The ZEOS project uses the zk-SNARKs system to process transactions and make them private on the EOS blockchain.
In a recent interview done by the DAPP Network team, developer Matthias Schönebeck explained how it works and why he decided to undertake the development of a system to create private transactions on the EOS blockchain.
Privacy on EOS
Before delving into the details of the ZEOS project, it is worth remembering that the blockchain by its very nature allows anyone to control transactions, balances and other information that is public, even if we don’t have a precise identifier of who is behind that information.
To solve this “problem”, blockchain structures have developed over time that have implemented solutions to make information such as the balance of an address and transactions private. This is how Monero (XMR), Zcash (ZEC), Haven Protocol (XHV) were born.
These different technologies have proven to be efficient but have several drawbacks such as the slowness of transactions.
Nevertheless, it has been decided to implement them in other blockchains such as EOS.
A first attempt was made in the past by the PEOS team who implemented the same technology as Monero. Although the test worked, the heaviness of the information that the related smart contract had to process did not make it convenient. In order to lighten it up, it was also proposed to integrate several pieces of information into the CDT (Contract Development Toolkit), which has not happened yet.
This project was nonetheless very successful thanks to the airdrop of the PEOS token to all those who had EOS on their account. This made it possible to continue the project or to create a new one with another system.
ZEOS, zk-SNARKs arrive on EOS
ZEOS, as the first letter of its name suggests, uses the zk-SNARKs system to process transactions.
Matthias Schönebeck explained how this system works. ZEOSi has already been successfully tested and the various libraries to be used will be released by the end of the year. In practice, a smart contract has been created that actually emulates the Zcash blockchain (we are talking about emulating the functioning of the protocol itself), taking advantage of other services such as the VCPU and VRAM that not only allow to scale the power of the EOS blockchain. But they also have the advantage of lowering the costs for the management of the smart contract.
This is a smart contract that is able to process onchain transactions, anonymizing them by also leveraging other solutions such as DPS to lighten the information load to process. Everything is decentralized and trustless.
ZEOS allows all kinds of transactions such as sending fungible and non-fungible tokens like NFTs.
A protocol for token exchange, a DEX, has already been put on the roadmap, which uses ZEOS to process transactions, entering the world of anonymous decentralized finance (DeFiAn).
The ZEOS token will be airdropped to all those who have the PEOS token in their accounts, a token that can be retrieved on this DEX, and which is currently worth $0.004.
Everything will also be integrated into existing wallets. Users will only have to create their own ZEOS account from their account and connect it to the various protocols created with a simple button. They will then be able to make anonymous transactions directly from the wallet, without installing anything else and placing their private keys in another wallet with potential vulnerabilities.
The progress of the EOS blockchain
This demonstrates how once again the EOS blockchain manages to achieve things that are almost impossible on other blockchains. Remember that EOS is still at the top of the list of the best blockchains, even surpassing Ethereum.
Google has also become a BP of the EOS blockchain. Finally, the Bullish hybrid exchange will soon be available, which will record all transactions on the EOS blockchain.
The post ZEOS, the protocol for private transactions on EOS appeared first on The Cryptonomist.
