Private transaction verified on Byzantium testnet

A private transaction has been just verified on Ethereum's Byzantium testnet
20 September 2017   2150

The effort to bring the privacy features of Zcash to Ethereum took a step forward today during testing for the upcoming Byzantium upgrade, as coindesk.com reports.

zkSNARK is a zero-knowledge succinct non-interactive arguments of knowledge, which is used to prove that data is valid without actually revealing what that data is. It is claimed that the technology sits at the heart of the Zcash network, and recent months have seen developers moving to integrate the privacy tech into Ethereum.

Thus, today, the zkSNARK part of a Zcash transaction was verified on the Byzantium testnet. While only a trial, the development is a critical step toward bringing that kind of functionality to the public ethereum network.

What is missing after that is basically everything that was missing on top of the Ethereum Virtual Machine in the early times of Ethereum: We need practical implementations of all the other components of a zkSNARK system (apart from the verification).
 

Christian Reitwiessner
Leading zkSNARKs developer for Ethereum

According to coindesk.com, testing on Byzantium is expected to continue into October. Byzantium's formal introduction will then introduce the gas-subsidised pairing checks and elliptic curve operations that make this kind of verification possible. This means that once Byzantium becomes the law of the land, a cryptographically privatized transaction can be verified on the network. 

South Korea to Invest $1B in Blockchain Startups

Blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution, local authorities believe
19 February 2019   103

Until 2022, Seoul authorities are investing 1.2 trillion South Korean won ($ 1.07 billion) in fintech startups working with distributed ledger technology. This is reported by CoinDesk.

Funds will be allocated for the development of new technologies through the Seoul Innovation Growth Fund, created last year by local authorities. The foundation will support startups working on various solutions, including those that are in the early stages.

In the first half of this year, the Fund will allocate 13.25 billion won ($ 11.75 million) and 8.4 billion won ($ 7.45 million) in the second half of 2019. For the Korean authorities, the blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution.

The officials also noted that the average investment per start-up at an early stage of development in South Korea is almost seven times lower than, for example, in Silicon Valley.

Last fall, Seoul authorities submitted a five-year development plan for the blockchain industry.