Cardano News: New partnership with COTI and zk-SNARKS in 2020?
The Cardano Foundation is doing, thanks to a partnership with COTI, a Fintech platform for companies, an ADA-payment portal to introduce.
According to the Blog Post of the company, the Gateway will enable merchants to accept payments in ADA, as it allows for the immediate settlement in 35 different Fiat currencies.
Traders around the world will be able to make payments in ADA to accept and to handle, thanks to an agreement signed by the Cardano Foundation with COTI under. The Cardano Foundation, which is tasked with the development of real-world use cases for the ADA, announced the Deal in a blog post from 23. October known and said that the offer will be launched in November.
The platform for payment processing is developed by COTI, a Fintech platform for enterprise solutions. The platform is based on a directed acyclic Graph (DAG), which means that the System saves data as the conventional block Chain in blocks, but transactions have a direct and immediate stores.
Since the platform of COTI will provide a “extreme scalability, and low transaction costs”, the Cardano Foundation of the view that it could be an All-in-One payment solution for merchants. Shahaf Bar-Geffen, CEO of COTI, commented the partnership as follows:
The future for payments looks promising.
According to the Cardano Foundation, the ADA Payment Gateway Universal Payment Solution (UPI) of COTI is operated. This, said the company will expand the Use of the token, both within and outside of the Cardano-Ecosystem. Merchants can integrate the payment solution of Cardano and COTI in your Website, either through an “ADA-Pay” Button or a QR-based Point-of-Sale(PoS) System. The solution should allow for an “almost immediate” settlement in 35 different Fiat currencies, which are paid directly into the Bank accounts of the dealer.
Cardano is zk-SNARKS to introduce
In the context of an AMA (“Ask me anything”) session Charles Hoskinson declared a few days ago, that 2020 will be the year of zk-SNARKs. He mentioned that there are several crypto currency projects that work with this technology, and that this solution is very powerful. During the AMA he also spoke about how Cardano is progressing and about the new partnership with New Balance, which was signed a few days ago under.
Charles Hoskinson said that they are thrilled at Cardano super, to explore zk-SNARKS. He also said that the Team have worked for months on the analysis of Zcash’s Halo, and the implementation of SNARK-solutions for Cardano. Although there is nothing Official on what you’re working on, said Hoskinson, that there will be an announcement.
It mentioned Hoskinson:
Halo is definitely a big breakthrough, thanks to the Zcash-Team, the Electric Company has done a great Job, and we are so excited SNARKS with no trusted setup in the crypto currency space.
zk-SNARKs is a function that enables the participants to provide certain information to prove, without the other party pass. Thus, it is possible to prove a statement without the actual information behind it to show. Although zk-SNARKs to provide an increased privacy for the user, the function in Zcash optional.
Featured Image: Aleksandra Sova | Shutterstock
