JPMorgan Introduces Confidential Transactions Similar To Monero (XMR) On Ethereum With Zether (ZTH)
Privacy is an issue that’s gaining enhanced importance in the crypto space these days.
JPMorgan and Chase Co. developed a privacy feature that’s compatible with smart contracts platform.
A privacy feature similar to the Monero’s functionalities
This new feature will be similar to Monero’s privacy, and it will hide the sender and the receiver’s details but also keep the amount that’s transacted transparent.
The new payment mechanism is called Zether, and it is compatible with Ethereym and more smart-contract platforms.
Targeted attacks can be planned on individuals or companies which have a higher account balance, and the Zether privacy feature will be used to provide “sealed-bid auction, private payment channel, confidential stake-voting, and private proof-of-stake,” as Coingape puts it.
Oli Harris, head of JPMorgan Blockchain division and crypto-assets strategy said the following:
“…In our implementation, we provide a proof protocol for the anonymous extension in which the sender may hide herself and the transactions recipients in a larger group of parties.”
Zether’s anonymity is similar to Monero the most. The ZTH token is used to facilitate the exchange between the platforms.
Monero in the news
Speaking of Monero, the project has been a lot in the news lately.
It has recently made headlines, following a report on Monero by Reuters which managed to trigger massive debate.
Reuters shed some light on the coin and some of its features, but the Monero Outreach community slammed their article with a new blog post.
The blog post was titled A Response to Reuters, and it was published on 20th May.
“[…] the story that ‘examines the features and characteristics of some of the alternatives to bitcoin […]’ it arguably overemphasized the criminal use of Monero and under presented the features and characteristics that make Monero great and popular.”
Other than this, XMR is said to be rallying towards $200. At the moment, the coin is priced at $94.64 on CoinMarketCap.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.