Leading crypto yield-farming platform, Celcius, in partnership with Horizen Labs, announced today the release of the world’s first completely decentralized, privacy-preserving blockchain-powered audit system.
London, UK, headquartered yield-farming platform, Celsius, in partnership with blockchain technology firm, Horizen Labs, on Thursday, the 15th of July 2021, announced the launch of zkAudit, a blockchain based, Proof-of-Reserve, audit system – built on the Horizen platform. The release of zkAudit marks a world-first privacy-preserving, decentralized auditing.
The Audit system was designed to address the opaqueness, as well as the inefficiency of traditional auditing processes. Leveraging Horizen’s scalable side chain, Zendoo, and zk-Snark privacy protocols, the zkAudit blockchain is designed to secure, verify, and validate, Proof-of-Community assets available on the Celsius network. All in real-time and sans third party validation.
“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,” stated Alex Mashinsky, Celsius Network’s CEO. “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.”
In addition to being a world-first in the decentralized auditing arena, the release of zkAudit, also goes down in history as the first major milestone in the Celsius/Horizen collaborative relationship. Begun in November of 2020, the relationship kicked off with the introduction of Celsius’ decentralized ecosystem – a proof of concept – with the network’s functionality, powered by Horizen’s Zendoo side chain solution.
“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,” opined 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.”