- Aztec Network is making a secure version of Ethereum’s blockchain, which is becoming very popular.
- The encrypted Ethereum blockchain from Aztec Network will be based on the encryption technologies it created for a project called zk.money.
Aztec Network, a blockchain startup, recently announced that it raised USD 100 million in a round led by Andreessen Horowitz (a16z).
More than six other investors also took part in the Series B round. This comes after Aztec Network raised USD 17 million last year. The startup will use the money to hire more people and speed up the process of making new products.
Aztec Network is making a secure version of the popular Ethereum blockchain. On Ethereum, data about users’ account balances and transactions are available to the public.
According to the startup, the encrypted version of Ethereum created by Aztec Network will render such data inaccessible, making it more suited for operating banking apps and other programs.
Ali Yahya, a general partner of Andreessen Horowitz and Guy Wuollet, said in a blog post, “Encryption allows DeFi applications to provide a much broader range of financial services and unlocks new capabilities for gaming, identity, AI, and much more. Aztec believes, as we do, that zero-knowledge proofs are a foundational technology for the future of technology and should be accessible and simple to use for any developer.”
The encrypted Ethereum blockchain from Aztec Network will be based on the encryption technologies it created for an earlier project called zk.money. It’s a blockchain built on Ethereum that lets people trade digital assets.
According to Aztec Network, zk.money uses zk-SNARK software, a cybersecurity mechanism type, to protect user information.
Individually validating transactions on blockchains such as Ethereum prevents unauthorized activity. Typically, this validation procedure necessitates access to specific transactional data. With Aztec Network’s zk-SNARK software, a blockchain can ensure that a payment satisfies cybersecurity standards without seeing specific transaction data.
Aztec Network’s software development initiatives include the creation of the programming language Noir. It is based on the syntax of the advanced programming language Rust, which is used to create operating systems and other complex software. According to Aztec Network, Noir can facilitate the creation of encrypted blockchain apps.
Aztec Network CEO, Zac Williamson said, “What we’re building is a revolutionary piece of technology that transforms how we interact with each other online, in which the end user is the customer rather than the product. End-to-end encrypted blockchains protect individuals, obviating the need for centralized financial systems.”
According to an digital publishing site, Aztec Network intends to launch a test version of their encrypted Ethereum blockchain within a year and fully operationalize the platform within two years. The startup will increase its employment to around 80 employees to support the development effort.