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Tuesday, June 4, 2024
HomeCryptoStarkWare is raising $1 million to scale Bitcoin with ZK proofs

StarkWare is raising $1 million to scale Bitcoin with ZK proofs

StarkWare, the Israel-based company behind the popular Ethereum layer 2 network StarkNet and scaling tool StarkEx, has announced plans to use Zero-knowledge (ZK) rollups* to significantly enhance its capabilities. of Bitcoin. As part of its commitment to this vision, the company has announced a $1 million research and development fund to make this vision a reality on Tuesday.

“Bitcoin is powerful now, but still only a fraction of what it can be – I want to see the whole thing. Let’s scale Bitcoin and we unleash the power of blockchain to transform the world,” StarkWare CEO and co-founder Eli Ben-Sasson said in a statement.

Eli Ben-Sasson – CEO and co-founder of StarkWare

The foundation of the Bitcoin and Ethereum scaling solution will be StarkNet, which has been established as a decentralized, permissionless rollup for Ethereum. Rollups combine hundreds of thousands of transactions together off-chain and then verified on-chain for a fraction of the cost.

Key to moving forward is the pending proposal to reinstate the Bitcoin blockchain command known as OP_CAT, which allows developers to set conditions under which Bitcoin can be spent at a later date—leading to settlements. Automated payment methods, reversible transactions, and other features are available through smart contracts on other blockchains.

Ben-Sasson said:

“We are supporting OP_CAT because we believe Bitcoin will play a more central role in society, and we believe the Bitcoin OP_CAT soft fork is the safest path for Bitcoin to scale, especially enabling STARK and rollup”.

With that in mind, he said massive scalability similar to Ethereum could be introduced to the world’s oldest blockchain, while retaining the spirit of its anonymous creator Satoshi Nakamoto.

Ben-Sasson said:

“The STARK cryptography we are proposing could deliver everything Satoshi envisioned, including the cheap daily micropayments discussed in the Bitcoin Whitepaper. This must happen in a way that is faithful to Satoshi’s original vision, and the only way to achieve it is to use cryptography that maintains all of Satoshi’s values—trust, decentralization, and more.”

StarkNet commands an $8 billion valuation from its most recent investment round. The company announced it began testing Zero-knowledge proofs* on Bitcoin last March, after committing to making its technology available under an open source license.

Although StarkWare has previously focused on Ethereum, Ben-Sasson said that they are not chain agnostic.

“StarkWare is often mistaken for being an Ethereum maximalist, even though we are actually expanding those maximalist domains.”

StarkWare notes Ben-Sasson presented STARK scaling at a Bitcoin conference in 2013 — before the founding of StarkWare or even the emergence of the term STARK (which stands for Scalable Transparent ARgument of Knowledge). scalable number of transparent knowledge).

At the time, the company said Bitcoin cannot support STARK, but Ethereum can. Now, between the Bitcoin Taproot upgrade in 2021 and the OP_CAT proposal, “Bitcoin is now ready to scale.”

Ben-Sasson said:

“Applications for everything will be able to be deployed via Bitcoin, which is currently not possible.”

In addition to the $1 million and matching funding for the OP_CAT proposal, StarkWare said it will prepare “realistic plans ready to deploy STARK scaling on Bitcoin,” building on the success it has achieved. setup during deployment on Ethereum. There will also be a public repository of OP_CAT code, demonstrating potential applications.

Ben-Sasson said cryptocurrencies are “a source of good” and that by committing to scaling Bitcoin, StarkNet can provide “more than the bandwidth needed” to reach and help people.

“I left academia because I believe cryptocurrency can clean up the digital and financial world. It can bring integrity to money and rebalance power in our society, decoupling it from big tech and restoring sovereignty to individuals. To me, no such vision is complete without scaling the chain that started this great project. Scale Bitcoin and we unleash the power of blockchain to transform the world,” Ben-Sasson wrote in Tuesday’s announcement.

*Zero-knowledge (ZK) refers to a type of protocol in which one party can prove to the other that a statement is true without revealing any information other than the authenticity of the statement. to significantly enhance Bitcoin’s capabilities

* Zero knowledge proofs (ZKP) is a method in cryptography and number theory that allows one party to prove that they know a certain fact without having to reveal specific information about that fact. In a ZKP, the prover has the ability to prove to the verifier that a statement is true without providing any additional information beyond the credibility of the statement. In blockchain, ZKP can be used to verify the correctness of a transaction without having to reveal sensitive details such as the amount of money in the transaction. This helps protect user privacy while ensuring system integrity.

Minh Anh

According to Decrypt

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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