Aztec Team Launches Private L2 Protocol on Ethereum Mainnet

The Aztec team launched its first decentralized L2 on Ethereum mainet today. The ignition chain leverages zero-proof protocols to facilitate private, secure, and scalable transactions on Ethereum. The Aztec Team had earlier begun registration and early bidding for the $AZTEC token in the past week, on November 13. 

Aztec Team Launches Private L2 Protocol

The Azetec Team announced the launch of a private L2 protocol. The launch post on X read.

“Aztec just shipped the Ignition Chain, the first fully decentralized L2 on Ethereum. This launches the decentralized consensus layer that powers the Aztec Network.”

The launch is significant as it introduces privacy to the Ethereum network by using zero-knowledge protocols. The zero-knowledge protocol is a cryptographic method that helps you prove something without revealing the actual information, thus ensuring privacy. The crypto investor Ryan S Adams described the move as  “zcash for Ethereum” in his post on X.  The launch also comes amid the soaring demand for privacy tokens. The validator network of the protocol currently has over 120 nodes and more than 500 validators spread across the globe. Before the protocol launch, the Aztec started registering its native token $AZTEC in early November. 

The $AZTEC Token Public Bidding To Begin In Early December

The $AZTEC Token powering the network has a beginning registration and early bidding on November 13 for contributors and Genesis participants. The initial token distribution for early contributors is scheduled for December 1. The public bidding will begin on December 2 and conclude on December 6. Here is the overview of the token.

$AZTEC Token Overview

The $AZTEC token can be used for staking, participation in the governance of the Aztec Network, and paying for transaction fees on the network. According to the official site, even though anyone 18 years of age or older and able to complete all applicable sanctions and wallet-screening checks will be eligible to participate in the token sale, the bids can only be placed in ETH on the Ethereum mainnet. 

The launch of the $AZTEC token and the ignition network marks a pivotal point for the project. The success of these launches will be crucial in determining the long-term potential of the network. 

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