KEY TAKEAWAYS
- Athens Exchange Group and Mysten Labs have completed the technical design for upgrading ATHEX’s Electronic Book Building platform using Sui, a Layer 1 smart contract platform.
- The partnership will introduce a zero-knowledge proof mechanism to enhance privacy and security in the bidding process while maintaining transparency.
- A proof of concept is underway to develop the first fully onchain order book for a stock exchange, leveraging Sui’s architecture.
- The initiative aims to set a new benchmark for regulated exchanges by integrating cutting-edge blockchain and cryptographic technology.
Following the initial partnership announcement on March 6, 2024, Athens Exchange Group (ATHEX) and Mysten Labs have announced the successful completion of the technical design and business requirements for upgrading ATHEX’s Electronic Book Building (EBB) platform. This upgrade will leverage Sui, a Layer 1 smart contract platform.
Building on the collaborative foundation established last year, the next phase of the partnership will incorporate a novel zero-knowledge proof (ZKP) mechanism into EBB’s bidding process. This mechanism ensures that participants can submit confidential bids with enhanced privacy and security, while still meeting the transparency and auditability standards of a regulated marketplace.
In parallel, ATHEX and Mysten Labs teams have commenced development of a proof of concept (PoC). This PoC will serve as a significant milestone toward creating the first fully onchain order book for a stock exchange. By integrating Sui’s powerful architecture and developer-friendly tooling, the upgraded EBB is expected to operate seamlessly at scale, setting a new benchmark for regulated exchanges.
Nikos Porfyris, Chief Operating Officer at Athens Exchange Group, stated, “We are excited to take this important step toward leveraging cutting-edge blockchain and cryptographic technology to create an enhanced capital raising product based on EBB. By integrating zero-knowledge proofs, we aim to uphold the highest standards of compliance and data integrity while boosting operational efficiency for all market participants.”
Dr. Kostas Kryptos Chalkios, Chief Cryptographer and Co-Founder of Mysten Labs, added, “The focus on privacy-preserving mechanisms, combined with Sui’s unparalleled speed and security, will enable us to build a state-of-the-art PoC that can evolve into a full-fledged onchain order book, setting a new benchmark for the industry.”
The full announcement can be found here.
Why This Matters: Impact, Industry Trends & Expert Insights
The Athens Exchange Group and Mysten Labs have completed the technical design for upgrading ATHEX’s Electronic Book Building platform using the Sui blockchain, marking a significant step towards integrating blockchain technology into regulated stock exchanges.
Recent industry reports indicate that blockchain integration in stock exchanges is focused on improving efficiency, liquidity, and interoperability. This aligns with the Athens Exchange Group’s efforts to modernize their Electronic Book Building platform using blockchain, potentially enhancing trade efficiency and transparency.
A Binance report highlights that advancements in zero-knowledge proof technology are crucial for enhancing privacy and security in financial transactions. This supports the Athens Exchange Group’s integration of zero-knowledge proofs to ensure confidential and secure bidding processes.
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