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Deutsche Bank Builds Layer-2 Rollup Network on Ethereum with ZKsync Technology
Introduction
Deutsche Bank, a leading global banking institution, is creating a layer-2 rollup network on Ethereum using Matter Labs’ ZKsync technology. This move is a significant development in the world of blockchain technology, as it shows that even large financial institutions are recognizing the potential of public blockchains.
Public Permissioned Blockchain
The new network will be a public and permissioned L2, meaning that anyone can see what’s happening on the network, but only authorized participants can perform certain actions. This is a key aspect of the project, as it allows for greater control and security.
Regulatory Compliance
The main reason for creating this network is to address regulatory compliance issues. Regulated institutions, such as banks, need to know who they are dealing with, which is difficult in completely open networks like the main Ethereum chain. By creating a layer-2 network, Deutsche Bank believes that it will be able to improve the speed of transactions and address these compliance needs.
ZKsync Technology
The ZKsync technology used in this project is a type of layer-2 solution that allows for the creation of a scalable and secure network. It uses zero-knowledge proofs to verify transactions, making it more efficient and secure than traditional blockchain technology.
Memento Blockchain
The layer-2 network is being built on Memento Blockchain, a company that is working on a multi-chain initiative called Dama 2. This initiative is part of the Singapore Monetary Authority’s Project Guardian, which brings together 24 major financial institutions to explore the use of blockchains to tokenize their assets.
Project Dama 2
Project Dama 2 is a multi-chain initiative that aims to create a platform for tokenizing assets. It is being led by Deutsche Bank and is part of the Singapore Monetary Authority’s Project Guardian. The project is still in its early stages, but it has the potential to revolutionize the way financial institutions interact with each other.
Conclusion
In conclusion, Deutsche Bank’s decision to build a layer-2 rollup network on Ethereum using ZKsync technology is a significant development in the world of blockchain technology. It shows that even large financial institutions are recognizing the potential of public blockchains and are taking steps to utilize this technology to improve their operations.
FAQs
Q: What is a public permissioned blockchain?
A: A public permissioned blockchain is a type of blockchain that is open to anyone, but only authorized participants can perform certain actions.
Q: What is ZKsync technology?
A: ZKsync technology is a type of layer-2 solution that uses zero-knowledge proofs to verify transactions, making it more efficient and secure than traditional blockchain technology.
Q: What is Project Dama 2?
A: Project Dama 2 is a multi-chain initiative led by Deutsche Bank and is part of the Singapore Monetary Authority’s Project Guardian. It aims to create a platform for tokenizing assets.
Q: What is the goal of Deutsche Bank’s layer-2 network?
A: The goal of Deutsche Bank’s layer-2 network is to address regulatory compliance issues and improve the speed of transactions.
