LONDON, July 15, 2021 /PRNewswire/ —Celsius, the main international cryptocurrency yield-earning platform and the blockchain constructing expertise firm Horizen Labs have launched zkAudit, a completely decentralized and unbiased proof-of-reserve blockchain constructed on the Horizen platform. That is the primary and solely privacy-preserving automated blockchain-based audit system in the marketplace that does not require any third-party validators.
zkAudit is constructed to unravel the inefficiency and lack of transparency in conventional auditing processes. By leveraging Horizen’s scalability and sidechain protocol, Zendoo, with zk-SNARK privateness applied sciences, zkAudit can safe, confirm, and validate proof of neighborhood belongings within the Celsius community in near-real-time with out counting on third-party validators. Delicate information will probably be encrypted by Horizen Labs’ zero-knowledge toolkit, making use of transaction information with out revealing the underlying information itself. This supplies transparency whereas preserving the privateness of Celsius’ clients.
“Conventional double entry auditing processes are gradual and lack transparency. The method of auditing occurs on the finish of the yr and may take months from inception to completion and depend on one to 2 auditing corporations and trusting their info is correct,” mentioned Alex Mashinsky, CEO of Celsius Community. “zkAudit permits triple entry audit by utilizing the blockchain and making auditing clear and removes the necessity for the gradual antiquated technique of conventional auditing. We’re thrilled to collaborate with Horizen Labs on this endeavor to convey Proof of Group to life and set the usual for transparency in blockchain finance.”
zkAudit is the primary main milestone within the Horizen and Celsius partnership introduced in November 2020. Through the preliminary section of the partnership, the 2 tasks launched the proof of idea of constructing Celsius’ personal totally decentralized surroundings and enabling the present performance out there on the community by Horizen’s scaling and sidechain resolution, Zendoo.
“This can be a main milestone for each Horizen and Celsius,” acknowledged Rob Viglione, Horizen co-founder and CEO of Horizen Labs. “We’re thrilled to work collectively to disrupt conventional audit by leveraging zero-knowledge proofs and Horizen’s Zendoo. I am assured that zkAudit goes to alter how the world does auditing.”
This proof of reserve blockchain is obtainable by Horizen Labs as an integration-ready blockchain that may be utilized by any firm.
“zkAudit is an ideal instance of how different tasks can make the most of the open ledger expertise with zero information privateness expertise to confirm info with out counting on any third events whereas preserving privateness,” mentioned Alberto Garoffolo, Engineering Director of Horizen and CTO of Horizen Labs. “We constructed zkAudit to be absolutely programmable and versatile for seamless integration into present programs.”
Launched in 2017, Horizen is probably the most safe and scalable interoperable blockchain platform that allows the deployment of their very own public or personal blockchains on the biggest multi-tiered node community. With its distinctive scaling and sidechain resolution, Zendoo, Horizen supplies all essential elements for a straightforward and quick deployment of a completely programmable blockchain. For extra info, go to horizen.io.
About Horizen Labs
Based in 2019, Horizen Labs supplies probably the most environment friendly and cost-effective methods to create blockchain options for real-world utilization whereas making certain info integrity and information privateness, with out compromising each scalability or safety. Horizen Labs’ proprietary blockchain deployment instruments enable customers to create blockchain options leveraging Horizen’s strong and safe public blockchain platform with enhanced privateness options, low transaction charges, and configurable income fashions. For extra info, go to horizenlabs.io
Celsius helps a whole lot of 1000’s of shoppers worldwide to seek out the trail in direction of monetary independence by a compounding yield service and prompt low-cost loans accessible through an internet and cell app. Constructed on the assumption that monetary providers ought to solely do what’s in the perfect curiosity of the purchasers and neighborhood, Celsius is a blockchain-based fee-free platform the place membership supplies entry to curated monetary providers that aren’t out there by conventional monetary establishments. For added info please go to www.celsius.network.
CONTACT: Brianna Herlihy, [email protected]
SOURCE Celsius Community