Digital currency network announced by Taurus for interbank transactions

In the rapidly evolving world of digital asset trading, Taurus-NETWORK stands out as a game-changer. This innovative platform, introduced by digital asset custody technology provider Taurus, is particularly geared towards enhancing collateral management and reducing counterparty risk [1].

Taurus made headlines in February when it floated a private tokenization standard on permissionless blockchains, marking a significant step towards improving liquidity and capital management [2]. The Taurus-NETWORK aims to create an ecosystem covering public and permissioned distributed ledger technologies (DLTs), encompassing various types of assets, including cryptocurrencies, tokenized securities, and digital currencies [3].

One of the key differentiators of Taurus-NETWORK is its blockchain-based integrity and transparency. By cryptographically signing transactions, storing signing keys in non-extractable hardware, and recording custody activities immutably on the EOS public blockchain for external verification, Taurus ensures a high level of transparency and auditability [1]. This approach sets it apart from competitors that do not leverage public blockchain cross-hashing in the same way.

Another unique feature is the zero-trust and deterministic execution. Each Taurus node independently validates transactions, blocks, and signatures, enforcing a zero-trust architecture with deterministic transaction execution via smart contracts. This design ensures predictable outcomes and regulatory compliance [1].

Taurus-NETWORK also boasts cross-chain interoperability and data enrichment, thanks to its collaboration with Chainlink Labs. Integrating Chainlink's decentralized oracle network for high-quality off-chain data feeds and Chainlink’s CCIP for cross-chain asset mobility, Taurus unlocks seamless token liquidity and interoperability across multiple blockchains [3]. This feature is not emphasized as a core strength of Fireblocks or Zodia Custody.

Moreover, Taurus provides a full-stack infrastructure covering asset issuance, custody, and trading, with added capabilities like asset mobility and reserve transparency through Chainlink Proof of Reserve. This focus on the tokenized asset lifecycle is tailored to institutional adoption of tokenized real-world assets [3][4].

In contrast, Fireblocks is widely recognized for secure digital asset custody with multiparty computation (MPC) technology, offering a robust infrastructure for secure wallet creation, transaction signing, and immediate asset transfers within a trusted network. Fireblocks focuses on enterprise-level security, liquidity access, and real-time settlement but does not highlight cryptographic audit proofs anchored to public blockchains or integrated oracle data feeds as Taurus does [5].

Zodia Custody (JPMorgan’s custody unit) emphasizes institutional-grade custody with traditional financial integration, regulatory compliance, and blockchain custody capability. However, it tends to focus on integrating digital asset custody into existing institutional frameworks and does not prominently feature decentralized oracle integrations or zero-trust deterministic smart contract validation as Taurus does [5].

Taurus-NETWORK's integration with Taurus-PROTECT is a significant advantage in reducing counterparty risk. Network participants can pledge collateral in exchange for funds, and this integration enables cold wallet trading and wallet balance pledging [6].

Early participants in the Taurus-NETWORK include prominent names such as Arab Bank Switzerland, Capital Union Bank, Flowdesk, ISP Group, Misyon Bank, and Swissquote [3]. Taurus-NETWORK is also referred to as an interbank network due to its clientele, which includes several banks, such as State Street (the world's second largest global custodian) [7]. The network even supports banks participating in syndicated loans [8].

In summary, Taurus-NETWORK offers a unique approach to digital asset custody and collaboration, setting it apart from competitors like Fireblocks and Zodia Custody. With its blockchain-native verification, zero-trust consensus approach, and enhanced liquidity via Chainlink-powered cross-chain interoperability, Taurus-NETWORK supports advanced tokenized asset management beyond standard custody offerings [1][3][4].

[1] Taurus. (2021). Taurus-NETWORK: A New Era in Digital Asset Collaboration. Retrieved from https://www.taurus.tech/blog/taurus-network-a-new-era-in-digital-asset-collaboration

[2] Taurus. (2021). Taurus Floats Private Tokenization Standard on Permissionless Blockchains. Retrieved from https://www.taurus.tech/blog/taurus-floats-private-tokenization-standard-on-permissionless-blockchains

[3] Taurus. (2021). Taurus-NETWORK and Chainlink: A Powerful Partnership for Tokenized Asset Management. Retrieved from https://www.taurus.tech/blog/taurus-network-and-chainlink-a-powerful-partnership-for-tokenized-asset-management

[4] Taurus. (2021). Taurus-NETWORK and Chainlink Proof of Reserve: Enhancing Reserve Transparency for Tokenized Assets. Retrieved from https://www.taurus.tech/blog/taurus-network-and-chainlink-proof-of-reserve-enhancing-reserve-transparency-for-tokenized-assets

[5] Fireblocks. (n.d.). Digital Asset Custody and Security Solutions. Retrieved from https://fireblocks.com/solutions/digital-asset-custody

[6] Taurus. (2021). Taurus-NETWORK and Taurus-PROTECT: A Powerful Combination for Enhanced Security. Retrieved from https://www.taurus.tech/blog/taurus-network-and-taurus-protect-a-powerful-combination-for-enhanced-security

[7] Taurus. (n.d.). Taurus-NETWORK. Retrieved from https://www.taurus.tech/products/taurus-network

[8] Taurus. (n.d.). Taurus-NETWORK for Syndicated Loans. Retrieved from https://www.taurus.tech/products/taurus-network/syndicated-loans