Memento ZKchain Launches with Axelar Integration for Enhanced Security and Scalability

ZKchain is developed as the core blockchain of Memento Blockchain and connected with Axelar. This blockchain has been approved by the public and uses the technology of zero knowledge.

Deutsche Bank, together with Memento Blockchain, Interop Labs, and Axelar, have unveiled the latest updates on Project DAMA 2 at the Singapore FinTech Festival 2024. This initiative, which is part of the Monetary Authority of Singapore’s (MAS) Project Guardian, was announced via the Axelar X account. The project, which focuses on tokenized assets and multichain interoperability in asset servicing, explores blockchain’s potential in the financial domain.

A thread of tweets from the official Axelar account provided further details on the project. The initiative, which is spearheaded by Deutsche Bank and includes contributions from Memento, Axelar, and Interop, aims to advance the use of blockchain technology in asset servicing. This project, which is part of MAS' Project Guardian, will see the implementation of a testnet for multichain asset servicing and tokenized assets.

The testnet, which was created in collaboration with Matter Labs, will concentrate on use cases in fund management. The project will be advanced with the use of several blockchain protocols, including zkSync, Stellar, and Avalanche. The project will also include the testing of several components, such as the digital identity system, which will be powered by soulbound tokens and will be used to conduct KYC, AML, and sanctions checks.

The blockchain will also feature embedded paymaster functionality, which will enable the payment of gas fees using conventional payment systems. Additionally, a proprietary block explorer will be used to conceal users' identities while adhering to legal requirements for on-chain transactions. This integration will be facilitated by the Axelar network, which will enable cross-chain interoperability between Memento ZKchain, Stellar, and Avalanche Fuji.

This will enable the network to connect with over 69 other blockchains. The interoperability will facilitate secure and scalable financial applications across both EVM and non-EVM chains. The testnet will apply this interoperability to fund management use cases, enabling the creation and distribution of tokenized funds on Stellar, Avalanche, zkSync, and other blockchains.

The project will also enable interoperability between EVM and Non-EVM compatible chains to interact seamlessly while allowing one to transfer digital assets to the other. This project also aims to achieve real-time finality of transactions, which could enhance the protection of assets and operations.

Following the successful launch of the testnet, the team will concentrate on migrating to the mainnet and collecting feedback from the financial industry to enhance the solution. A white paper is also anticipated to be published in 2025.

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