Binance Labs Invests $2.2 Million in Zero-Knowledge Proof Technology by Delphinus Lab
Summary:
Binance Labs invests $2.2 million in zero-knowledge proof technology developed by Delphinus Lab, supporting the development of zkWASM Hub for Web3 applications. The investment aims to enhance security and privacy in decentralized applications and enable scalability in the Web3 ecosystem. This strategic move demonstrates the growing interest and investment in zero-knowledge proof technology.
Binance Labs, the venture capital arm of Binance, has made a strategic investment of $2.2 million in Delphinus Lab's zero-knowledge WebAssembly (zk-WASM) virtual machine. This investment will support the ongoing development of Delphinus Lab's application rollup platform, zkWASM Hub, which aims to provide automated proving and batching services for Web3 applications. The zk-WASM is an open-source virtual machine that supports ZK computation and application software development kits, making it an important tool for increasing the security and privacy of decentralized applications. WebAssembly (WASM) itself is a virtual machine that allows code from popular programming languages to be run on web browsers. Developed in collaboration with Google, Mozilla, Microsoft, and Apple in 2017, it remains a crucial component of the wider internet infrastructure. Delphinus Lab's zkWASM Hub also offers developers the ability to distribute GitHub applications through its ecosystem using auto-compilation and updating services. The ultimate goal is to combine the robustness of Web2 with the decentralized and trustless nature of Web3 applications. Alongside this investment, Binance Labs has expressed its focus on projects that enable scalability and aims to onboard more users to Web3 by investing in innovative technology and critical infrastructure in sectors such as modular blockchain, liquid staking decentralized finance protocols, and ZK-proof solutions. ZK-proof technology, already proven to be influential in scaling the Ethereum ecosystem, has seen significant adoption by companies like Consensys, Polygon, and StarkWare. It offers cryptographic verification within decentralized data networks, ensuring accurate and unmanipulated information queries. Overall, this investment by Binance Labs highlights the continued interest and investment in zero-knowledge proof technology and its potential to transform various sectors, particularly in the realm of decentralized applications and Web3.
Published At
8/22/2023 12:29:16 PM
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