Baseline Protocol: a platform for firms on Ethereum
Ethereum is likely one of the most tasty platforms for firms wishing to implement blockchain options. ConsenSys, in partnership with Ernst & Young and Microsoft, has unveiled Baseline Protocol, an answer for companies to carry out personal transactions on Ethereum's public blockchain.
Baseline Protocol
The goal of this venture is clearly introduced within the press launch revealed yesterday by Consensys: make the Ethereum mainnet safe and environment friendly for companies.
So, Baseline Protocol is an open supply initiative which mixes advances in cryptography, messaging and blockchains to supply companies with safe and personal providers at low price by way of the Ethereum Mainnet public community.
This venture goals to satisfy the best requirements for respect for privateness, of safety and of efficiency required by company IT departments.
In addition to our trio Microsoft, Consensys and EY, a dozen different firms joined the technical committee of the venture resemblingAMD, ChainLink or MakerDAO, to call just a few.
According to Yorke Rhodes, the supervisor of Microsoft's blockchain cluster, this protocol may also enable higher integration of its utility platform into Microsoft Azure:
"Microsoft Azure has developed ready-to-run offerings that give our client companies direct access to blockchain technologies. For the Ethereum mainnet, we have integrated cloud scalability principles into the solution without compromising information security. Baseline helps create solutions that can bring new value to businesses while increasing the value of the products that our customers and partners have used for years. "
What prospects?
The newly created protocol will enable tokenize belongings in addition to the launch of decentralized finance. It will combine varied functionalities resembling zero-knowledge proofs, these cryptographic proofs which show that data is true, with out having to disclose it.
It additionally exploits different ideas resembling decentralized identities – topic already extensively explored by Microsoft – in addition to off-chain storage.
The Baseline protocol is thus positioned on the identical market as protocols like Aztec, which makes use of zero-knowledge proofs, additionally constructed on Ethereum. It is nevertheless very doubtless that firms favor Baseline, supported by these establishments.
Gloss