Deutsche Bank Unveils Project DAMA 2 at Singapore FinTech Festival 2024

On the Singapore FinTech Pageant 2024, Deutsche Financial institution, along with Memento Blockchain, Interop Labs and Axelar, unveiled main updates on Undertaking DAMA 2. This initiative is a part of the Financial Authority of Singapore’s Undertaking Guardian. This information was shared by way of the Axelar X account. With tokenized belongings and multichain interoperability in asset administration, the challenge explores the potential of blockchain within the monetary area.

Memento ZKchain launches with Axelar integration for improved safety and scalability

ZKchain was developed because the core blockchain of Memento Blockchain and related to Axelar. This blockchain has been authorised by the general public and makes use of zero-knowledge expertise. It goals to enhance the safety, scalability and effectivity of digital belongings. The testnet constructed with Matter Labs reveals how blockchain can simplify the distribution and upkeep of funds throughout a number of chains.

There are a number of causes to clarify the success of the Memento ZKchain. These embody a KYC, AML and sanctions examine carried out by way of a soul-linked, token-based digital id system. Paymaster performance can also be embedded within the blockchain to deal with fuel fees via typical cost programs. Moreover, the proprietary block explorer additionally doesn’t reveal the identities of customers, however complies with relevant authorized necessities concerning on-chain transactions. These options present a safe and environment friendly setting for the blockchain.

Axelar facilitates the cross-chain interoperability of Memento ZKchain

Interop Labs and the Axelar community make sure the interoperability of the testnet. Memento ZKchain is now built-in with Avalanche Fuji and Stellar. This permits the community to connect with greater than 69 different blockchains. Such interoperability allows safe and extremely scalable types of monetary utility on each EVM and non-EVM chains. Safety and scalability is supplied by the Axelar community.

In fund administration, the testnet helps when working with sensible conditions. It additionally helps the creation and distribution of tokenized funds on the varied blockchains. It additionally ensures interoperability between EVM and non-EVM appropriate chains to work collectively seamlessly, whereas additionally permitting one to switch digital belongings to the opposite. The challenge additionally goals to attain real-time finality of transactions, which may enhance asset safety and operations.

With the testnet efficiently launched, the workforce is now specializing in the migration to the mainnet. They’re presently looking for suggestions from the monetary business to enhance the options. A white paper is predicted to be printed in 2025.