What is Aztec? Aztec is a Layer 2 on Ethereum that helps users access DeFi projects on Ethereum anonymously and securely. So what is Aztec? Let’s find out in this article.
To better understand the technology that Aztec is using, you can read more articles below:
- What is Mina Protocol (MINA)? Mina Protocol cryptocurrency overview
- What is StarkWare? Overview of the corporation valued at $8 billion
- What is ZkSync? ZkSync cryptocurrency overview
What is Aztec?
Aztec is a Layer 2 platform built and developed on Ethereum, Aztec uses Zk Rollup technology with highly secure PLONK proof. To protect users and information when accessing applications on Ethereum.
Aztec was born to respond:
- Private: Aztec is the only Zero Knowledge update built with a privacy-first architecture from the ground up, allowing users to access their favorite applications on Layer 1 in complete privacy.
- Accessible: Proving the validity of the Aztec transaction through zero-knowledge proofs on Ethereum reduces transaction costs by up to 100 – 1000 times.
- Compliant: Aztec’s programmable privacy system supports opt-in auditability and compliance while preserving full security.
With the first product being zk.money, a private remittance protocol built on Aztec. Since launch, zk.money has over 75,000 registered users, over 225,000 transactions, and over $80 million in total transactions, all of which are 96% cheaper than private money transfer protocols now available.
There are also Aztec Connect, the first private bridge to Ethereum’s decentralized finance ecosystem. It allows users to securely access world-class DeFi services on Ethereum at up to 100x cost savings, while ensuring the existing privacy of Aztec.
At launch, Aztec Connect expands zk.money’s capabilities, adding functionality from Blue-chip DeFi partners. The Aztec SDK allows any Ethereum project to integrate Aztec without permission, unlocking instant privacy and cost savings.
Aztec Connect accomplishes the above while maintaining two significant advantages over other scaling solutions:
- No redeployment of core contracts: Developers write a simple 50–100 line interface that connects Layer 1 smart contracts of the Aztec Network.
- Preserving Layer 1 liquidity: Users interact directly with Layer 1 liquidity, reducing fragmentation and liquidity leakage to Layer 2.
However, until now, Aztec Connect and zk.money have stopped developing and operating. The team has handed this product back to the community, the community can continue it. Aztec only focuses on developing Layer 2 platform products with Zk technology.
With Layer 2 built on ZKP technology, Aztec provides an EVM-compatible Smart Contract platform and inherits security from Ethereum. Especially when dApp and users can choose their own Private rights.
The Aztec Difference
Aztec brings four outstanding features to users, developers, programmers and protocols as follows:
- Privacy first, Privacy second: For Aztec, user privacy and security are top priority in any user activity or interaction.
- DeFi. DAOs. NFTs – The way it should be: Users can interact with DeFi protocols on Ethereum anonymously. Thanks to that, Aztec is different from other Layer 2s as it does not focus on developing its own ecosystem but takes advantage of the products and liquidity available on Ethereum. Aztec is considered the DeFi Aggretor of Ethereum. Save costs up to 100 times, helping to eliminate high fee barriers on Ethereum.
- Moon math – moon available on Earth: Aztec uses proof Plonk is a proof used by many famous protocols such as Mina Protocol, Dusk, Zcash or ZkSync.
- Welcome to the world of encrypted DeFi: Aztec will soon release the next version of zk.money and the Aztec Connect SDK to help projects integrate Aztec for seamless user access.
Development Roadmap
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2017-Founding: Initially founded as Creditmint, a financial platform on Blockchain.
- 2019-PlonK: Zac Williamson and Ariel Gabizon published articles on the topic PlonK, popularizing zk-SNARK.
- 2021-zk.money: Aztec launches zk.money, a multi-asset anonymous payment platform with internal transfer functionality.
- 2022-Connect: The first flexible privacy comes to Ethereum with a toolkit that makes it easy to integrate privacy and scalability to any protocol.
- Future-Noir: Noir is the popular language of zero-knowledge. The future of building encrypted applications.
Core Team
Zachary Williamson:
Co Founder & CEO
- From 2006-2010, he studied and successfully obtained a Master’s degree in physics specializing in particle physics at the University of Southampton. He then went on to earn a PhD in philosophy and Neutrino physics.
- He started his first job at Carallon Ltd as a Software Developer.
- After nearly 3 years working at Carallon Ltd, he moved to Entrepreneur First and is a member of the EF9 Cohort.
- In November 2017 he became Co-Founder and CEO of Aztec Protocol.
Joe Andrews: Co Founder & Head of Product
- In 2013 he successfully obtained a Bachelor of Engineering, Materials Science at Imperial College London.
- He became Co-Founder and Lead Developer at Chefler. Designed an automated routing system (mTSP), to efficiently route delivery drivers to stops via the shortest route.
- He then continued to start a business with Radish (acquired by Tovala), where he held the positions of Co-founder and Chief Technology Officer. This is an application available on iOS and Android to serve food delivery.
- After more than 3 years with Radish, he moved to work for Entrepreneur First and is a member of the EF9 Cohort.
- Currently he works for Aztec Protocol as Co-founder, Head of Product and works for CreditMint as Product Lead.
Investors
- November 29, 2018: The $2.1M Seed round was led by ConsenSys and included Samos Investments, A.Capital Ventures, Charlie Songhurst, Entrepreneur First, Alumni Ventures BlockChain Fund.
- September 15, 2019: The Seed round did not announce the specific amount invested by Coinbase, A.Capital Ventures, Libertus Capital.
- December 16, 2021: The $17M Series A raised was led by Paradigm and featured IOSG Ventures, A.Capital Ventures, Alliance DAO, Stani Kulechov, Ethereal Ventures, Libertus Capital, Variant Fund, Nascent, IMToken, Scalar Capital, Defi Alliance , ZK Validator, Anthony Sassano, Bankless, Defi Dad, Mariano Conti and Vitalik Buterin.
- December 15, 2022: Aztec has successfully raised $100M in Series B round led by A16z and a number of investors SV Angel, Fenbushi Capital, HashKey Capital, A.Capital Ventures, King River, Variant, AVG.
Tokenomics
Updating…
Exchanges
Updating…
Aztec Information Channel
- Website: https://aztec.network/
- Twitter: https://twitter.com/aztecnetwork
- Medium:
Summary
Ethereum is still the leading DeFi platform and there are many Layer 2 developments in many different ways. But with the direction of taking advantage of existing platforms on Layer 1, Ethereum, Aztec brings people to interact anonymously, unlike the way other Layer 2s are building, which is to develop their own ecosystem.
So I have clarified what Aztec is? Overview of the Aztec cryptocurrency. Hope this article brings you a lot of useful knowledge.