Aztec, Wonderland Collaborate on New Token Standard & Tools

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Aztec, Wonderland Collaborate on New Token Standard & Tools

On June 8, Aztec, which is the leading privacy-based Layer 2 network on the Ethereum blockchain, announced its latest partnership with Wonderland, which is a popular engineering team for developing basic tools in the crypto sector.

According to the official thread shared on X (formerly Twitter), the purpose of this partnership is to improve Aztec for developers and users in certain areas, such as token standards, developer tools, and the overall wallet infrastructure.

The announcement comes at a time when Aztec is expanding its Alpha Network. The network is currently working on programmable privacy, which is one of the booming concepts in the DeFi sector, where users can decide what information should stay hidden and what they can share.

Details of Aztec’s Collaboration with Wonderland

Wonderland will help the Aztec network to improve in several ways. The team has developed a new token standard, which is mainly developed for the Aztec privacy model. These include the AIP 20 token standard, which is similar to the Ethereum blockchain’s ERC 20 standards. It has also developed AIP 721 for non-fungible tokens (NFTs).

Both of these new standards will support private and public balances, which means that it will become easy to develop applications where transactions will stay hidden by default.

One of the biggest features of this partnership is the new 403 authorizable token. This token standard will add checks before a final transfer takes place, such as verifying a user’s identity. It will do this without revealing any user data on the blockchain. This will help dApps to follow regulatory compliance while ensuring the privacy of users. 

The thread stated that, “It lets contracts enforce authorization rules like KYC checks before a transfer goes through, without leaking user data on-chain.”

Wonderland is also developing a zkTLS price oracle, which will allow contracts to feed real-world price data by using zero-knowledge proofs without sharing any kind of sensitive information.

Aztec needed a native price oracle. Wonderland is building one using zkTLS, a technique that lets you cryptographically prove data from a TLS-secured source without exposing it. Wonderland is now exploring further use cases for zkTLS across Aztec,” stated in the official thread shared by Aztec.

Apart from this, Wonderland will help the Layer-2 network to develop escrow contracts, vaults, and a web boilerplate starter kit. These will allow developers to create applications at a fast pace.

They are also developing a Passkey Wallet. This wallet will allow someone to create an Aztec wallet by using their fingerprint or any passkey provider, which means that it will not require any complicated seed phrases. “One address, usable across apps via iframe injection. No seed phrases needed,” stated in the post on X.

Aztec Network Expands Its Boundaries with New Collaborations

Aztec Network has recently released updates, which compare its privacy feature with other privacy-based networks. These updates have revealed that the blockchain network will provide full control of the privacy off switch in the hands of users through client-side proofs.

On May 27, Aztec Labs introduced a company known as ZKPassport. This acquisition is expected to create an easy way for users to verify their identity while still keeping their information private.

In May, the Layer-2 network secured a top position for GitHub activity among all Layer 2 networks, which shows that developers are actively working on the network.