United Kingdom, July 15, 2021 /AlexaBlockchain/ – Celsius, the leading global cryptocurrency yield-earning platform, joined forces with Horizen Labs, the blockchain building technology firm, to launch zkAudit – a blockchain powered audit system.
- zkAudit is a fully decentralized and independent proof-of-reserve blockchain built on the Horizen platform.
- Celsius claimed that this is the first and only privacy-preserving automated blockchain-based audit system on the market that doesn’t require any third-party validators.
zkAudit
zkAudit addresses the problem of inefficiency and lack of transparency in traditional auditing processes.
By leveraging Horizen’s scalability and sidechain protocol, Zendoo, 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, making use of transaction data without revealing the underlying data itself. This provides transparency while preserving the privacy of Celsius’ customers.