The EthSystems, created by former members of the Taifung Foundation, has been officially launched. The company is supported by Bitmine, SharpLink and Consensys CEO, Joe Lubin, a co-founder of the Ether Workshop, and is positioned to build a confidential infrastructure based on public Ether Houses for regulated financial institutions such as banks, regulators, etc.
Providing agency-oriented capacity for confidentiality
EthSystems states that the goal is to enable institutions to use the Etherfrog without abandoning the complication and openness of the public chain, while avoiding exposing sensitive information such as trading positions, transaction details and customer identity to the entire network.
The team stated that the programme would include a privacy system based on zero-knowledge cryptography for the completion of transactions without disclosing bottom data. The current business model of the company focuses on customized consulting, focusing on the most difficult obstacles to the adoption of the Taifeng by institutions.
In addition to the fee advice, EthSystems indicated that it would continue to issue protocols and participate in open-source project development.
The team came from the foundation's original mission. Group
This company was founded by Mo Jalil, Oskar Thorén and Aaryamann Challani, all of whom had previously served on the Foundation and had participated in the Foundation ' s Task Force on Institutional Privacy.
According to the company, the team had previously communicated hundreds of times with central banks, regulators and financial institutions, and had been involved in such projects as Zero-Knowledge-based private collection bonds, confidential currency stabilization transfers, closed inter-chain settlements, and Etheum Privacy Map.
The ecological division of labour following the reorganization of the Foundation
The establishment of the EthSystems is taking place at a time when the Taifeng Foundation is advancing its reorganization. The Foundation reduced 54 posts on 23 June, or about 20 per cent of the total workforce, after several months of review of expenditure, staffing and long-term responsibilities.
As a result of the reorganization, the Foundation divided its work into five sectors of agreement, access, user, community and institutional activity, and indicated that it would concentrate its staff and resources on the core responsibilities that only the Foundation could assume.
In July, the Foundation also disbanded the Protocol Support team. This team was previously responsible for coordinating All Core Developments meetings, web upgrade tracking, support for the YTA improvement proposal, Forkcast and Etheum Protocol Fellowship.
Independent institutions began to take on more tasks
EthSystems is now in the ranks of another group of independent bodies, including Etheum Intitual and EthLabs. The two institutions are also supported by Bitmine, SharpLink and Lubin.
Reports indicate that EthLabs is expected to take over more research and development work on the Taifung Protocol, while Etheum Institutional is positioned as a neutral contact window for financial institutions to access the Taifung network. Lubin had previously indicated that, as the Foundation increased its focus on censorship, open-source development, privacy and security, at least three independent institutions would be separated from the old system.
Despite the increase in the external division of labour, the agreement department of the ISF remains responsible for the core technical directions, including privacy, security, decentrization and resistance. The Ethershop developers are also moving forward with the upgrading of the Glamsterdam, with proposals for block construction, data access and network performance.