has announced that it plans to integrate zkChannels (its off-chain Bitcoin private payments protocol) to the Tezos network. The firm is working with Nomadic Labs and Metastate to finalize the integration through an amendment proposal. Per the announcement the scheduled date to conclude the integration is sometime in 2021.

Originally known as BOLT, zkChannels v1 saw came to light earlier in the year when Bolt Labs revealed that it “activates private payments through zero-knowledge proof of knowledge techniques, with Zcash and Bitcoin.” zkChannels has undergone several updates since it was launched. It is now fully compatible with the bulk of digital currencies.

Bolt Labs is Working With Nomadic Labs and Metastate to bring zkChannel to Tezos

According to the press release, the company is working with Nomadic Labs and Metastate to integrate zkChannels to Tezos. The statement adds that the zkChannel protocol offers some vital features, like storing data asymmetrically (to preserve user privacy). Consumers must keep and update all their relevant channel data and proves, whenever they make a payment. This ensures that the channel state stays consistent with each payment. It makes sure the merchant knows nothing beyond the amount paid. This is why consumer privacy is maintained.

Hence, the consumer and merchant will only be able to view different data. Precisely, a customer will be aware of the funds’ distribution process, while the merchant will know the total balance on the channel. Although he/she won’t be able to link any received remittances to it. Note that zkChannels can be closed down safely at any time by merchants or customers.

zkChannels is Live for Bitcoin, Zcash, And DeFi

Additionally, today’s statement highlights that zkChannels is live for Bitcoin already and should begin operating on Zcash in the future. After integrating Tezos, the company is hoping to receive many features that will be a natural fit for the technology. Take an example, Bolt Labs is planning to create a cross-chain bridge with zkChannels to link Bitcoin/Zcash to Tezos. The firm also wants to offer censorship-resistance features to DeFi apps. Bolt Labs is considering deploying Tezos’ Liquid Proof-of-Stake governance consensus mechanism to cutdown friction on its platform. It is also hoping that this will improve security.

The blockchain-backed firm will be to show that its smart contracts work accurately with the secure-by-design smart contract language offered by Tezos with formal verification properties. According to the statement:

This is crucial for financial smart contracts which need guarantees that user funds won’t be lost or frozen as a result of bugs in the code.”

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.