Bolt Labs Will Now Support Tezos XTZ Cryptocurrency

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Bolt Labs have announced their support to Tezos (XTZ) by implementing its own private solution.
  • The Bolt Labs announced that the zkChannels allows private transactions without requiring the knowledge proof of knowledge techniques with cryptocurrencies like Bitcoin and Zcash.
  • By supporting Tezos, the firm expects that it will in return utilise some of the features which will be beneficial for their development.

Recently, Bolt Labs have announced their support to Tezos (XTZ) by implementing its own private solution. The solution is known as zkChannels. Basically, zkChannels is mainly an off chain protocol that enables low cost and efficient payment transfers between the buyer and the seller. Bolt Labs is working at the Nomadic Labs and Metastate and expected to complete the project through an amendment proposal which is to be done by 2021. 

Zkchannels Allow Transactions Without Requiring Proof Of Knowledge Techniques

Bolt Labs, established in 2018 and offers cheap, easier and private payments options. It also everyday purchases and transfers involving digital currencies such as Bitcoin, ZCash and so on. 

The zkChannels were formerly known as BOLT. The Bolt Labs announced that the zkChannels allows private transactions without requiring the knowledge proof of knowledge techniques with cryptocurrencies like Bitcoin and Zcash. However, before the protocol could support cryptocurrencies like Bitcoin it had to undergo a lot of changes and upgrades. They have already begun pilot tests for the Tezos platform in the Nomadic Labs and Metastate. 

Data In Zkchannel Stored Asymmetrically

zkChannels have a different mechanism to introduce privacy protection in which data is stored asymmetrically. The customer has to continuously update all important information every payment is made in order to check whether the state of payment matches the payment or not. This way the receiver does not have any information about the payment except for the amount received and privacy maintained this way .

Benefits Of Bolt Labs In Supporting Tezos

Tezos uses a mechanism which is known as on chain governance which allows the user to upgrade without having the need to fork the network into two parts which makes it a whole lot easier to install required functions to support the zkChannels. Further, Tezos uses a formal verification to check whether the given smart contracts are working with respect to their purpose or not. This technology comes in handy for the financial smart contracts for ensuring that no asset is lost or frozen to code bugs. In some time, the privacy-enhancing sapling protocol will also be implemented in the Tezos platform, which will increase the efficiency of zkChannels.

zkChannels now open for Bitcoin transactions and will be soon open for Zcash too. Hence, by supporting Tezos, the firm expects that it will in return utilise some of the features which will be beneficial for their development.

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