Open 24/7/365

We Have A Life-Time Warranty /
Guarantee On All Products. (Includes Parts And Labor)

JPM Develops New Privacy-Enhancing Tool For Payment Mechanisms On ETH Blockchain (#GotBitcoin?)

JPMorgan Chase (JPM) — the United States’ largest bank — is reportedly poised to release an open-source extension that enhances the privacy of payment mechanisms on Ethereum-based blockchains. The development was reported by crypto media outlet Coindesk on May 28. JPM Develops New Privacy-Enhancing Tool For Payment Mechanisms On ETH Blockchain (#GotBitcoin?)


JPM Develops New Privacy-Enhancing Tool For Payment Mechanisms On ETH Blockchain (#GotBitcoin?)

The new tool has reportedly been designed as an extension to the Zether protocol. As reported, Zether is a privacy-focused payment mechanism that is compatible with Ethereum and other smart contract platforms. The protocol uses zero-knowledge proof (ZKP) technology and was developed by researchers from Stanford University and Visa Research earlier this year.

JPM reportedly plans to release its extension as an open-source today, and will implement the tool on Quorum, the bank’s private blockchain platform built on the Ethereum protocol.

In an interview with Coindesk, JPM’s head of Quorum and crypto-assets strategy Oli Harris outlined the function of the new extension, explaining that:

“In the basic Zether, the account balances and the transfer amounts are concealed but the participants’ identities are not necessarily concealed. 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.”

To further distinguish Zether, Harris noted that its confidential payments architecture uses an accounts-based approach consistent with ethereum, in contrast to the unspent transaction output approach employed by both bitcoin (BTC) and privacy-focused altcoins like zcash (ZEC).

Harris proposed that as “an efficient trustless mechanism for trustless and anonymous payments,” the new extension could be particularly beneficial for to protect privacy within enterprise consortia, and that it could also in future serve JPM’s interests to develop Quorum for wider use.

To press time, JPMorgan has not responded to Cointelegraph’s request for comment.

As recently reported, JPM has also been working to rehaul the privacy architecture of Quorum with the help of Microsoft, in a bid to make the platform easier to implement by a broader spectrum of firms.

Beyond its Quorum innovations, the banking giant has been in the industry limelight for its recently unveiled blockchain-powered stablecoin dubbed JPMCoin. JPM Develops New Privacy-Enhancing, JPM Develops New Privacy-Enhancing


Related Articles:

Bitcoin Information & Resources (#GotBitcoin?)

JPM Strategists Defines Bitcoin’s Intrinsic Value (#GotBitcoin?)

JPMorgan Chase With It’s JPM ShitCoin Wants To Take On Bitcoin (#GotBitcoin?)

Bitcoin To Be Exposed To Millions With Upcoming “60 Minutes” Segment (#GotBitcoin?)

Grayscale To Investors: Drop Gold (#GotBitcoin?)

‘Craig Is A Liar’ – Early Adopter Proves Ownership Of Bitcoin Address Claimed By Craig Wright (#GotBitcoin?)

Tether Ordered To Freeze Transfers To Bitfinex By New York Supreme Court, Bitcoin Flash Crashes

HTC Smartphone Will Run A Full Bitcoin Node (#GotBitcoin?)

Send Bitcoin Transactions Without Internet Connection

Bitcoin’s Lightning Comes To Apple Smartwatches With New App (#GotBitcoin?)

E-Trade To Offer Crypto Trading (#GotBitcoin)

US Rapper Lil Pump Starts Accepting Bitcoin Via Lightning Network On Merchandise Store (#GotBitcoin?)

Bitfinex Used Tether Reserves To Mask Missing $850 Million, Probe Finds (#GotBitcoin?)

21-Year-Old Jailed For 10 Years After Stealing $7.5M In Crypto By Hacking Cell Phones (#GotBitcoin?)

You Can Now Shop With Bitcoin On Amazon Using Lightning (#GotBitcoin?)

Afghanistan, Tunisia To Issue Sovereign Bonds In Bitcoin, Bright Future Ahead (#GotBitcoin?)

Crypto Faithful Say Blockchain Can Remake Securities Market Machinery (#GotBitcoin?)

Disney In Talks To Acquire The Owner Of Crypto Exchanges Bitstamp And Korbit (#GotBitcoin?)

Crypto Exchange Gemini Rolls Out Native Wallet Support For SegWit Bitcoin Addresses (#GotBitcoin?)

Binance Delists Bitcoin SV, CEO Calls Craig Wright A ‘Fraud’ (#GotBitcoin?)

Bitcoin Outperforms Nasdaq 100, S&P 500, Grows Whopping 37% In 2019 (#GotBitcoin?)

Bitcoin Passes A Milestone 400 Million Transactions (#GotBitcoin?)

Future Returns: Why Investors May Want To Consider Bitcoin Now (#GotBitcoin?)

Next Bitcoin Core Release To Finally Connect Hardware Wallets To Full Nodes (#GotBitcoin?)

Major Crypto-Currency Exchanges Use Lloyd’s Of London, A Registered Insurance Broker (#GotBitcoin?)

How Bitcoin Can Prevent Fraud And Chargebacks (#GotBitcoin?)

Why Bitcoin’s Price Suddenly Surged Back $5K (#GotBitcoin?)

Zebpay Becomes First Exchange To Add Lightning Payments For All Users (#GotBitcoin?)

Coinbase’s New Customer Incentive: Interest Payments, With A Crypto Twist (#GotBitcoin?)

The Best Bitcoin Debit (Cashback) Cards Of 2019 (#GotBitcoin?)

Real Estate Brokerages Now Accepting Bitcoin (#GotBitcoin?)

Ernst & Young Introduces Tax Tool For Reporting Cryptocurrencies (#GotBitcoin?)

Recession Is Looming, or Not. Here’s How To Know (#GotBitcoin?)

How Will Bitcoin Behave During A Recession? (#GotBitcoin?)

Many U.S. Financial Officers Think a Recession Will Hit Next Year (#GotBitcoin?)

Definite Signs of An Imminent Recession (#GotBitcoin?)

What A Recession Could Mean for Women’s Unemployment (#GotBitcoin?)

Investors Run Out of Options As Bitcoin, Stocks, Bonds, Oil Cave To Recession Fears (#GotBitcoin?)

Goldman Is Looking To Reduce “Marcus” Lending Goal On Credit (Recession) Caution (#GotBitcoin?)

Our Facebook Page

Your Questions And Comments Are Greatly Appreciated.

Monty H. & Carolyn A.

Go back

Leave a Reply