In a significant development at the Singapore FinTech Festival 2024, Deutsche Bank, in collaboration with Memento Blockchain, Interop Labs, and Axelar, unveiled key updates on Project DAMA 2. The initiative, part of the Monetary Authority of Singapore’s Project Guardian, was announced via Axelar X account and delves into the potential of blockchain technology within the financial sector, primarily focusing on tokenized assets and multichain interoperability in asset servicing.
The project connects crucial components built on Avalanche, Stellar, and zkSync. The core blockchain of Memento Blockchain, referred to as ZKchain, has been developed and integrated with Axelar to enhance the security, scalability, and efficiency of digital assets. The public has widely accepted and approved of this blockchain, which leverages zero-knowledge technology. A testnet built alongside Matter Labs showcases how blockchain can simplify fund distribution and servicing across multiple chains.
The success of the Memento ZKchain can be attributed to several factors. It incorporates a Know Your Customer (KYC), Anti-Money Laundering (AML), and sanctions check through a soulbound token-based digital identity system. Furthermore, the blockchain has a built-in paymaster functionality to handle gas fees through conventional payment systems. A proprietary block explorer is also in place, which, while not disclosing users’ identities, complies with the legal requirements concerning on-chain transactions. These features collectively create a safe and efficient environment for the blockchain.
The interoperability of the testnet is overseen by Interop Labs and the Axelar network. With the integration of Avalanche Fuji and Stellar, the Memento ZKchain can now connect with more than 69 other blockchains. This broad interoperability facilitates secure and highly scalable financial applications on both EVM and non-EVM chains, with security and scalability provided by the Axelar network.
The testnet also proves beneficial in fund management, allowing for the creation and distribution of tokenized funds across various blockchains. It promotes interoperability between EVM and Non-EVM compatible chains, facilitating seamless interaction and transfer of digital assets between them. The project has also set its sights on achieving real-time finality of transactions, a feature that could significantly enhance the protection of assets and operations.
Following the successful launch of the testnet, the team’s attention now shifts towards migrating to the mainnet. Feedback from the financial industry is currently being sought to refine the solutions further. A comprehensive white paper detailing the project’s workings and future plans is expected to be published by 2025.
