Digital Asset is working with several traditional financial firms and technology giants to launch Canton Network, a privacy-enabled blockchain network designed for institutional assets.
As reported on May 9th press statementThe new network will launch in July with network participants including Goldman Sachs, Cumberland, S&P Global, SBI Digital Asset Holdings, Umbrage, Microsoft, Paxos, Deloitte, CBOE and others testing interoperability capabilities. I plan to Across a wide range of applications and use cases.
Canton Network’s design enables traditional financial institutions to offer users new and innovative products and experience a more secure and collation-free environment where assets, data and cash can be freely synchronized across applications.
“[Canton Network] It creates a “network of networks,” allowing previously siled systems of financial markets to interoperate with the appropriate governance, privacy, permissions and controls required in a highly regulated industry. “
Joseph Cody, Principal, Deloitte Consulting, said: Said The blockchain network is the first of its kind, and the Canton network will “tokenize assets, facilitate rapid payments across organizations, create new markets, establish an immutable record of shared data, secure It will help facilitate trade,” he added.
Canton is built on Daml, Digital Asset’s smart contract language.
Differences between Canton Network and competing blockchains
Canton Network says it combines the smart contract capabilities of blockchain networks such as Ethereum (ETH) and Solana (SOL) with privacy features similar to Bitcoin Lightning and ZCash (ZEC).
according to it, white paper, which helps distinguish it from other blockchain networks that have limited operations. These network limits include strict vertical limits on Layer 1 transaction capacity. Another challenge of these networks was that asset issuers had to relinquish control of their assets to pools of anonymous validators.
“From a regulatory perspective, the loss of data transparency and control over assets makes these networks unsuitable for use by financial institutions.”
Canton Network says it helps overcome these limitations by allowing applications across multiple subnets to natively interoperate without the need for layer 2 protocols or asset bridges.
“As of early 2023, financial institutions will conduct over $50 billion in transactions daily on restricted-access subnets of the Canton network.”