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Stanford University researchers are working on the development of a new privacy-focused layer-1 blockchain.
As stated in the announcement, the Espresso Systems project, as it is called, combines a “proof-of-stake consensus and a [Zero-Knowledge]-Rollup mechanism to achieve high throughput and low fees” in a new blockchain.
The Stanford project has already secured $32 million in a recent fundind round led by Greylock Partners and Electric Capital. Large crypto investors Sequoia Capital, Blockchain Capital, and Slow Ventures participated while additional financial injections for the project came from investment funds such as Polychain Capital, Alameda Research, Coinbase Ventures, Gemini Frontier Fund, Paxos, and Terraform Labs.
Highlight of the projects is Configurable Asset Privacy for Ethereum (CAPE), a smart-contract application allowing users to customize the privacy levels of the tokens they mint. While CAPE currently runs on any Ethereum Virtual Machine (EVM)-compatible blockchain, it should run natively on Espresso in the future.
Espresso Systems Chief Executive Officer, Ben Fisch, said in an interview with online magazine TechCrunch:
“CAPE allows asset creators to consider configuring a flexible viewing policy, or even a freezing policy, that gives them more visibility and control over assets that are totally confidential and private to the rest of the public viewing of the blockchain.”