Bolt Labs to Bring zkChannels, Private Payment Channels, to Tezos Blockchain

  • Bolt labs will collaborate with the Tezos dev team, Nomadic labs, and Metastate in a bid to integrate their private payment channel zkChannels on Tezos Blockchain.
  • ZkChannels, launched early this year, is utilizing a zero-knowledge proof protocol that will conceal private data attributed to the client.

Bolt Labs announced a partnership with Tezos that will see their payment channel hosted on the Blockchain. They will work with Nomadic labs and Metastate, developers of the Tezos Blockchain, to make a 2021 integration possible.

Anonymous Remittance channel

The alliance with zkChannels, the brainchild of the Bolt labs launched earlier this year, will enable private Blockchain-based payments leveraging zero-knowledge proof (ZKPs) protocols with a sharp focus on Bitcoin and Zcash. Unlike popular remittance solutions integrated with the Bitcoin Blockchain, Lightning Network discloses that some private features such as people's bank accounts may be exposed, zkChannels seeks to hide this information from the merchants.

“Customers can transact anonymously with Bitcoin without revealing their identity to a merchant.”

The announcement from Bolt labs highlights that both the client and the merchant will have access to data from the zkChannels only viewing different fields. The customer will be notified of the cash distribution, whereas the merchant will be able to tell the amount of cash transacting on the channel without necessarily revealing the identity of the client. However, the protocol leaves allowance for channel closure at any given time to be initiated by either party, individually, or with consent from both parties.

Notably, Bolt labs were launched in 2018 by J. Ayo Akinyele alongside two Zcash cofounders Ian Miers and Matthew Green. They received $1.5 million last year in April in seed round funding that was participated by Xpring, Lemniscap, and angel investor Zooko Wilcox also a cofounder at Zcash.

They settled on Tezos Blockchain due to their flexible governance to facilitate test runs of the channel before it is taken up by other Blockchains. Tezos Blockchain is also best suited to gel with their BLS12-381 protocol with Ethereum currently not extending support for the pairing curve, pending the long-awaited Ethereum 2.0.

Meanwhile, the Tezos XTZ is currently sitting on the 12th spot, with a market capitalization of $1,790,099,395. They have recorded trading volumes of $65,821,412 in the past 24 hours, with 734,831,569 XTZ currently in circulation at the time of this writing.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

CoinDCX Becomes The First Indian Crypto Exchange To Launch Token Staking Services

Indian cryptocurrency exchange, CoinDCX, becomes the first in the country to launch simple staking services for its users. First reported on Coindesk, the staking...

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend. Interestingly, despite the fact that the...

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

Dapper Labs Raises $12M with NBA Players from the Brooklyn Nets & Miami Heat Participating

Vancouver-based Dapper Labs has raised $12 million in its latest financing round with additional backing from Coinbase ventures and Distributed Global. Its existing investors...

DeFi App Aave Creates First Credit Delegation Loan to DeversiFi Decentralized Exchange

DeFi lending platform, Aave completes its first-ever ‘credit delegation’ as DeversiFi borrows over $230,000 without posting collateral. The service agreement was signed on...

Bitcoin Futures Trading at a High Premium; Already Hitting $12,000 on CME

Bitcoin has yet again gained momentum, with people expecting for $12k to hit soon. According to analyst Mati Greenspan, for a sustainable rally, a...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today