We all know DeFi and we are all conversant with the public nature of the Ethereum network. It is this public nature that has contributed to most of the DeFi hacks in this chain since the smart contract code is open for anyone to study.
Aztec Connect, which just went live on mainnet, is changing this using private zkRollup technology. Read on.
What is Aztec Connect?
Aztec Connect is a privacy layer for Web3. Additionally, the platform provides yield aggregation services for Ethereum-based DeFi protocols. With Aztec, you get a one-way portal into using Ethereum dApps with complete privacy and save over 100x the cost while at it.
A stark contrast to Aztec connect would be DeBank, where anyone with your address can see every transaction you ever made, every asset you hold in your portfolio, every NFT you own, and every token you have approved for trading.
While DeBank is good for personal portfolio tracking and organization, its public nature makes it a powerful tool for hackers and malicious actors.
How Do I Use Aztec Connect?
Step 1: Go to the Aztec Connect website and log in using your Wallet. They currently accept only Wallet Connect and Metamask but more are coming soon.
Step 2: Sign the transaction allowing Aztec to decrypt your wallet balance
Step 3: Pick a memorable alias that will allow your friends to send you crypto in a simplistic way.
Step 4: Click on “Register” and sign the following message allowing Aztec to generate your private key
Step 5: Sign the next message that allows Aztec to generate your spending key
Step 6: Finally, you must shield at least 0.01 ETH for your Aztec account to be successfully created.
Final Thought
Aztec is building a useful tool that many blockchain users are going to find helpful in months to come. With rampant hacks on-chain, privacy is the next step. The platform also has yield farming and staking embedded into it albeit these features are not yet ready.