At the Singapore FinTech Festival 2024, Deutsche Bank, together with Memento Blockchain, Interop Labs and Axelar, unveiled major updates on Project DAMA 2. This initiative is part of the Monetary Authority of Singapore’s Project Guardian. This news was shared via the Axelar X account. With tokenized assets and multichain interoperability in asset maintenance, the project explores the potential of blockchain in the financial space.
đź”” Project DAMA 2 has been unveiled as part of the @MAS_sg Project Guardian initiative, unveiling key components provided by @Memento_Bc + Axelar in a pilot of tokenized assets led by @deutschebank.
The implementation connects components built on Avalanche, Stellar and zkSync 🧵 👇 pic.twitter.com/wEEjD8I3Br
— Axelar Network (@axelar) November 6, 2024
Memento ZKchain launches with Axelar integration for improved security and scalability
ZKchain was developed as the core blockchain of Memento Blockchain and connected to Axelar. This blockchain has been approved by the public and uses zero-knowledge technology. It aims to improve the security, scalability and efficiency of digital assets. The testnet built with Matter Labs shows how blockchain can simplify the distribution and maintenance of funds across multiple chains.
There are several reasons to explain the success of the Memento ZKchain. These include a KYC, AML and sanctions check carried out via a soul-linked, token-based digital identity system. Paymaster functionality is also embedded in the blockchain to handle gas charges through conventional payment systems. Furthermore, the proprietary block explorer also does not reveal the identities of users, but complies with applicable legal requirements regarding on-chain transactions. These features provide a secure and efficient environment for the blockchain.
Axelar facilitates the cross-chain interoperability of Memento ZKchain
Interop Labs and the Axelar network ensure the interoperability of the testnet. Memento ZKchain is now integrated with Avalanche Fuji and Stellar. This allows the network to connect to more than 69 other blockchains. Such interoperability enables secure and highly scalable forms of financial application on both EVM and non-EVM chains. Security and scalability is provided by the Axelar network.
In fund management, the testnet helps when working with practical situations. It also supports the creation and distribution of tokenized funds on the various blockchains. It also ensures interoperability between EVM and non-EVM compatible chains to work together seamlessly, while also allowing one to transfer digital assets to the other. The project also aims to achieve real-time transaction finality, which could improve asset protection and operations.
With the testnet successfully launched, the team is now focusing on the migration to the mainnet. They are currently seeking feedback from the financial industry to improve the solutions. A white paper is expected to be published in 2025.
