Bolt Labs announces to integrate Tezos blockchain to zkChannels to ensure more security for its users

zkChannels protocol, which was originally called BOLT came to the limelight when the Bolt labs claimed it “enables private payments via zero-knowledge proof of knowledge techniques, with cryptocurrencies like Zcash and Bitcoin in mind.”

zkChannel undergoes updates to build on Tezo

The protocol had to go through a lot of upgrades in order to be compatible with other digital currencies.

According to the information released by CryptoPotato, the company has started working with Nomadic Labs and Metastate in order to bring the protocol to the Tezos blockchain. The company plans to do more network updates in the coming years.

The statement claims that the zkChannel protocol already offers a few vital features. Some of these include maintaining data asymmetrically to continue preserving security and transparency for the end-user.

The customer keeps and updates all relevant channel information and proves, every time a payment is made, that the channel state is consistent with that payment. This ensures the merchant learns nothing beyond the payment amount, so customer privacy is maintained.

Hence, the customer is responsible for the channel information and is aware of the distribution of funds, while the merchant knows is unaware of anything other than the total channel balance. This way he can’t link any received payments to it and the privacy of the user is maintained. However, zkChannels “can be safely closed down at any time by either party.

zkChannels to start operating for Bitcoin, Zcash, And DeFi

Bolt Labs is also planning to use the Liquid Proof-of-Stake governance mechanism of Tezos to reduce the resistance on its platform and to enhance security. The blockchain-based firm will be able to prove that its smart contracts perform accurately using the secure-by-design Tezos smart contract language with formal verification properties.

This is particularly important for financial smart contracts (e.g., tokenized assets, loans, etc.) which require guarantees that funds will not be lost or frozen due to bugs in the code.

zkChannels is already live for Bitcoin and would soon start operating for Zcash. Following the integration on Tezos, the company expects to receive “a number of features,” which are “a natural fit for our technology.”

zkChannels protocol, which was originally called BOLT came to the limelight when the Bolt labs claimed it “enables private payments via zero-knowledge proof of knowledge techniques, with cryptocurrencies like Zcash and Bitcoin in mind.”

zkChannel undergoes updates to build on Tezo

The protocol had to go through a lot of upgrades in order to be compatible with other digital currencies.

According to the information released by CryptoPotato, the company has started working with Nomadic Labs and Metastate in order to bring the protocol to the Tezos blockchain. The company plans to do more network updates in the coming years.

The statement claims that the zkChannel protocol already offers a few vital features. Some of these include maintaining data asymmetrically to continue preserving security and transparency for the end-user.

The customer keeps and updates all relevant channel information and proves, every time a payment is made, that the channel state is consistent with that payment. This ensures the merchant learns nothing beyond the payment amount, so customer privacy is maintained.

Hence, the customer is responsible for the channel information and is aware of the distribution of funds, while the merchant knows is unaware of anything other than the total channel balance. This way he can’t link any received payments to it and the privacy of the user is maintained. However, zkChannels “can be safely closed down at any time by either party.

zkChannels to start operating for Bitcoin, Zcash, And DeFi

Bolt Labs is also planning to use the Liquid Proof-of-Stake governance mechanism of Tezos to reduce the resistance on its platform and to enhance security. The blockchain-based firm will be able to prove that its smart contracts perform accurately using the secure-by-design Tezos smart contract language with formal verification properties.

This is particularly important for financial smart contracts (e.g., tokenized assets, loans, etc.) which require guarantees that funds will not be lost or frozen due to bugs in the code.

zkChannels is already live for Bitcoin and would soon start operating for Zcash. Following the integration on Tezos, the company expects to receive “a number of features,” which are “a natural fit for our technology.”

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Adeline G.

Adeline Gibbs works as an analyst and content writer for NewsBitcoin247 and specializes in price analysis and blockchain technology. She is also actively involved in the crypto community - she love to trade and made some extra bucks.

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