Privacy-oriented zkDAI is a Thing now

Stablecoins have become  a very big part of the crypto asset industry. Although they lack privacy, many people are willing to experiment with them for a variety of reasons.

Dai, the popular stablecoin issued on the Ethereum blockchain, is getting a privacy component.

zkDAI is a Different Type of Stablecoin

More specifically, the Aztec Protocol enables private transactions on Ethereum.

Earlier this week, the team has minted 10,000 zkDAI.

As the name suggests, these are privacy-oriented counterparts of the traditional stablecoin.

To mint these coins, 10,000 normal DAI has been put into a contract.

This marks an important milestone for the stablecoin, as well as the future of privacy on the Ethereum blockchain.

Related Post

Just because zkDAI exists, doesn’t mean anyone can use it as of yet.

It is not a currency supported by exchanges, albeit DEXes should have no problem integrating them in the future.

It also appears that the Aztec protocol team wants to add privacy to many other tokens issued on Ethereum in the future.

Doing so would certainly be interesting to behold.

In this modern day and age, privacy becomes all the more important when dealing with finances.

In the cryptocurrency world, there are very few privacy-oriented options, other than alternative crypto assets such as Monero and PIVX.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Published by
JP Buntinx

Recent Posts

DOT Drops Below $6 As Google Search “AI” Reaches 5-Year Peak! What’s In Store For and Raboo?

The top crypto coins are in a fix on how to deal with Bitcoin's decline,…

13 mins ago

Bitcoin Eyes $70K Amid Market Shifts, Solana Faces 45-Day Low, Furrever Token’s Adorable Gains – Can It Keep Up?

As the cryptocurrency market experiences significant fluctuations, three notable digital assets—Bitcoin, Solana, and Furrever Token—are…

1 hour ago

DEGEN Ranks No.2 In Memecoin Metrics Despite Notable Value Decline

DEGEN has recently achieved an impressive ranking, securing the #2 spot across various on-chain metrics…

2 hours ago

Address 0x846…f82D7 Realizes $2.25 Million Profit From $RNDR Amid Growing Holder Base

Address 0x846...f82D7 is suspected to have successfully cleared its 640,000 $RNDR coins acquired five months…

2 hours ago

Dogecoin Whales Reduce Holdings As Price Doubles; Arthur Hayes Invests In $PENDLE And $DOGE

Dogecoin (DOGE) whales have significantly reduced their positions over the past year. According to the…

2 hours ago

BlockDAG Leads 2024’s Crypto Surge, Outdoing DOT & WIF

BlockDAG Presale Surges to $52.2M, Aims for $30 as Polkadot and DogWifHat Make Price Recoveries…

8 hours ago