LONDON, July 15, 2021 / PRNewswire / –Celsius, the world’s leading cryptocurrency yield platform and blockchain construction technology company Horizen Laboratories they’ve thrown zkAudit, a fully decentralized and independent reserve proof blockchain built on the Horizen platform. It is the first and only blockchain-based, privacy-preserving automated audit system on the market that does not require any third-party validators.
zkAudit is designed to address the inefficiency and lack of transparency of traditional audit processes. By leveraging Horizen’s scalability and sidechain protocol, Zendoo, along with zk-SNARK privacy technologies, zkAudit can secure, verify and validate proof of community assets in the Celsius network in near real time without relying on third-party validators. Sensitive data will be encrypted by Horizen Labs’ zero-knowledge toolkit, using the transaction data without revealing the underlying data itself. This ensures transparency while preserving the privacy of Celsius customers.
“Traditional double-entry audit processes are slow and lack transparency. The audit process takes place at the end of the year and can take months from start to finish and rely on one or two audit firms and trust their information, said Alex mashinsky, CEO of Celsius Network. “zkAudit enables triple-entry auditing by utilizing the blockchain and making auditing transparent and removing the need for the slow and outdated process of traditional auditing. We are excited to partner with Horizen Labs in this effort to bring life to life. community proof and setting the standard for transparency in blockchain finance. “
zkAudit is the first major step of the Horizen and Celsius partnership announced in november 2020. During the initial phase of the partnership, both projects introduced the proof of concept of building the fully decentralized Celsius environment and enabling existing functionality available on the network through the scaling solution. and the Horizen side chain, Zendoo.
“This is an important milestone for Horizen and Celsius,” said Rob viglione, co-founder of Horizen and CEO of Horizen Labs. “We’re excited to be working together to disrupt traditional auditing by leveraging Horizen’s zero-knowledge and Zendoo evidence. I have no doubts that zkAudit will change the way the world does auditing. “
This reserve proof blockchain is offered by Horizen Labs as an integration ready blockchain that can be used by any business.
“ZkAudit is a perfect example of how other projects can use open ledger technology with zero-knowledge privacy technology to verify information without relying on third parties while maintaining privacy,” said Alberto Garoffolo, Technical Director of Horizen and CTO of Horizen Labs. “We designed zkAudit to be fully programmable and flexible for seamless integration into existing systems.”
Launched in 2017, Horizen is the most secure and scalable interoperable blockchain platform that enables the deployment of their own public or private blockchains on the largest network of tiered nodes. With its unique scaling and sidechain solution, Zendoo, Horizen provides all the components needed for easy and fast deployment of a fully programmable blockchain. For more information visit horizen.io.
About Horizen Labs
Founded in 2019, Horizen Labs provides the most efficient and cost-effective means of creating blockchain solutions for real-world use while ensuring information integrity and data privacy, without compromising both the scalability or security. Horizen Labs’ proprietary blockchain deployment tools enable users to build blockchain solutions leveraging Horizen’s robust and secure public blockchain platform with enhanced privacy features, low transaction fees, and configurable revenue models. For more information visit horizenlabs.io
Celsius helps hundreds of thousands of consumers around the world find the path to financial independence through a compound return service and low cost instant loans accessible via web and mobile app. Founded on the belief that financial services should only do what is in the best interests of customers and the community, Celsius is a free blockchain-based platform where membership provides access to organized financial services that are not available through traditional financial institutions. For more information, please visit www.celsius.network.
CONTACT: Brianna herlihy, [email protected]
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SOURCE Celsius Network