Private transaction verified on Byzantium testnet

A private transaction has been just verified on Ethereum's Byzantium testnet
20 September 2017   2679

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. 

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   392

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.