{"id":2390,"date":"2024-11-09T18:31:50","date_gmt":"2024-11-09T18:31:50","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=2390"},"modified":"2024-11-09T18:31:50","modified_gmt":"2024-11-09T18:31:50","slug":"ethereum-l2-rayls-networks-privacy-solution-featured-in-jp-morgans-project-epic-report","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=2390","title":{"rendered":"Ethereum L2 Rayls Network\u2019s Privacy Solution Featured In JP Morgan\u2019s Project EPIC Report"},"content":{"rendered":"
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Parfin\u2019s Ethereum Layer-2 chain, Rayls, was recently featured in JP Morgan\u2019s blockchain-focused business unit\u2019s Project EPIC, highlighting the network\u2019s secure and compliant identity solutions to address privacy needs in regulated financial markets.<\/p>\n

Parfin\u2019s Ethereum L2 Blockchain Privacy Solutions<\/h2>\n

JP Morgan\u2019s Kinexys Digital Assets (KDA), the firm\u2019s blockchain business unit, showcased<\/a> the United Finance (UniFi) blockchain ecosystem Rayls in its Project EPIC report. The report explores privacy and identity solutions in an institutional landscape, aiming to \u201carticulate the challenges and opportunities in this space and to catalyze industry-wide dialogue and action.\u201d<\/p>\n

To achieve this, KDA\u2019s team conducted a Proof of Concept (POC) initiative, focusing on four objectives: validate institutional needs around privacy and identity, identify criteria required for a scalable identity solution, explore the viability of nascent privacy solutions in the market today, and bring together institutional & web3-native worlds to find a viable path forward.<\/p>\n

As a result of this POC, the report noted Parfin\u2019s<\/a> Ethereum L2 privacy solution. Rayls aims to provide a comprehensive system that \u201cempowers banks to transact privately and with confidence\u201d by integrating privacy, security, and governance.<\/p>\n

KDA highlighted Rayl\u2019s privacy ledgers, which protected \u201csensitive data on-premise, with end-to-end encryption and Merkle root attestations enabling confidential interactions.\u201d The report details that the privacy ledgers are connected through a decentralized blockchain called \u201ccommit chain,\u201d a shared blockchain for privacy ledgers to communicate encrypted messages.<\/p>\n

This allowed each entity to run its own privacy<\/a> ledger on-premise and interact with others through the atomic transport protocol, which reportedly ensured cross-chain asset transfer correctly \u201cwhile privacy ledgers maintained independent, confidential records within the network.\u201d<\/p>\n

Rayl\u2019s regulatory compliance was also underscored, as it integrated with anti-money laundering (AML), know-your-client (KYC), and suitability frameworks through attestation services, \u201censuring trust and meeting institutional requirements.\u201d<\/p>\n

The Need For Identity And Privacy Solutions<\/h2>\n

According to the report, the billionaire asset tokenization<\/a> market is poised for exponential growth and is expected to hit a multi-trillion valuation in the future. However, it highlights the need to address institutional-grade privacy and develop composable, privacy-representative identity solutions to further develop the industry.<\/p>\n

KDA argues that the absence of standardized approaches and infrastructure among market intermediaries for identity verification and compliance creates \u201csignificant inefficiencies in asset interactions.\u201d<\/p>\n

Moreover, the lack of standardization often leads to redundant processes that fail to deliver the operational benefits that tokenization promises:<\/p>\n

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Without these foundational elements, the industry\u2019s expansion will remain constrained, particularly in attracting traditional investors who expect robust data protection comparable to conventional markets.<\/p>\n<\/blockquote>\n

The report brought some scalability considerations of the Ethereum L2 project, noting that a privacy pool approach using ZKPs instead of Merkle root attestations would provide more flexibility to Rayl\u2019s privacy solution. The underlying throughput of the commit chain was also underscored, as it is a \u201ccrucial factor for the scaling of our system.\u201d<\/p>\n

Rayls seeks to \u201cbridge the gap between Decentralized Finance<\/a> (DeFi) and Traditional Finance (TradFi)\u201d by supporting banks and other financial entities globally navigating digital asset management\u2019s complexities.<\/p>\n

Ultimately, Marcos Viriato, Co-founder and CEO of Parfin considers that \u201cRayls represents a paradigm shift in the way banks can securely and efficiently transact,\u201d adding that the financial technology company is \u201clooking forward to further developing solutions that contribute to the future of banking.\u201d<\/p>\n

\"Ethereum,<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Parfin\u2019s Ethereum Layer-2 chain, Rayls, was recently featured in JP Morgan\u2019s blockchain-focused business unit\u2019s Project EPIC, highlighting the network\u2019s secure and compliant identity solutions to address privacy needs in regulated financial markets. Parfin\u2019s Ethereum L2 Blockchain Privacy Solutions JP Morgan\u2019s Kinexys Digital Assets (KDA), the firm\u2019s blockchain business unit, showcased the United Finance (UniFi) blockchain […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-2390","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2390"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2390\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}