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Trenton Van Epps @trent_vanepps
, 11 tweets, 4 min read Read on Twitter
1/ I enjoyed the recent "The Smartest Contract" podcast with @ZacCreditMint + @itsjefftong on @aztecprotocol - here's a high level thread summary, for both myself and whomever comes across it. cheers

⇩⇩ (give it a listen if you have time!) ⇩⇩⇩

thesmartestcontract.com/27
2/ Before starting AP, @ZacCreditMint was working on @CreditMint with @trpocock - a project with its origins in the syndicated loan industry. Wanted to abstract industry inefficiencies away via an immutable public blockchain (including data relay + data obsolescence)
3/ Problem soon became apparent - completely public data wouldn't fly in loan industry, might influence markets. started looking at privacy solutions bc it wasn’t a huge focus in the ETH research discourse. (Jan 2018)

@aztecprotocol is a Layer 2 solution to this hard problem
4/ Layer 2 meaning it's a smart contract executed on top of the base ETH chain.

>> AP allows a user to create any generic asset (!!) but do so in a way that the ownership records are completely encrypted.

First POC is "blind DAI" - value can be transferred confidentially.
5/ ELI25: input argument is an "Aztec ZKP" (zero knowledge proof): input notes + output aztec notes and public commitment. The ZKP proves that the inputs = the outputs (w/ public commitment threaded on top) - DAI can be considered "in escrow" at contract
6/ Upon redemption from contract, amts are unshielded. HOWEVER, future developments wld include self contained ecosystem, where users never need to exit / unshield (confidentiality is maintained)

Note: More users mean better system confid. (though confidentiality =/= anonymity)
7/ Dif btwn AP and Zcash is that chain of txs are always viewable.

Addition to these ideas is a stealth address, inspired by Monero - using the public ETH key, could derive a separate ETH address, send Aztec note to it (cannot be linked) only pub key can access this rdm address.
8/ W/in a self-contained ecosystem, there could be traditional financial services (similar to DeFi ecosys.) but confidential! (think syndicated bonds, loans, mortgages)

Addt'l protocol extensions include:

+ Anonymous ID sharing schemes ( Person on friends list without ..
9/ ... revealing who) or determining KYC from pool of prev. KYCd users

+ Private DEX - hides amount and price of trade 🙈 (tho there is reg. concern here, KYC wld be mandated)

+ Decen. anon. governance mech. - vote w/ weight of balance but don't reveal balance or vote lean 🗳️
10/ Protocol now is simply a proof of concept. Once API is released (soon) anyone will be able to do this on their own. Also working on protocol upgrades that will make proofs more efficient.

pls audit their GH here: github.com/AztecProtocol
Fin/ Listen to the full ep. to learn more on:

+ How to cheat in a gas golf tourney 😉
+ How APs ZKs are different from @zcashco,
+ what range proofs are
+ APs trusted setup for range proofs as "precompiles" (analogous to EVM?)

>>>> Let me know if I got anything wrong 👍😁✌️
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