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Celsius, the leading global cryptocurrency yield-earning platform and the blockchain building technology company Horizen Labs have launched zkAudit, a fully decentralized and independent proof-of-reserve blockchain built on the Horizen platform.
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 is built to solve the 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.
"Traditional double entry auditing processes are slow and lack transparency. The process of auditing happens at the end of the year and can take months from inception to completion and rely on one to two auditing firms and trusting their information is accurate," said Alex Mashinsky, CEO of Celsius Network. "zkAudit enables triple entry audit by using the blockchain and making auditing transparent and removes the need for the slow antiquated process of traditional auditing. We're thrilled to collaborate with Horizen Labs in this endeavor to bring Proof of Community to life and set the standard for transparency in blockchain finance."
zkAudit is the first major milestone in the Horizen and Celsius partnership announced in November 2020. During the initial phase of the partnership, the two projects introduced the proof of concept of building Celsius' own entirely decentralized environment and enabling the existing functionality available on the network through Horizen's scaling and sidechain solution, Zendoo.
"This is a major milestone for both Horizen and Celsius," stated Rob Viglione, Horizen co-founder and CEO of Horizen Labs. "We are thrilled to work together to disrupt traditional audit by leveraging zero-knowledge proofs and Horizen's Zendoo. I'm confident that zkAudit is going to change how the world does auditing."
This proof of reserve blockchain is offered by Horizen Labs as an integration-ready blockchain that can be utilized by any company.
"zkAudit is a perfect example of how other projects can utilize the open ledger technology with zero knowledge privacy technology to verify information without relying on any third parties while preserving privacy," said Alberto Garoffolo, Engineering Director of Horizen and CTO of Horizen Labs. "We built zkAudit to be fully programmable and flexible for seamless integration into existing systems."
About Horizen
Launched in 2017, Horizen is the most secure and scalable interoperable blockchain platform that enables the deployment of their own public or private blockchains on the largest multi-tiered node network. With its unique scaling and sidechain solution, Zendoo, Horizen provides all necessary components for an easy and fast deployment of a fully programmable blockchain. For more information, visit horizen.io.
About Horizen Labs
Founded in 2019, Horizen Labs provides the most efficient and cost-effective ways to create blockchain solutions for real-world usage while ensuring information integrity and data privacy, without compromising both scalability or security. Horizen Labs' proprietary blockchain deployment tools allow users to create blockchain solutions leveraging Horizen's robust and secure public blockchain platform with enhanced privacy features, low transaction fees, and configurable revenue models. For more information, visit horizenlabs.io
About Celsius
Celsius helps hundreds of thousands of consumers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Built on the belief that financial services should only do what is in the best interest of the customers and community, Celsius is a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. For additional information please visit www.celsius.network.
CONTACT: Brianna Herlihy, brianna.herlihy@celsius.network
SOURCE Celsius Network
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