Cryptography researchers from Stanford University are creating a new privacy-based layer-1 blockchain. As per a new press release, the Espresso System project aims to create a blockchain combining ‘proof-of-stake consensus and a [Zero-Knowledge]-Rollup process to achieve low fees and high throughput’.
Espresso Systems has already generated $32 million in funding led by Greylock Partners and Electric Capital with participation from Blockchain Capital, Sequoia Capital, and Slow Ventures. Other supporters of the project include investment funds like Alameda Research, Polychain Capital, Coinbase Ventures, Paxos, Gemini Frontier Fund, and Terraform Labs.
One of the project’s main features is Configurable Asset Privacy for Ethereum (CAPE), a smart-contract app allowing users to customize the privacy levels of the tokens they mint. CAPE as of now works on any Ethereum Virtual Machine (EVM)-compatible blockchain, but the project intends to make it operate on Espresso in the future.