ZAGG has reevaluated their original decision to work with Stellar due to a lack of support for necessary privacy requirements. The company has chosen instead to work together with DigitalBits to build their own public blockchain with on-chain privacy.
“DigitalBits and Zagg Protocol are collaborating to bring best of breed end-to-end blockchain solutions for enterprises to offer superior loyalty programs to their customers that can drive better customer engagement and satisfaction.” — Ram Gollamudi, ZAGG Protocol CEO
ZAGG is an open-source project focused on maintaining privacy within the enterprise blockchain environment. It works as a bridge between enterprises and developers to utilize the advantages offered by a common public ledger, combined with the necessary confidentiality required in a private market. Enabling the creation of decentralized applications geared toward the formation of brand recognition and customer appreciation, ZAGG represents an innovative approach to privacy within a public ecosystem.
ZAGG has updated its roadmap over the course of its existence in order to better solve emerging problems presented by the rapidly developing blockchain sector. The project was initially a loyalty-focused application for enterprise payment solutions that has now morphed into a unique and powerful privacy-preservation concept. However, it maintains broad applicability across many industries, including loyalty and rewards.
The protocol aims to solve what it recognizes as three core issues that exist within current privacy blockchains on offer. Firstly, the transparency of account balances across nodes often presents an unworkable situation within an enterprise environment. Secondly, the problem of scaling issues addressed by state channels doesn’t reflect true privacy, and finally, existing UTXO-based privacy blockchains don’t support complex coding or smart contracts.
“There are a lot of applications for which centralized databases make sense compared to blockchain. But there are several applications where ONLY A BLOCKCHAIN is the solution. These applications need a distributed single version of truth.” — Ram Gollamudi, ZAGG Protocol CEO
ZAGG approaches the issue of privacy through a three-tiered system that offers public, semi-private and fully private (peer-to-peer) solutions to fit the needs of any enterprise organization. As with some of the most advanced private blockchain protocols available, ZAGG utilizes advanced Zero-Knowledge Proofs (zk-SNARKS) technology to enable secure and private validation while avoiding double-spending.
The DigitalBits team is excited to collaborate with this revolutionary project. Together we hope to further advance the adoption of blockchain technology by fulfilling a much-needed requirement for privacy and compliance within the public blockchain sector.
“We’re excited to begin working with Zagg, and to start introducing DigitalBits as a multi-faceted blockchain solution. Not just for enterprise use, but rather one that moves existing projects built on former networks such as Stellar or Ethereum, to DigitalBits as a 3rd generation protocol,” — Michael Luckhoo, VP of Operations at DigitalBits
About ZAGG Protocol:
ZAGG Protocol was founded by Raj N. Phani, a serial entrepreneur who has built successful businesses in the fields of Prepaid Payments, Internet, Retail and Brand Merchandising. ZAGG Protocol is building a powerful and flexible blockchain protocol for the GBRL Industry. The infrastructure is built for both consumers and businesses to seamlessly operate, execute and trade GBRL programs and assets on a global scale and make them liquid and monetizable. The protocol seamlessly evaluates the private and public transactions and accordingly executes the transaction over the global ledger or the private ledger. This seamless coexistence of public and private ledger on the blockchain provide the ideal platform for businesses, developers to bring powerful apps and services to end consumers. For more information, please visit https://zaggprotocol.com