Zzoo revealed on May 14 the development of a blockchain agnostic decentralized exchange protocol, zzoo Protocol, planned for 2019 mainnet launch. The protocol combines breakthroughs in threshold cryptography, a new order matching algorithm, and an innovative proof-of-stake mechanism to eradicate the need for centralized exchanges.
Digital asset exchanges played a fundamental role in the blockchain ecosystem’s evolution, but have also caused inefficiency and pain. Centralized user funds custody has resulted in risks that held several popular exchanges directly responsible for notable reputational setbacks in the blockchain community. Moreover, the crypto industry suffers from allegations of reporting inaccuracies and predatory trading practices.
“The necessity of centralized intermediaries for blockchain asset exchange is a significant problem that needs to be solved before we see the next big step in the evolution of the blockchain industry,” zzoo Protocol founder Limor Rozen stated.
Zzoo Protocol aims to address these issues by building a platform that would support the next evolutionary leap within the token economy. Zzoo allows seamless cross-chain asset exchange from one application and provides transaction finality and price transparency, while users retain full control over their assets.
The protocol is accompanied by zzoo’s universal blockchain wallet, designed to secure crypto assets from any blockchain. The wallet leverages a distributed key signing on the zzoo Protocol to obtain complete control of users’ assets without holding a copy of private keys. That forms an innovative security layer which is unavailable in other desktop and mobile wallets.
“We are excited to share our technological breakthroughs with the community and, through the Zzoo Foundation, promote expansion of the token economy by making blockchain accessible for everyone,” zzoo Protocol VP of Global Business Development Ordan Matzkin remarked.
Zzoo Protocol enables seamless trade, management, and control of digital tokens. It will present at the Consensus 2019, and the firm will conduct an IEO starting this May.