Celsius and Horizen Release zkAudit – the First and Only Fully Decentralized and Privacy-Preserving Audit Blockchain

By AIT News Desk On Jul 18, 2021

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.”

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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.”