A German fintech company took zero-knowledge proofs to a whole new level, designing for privacy with stablecoins.
Researchers from German crypto blockchain-based payments fintech etonec and other organizations have proposed using zero-knowledge proofs to ensure regulatory compliance and privacy in stablecoins. They have created a design that allows fiat-based stablecoins to be used like cash, within limits.
The researchers’ design allows a number of limits, including on transactions, balances and turnover, and enables Anti-Money Laundering and Countering the Financing of Terrorism compliance with the use of zero-knowledge proofs,According to the researchers’“In essence, our goal is to create a stablecoin that provides similar privacy guarantees as the privacy coin Zcash or the mixer Tornado Cash, yet without the corresponding regulatory challenges with respect to money laundering and terrorism...
In this account-based model, users would create their respective ZKPs , then use unique digital identities to send proof of funds to the blockchain, where validators would verify the ZKPs and add the transaction to the ledger. Identity could be established by the government or a third party.
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