StarkWare Unveils $1M Backed Plan to Mainstream Bitcoin Using Zero-Knowledge Tech
Summary:
StarkWare has revealed a project aimed at mainstreaming Bitcoin using zero-knowledge (ZK) technology, supported by a $1 million research fund. The plan aims to scale both Bitcoin and Ethereum via ZK tech, using Scalable Transparent Argument of Knowledge (STARK) cryptography. CEO Eli Ben-Sasson emphasized Bitcoin's potential and the transformative power of cryptocurrency. The company's support for the debated OP_CAT technical proposal, which could enable STARK scaling on the BTC blockchain, was also discussed. The announcement follows the introduction of ZKThreads, a new scaling framework designed to enhance decentralized applications and prevent the locking of funds.
StarkWare has unveiled an assertive strategy to propel Bitcoin into mainstream usage through its zero-knowledge (ZK) technology, backed by a $1 million research grant. The goal is to exponentiate both Bitcoin and Ethereum via ZK tech, honing in specifically on the Scalable Transparent Argument of Knowledge (STARK) cryptography. StarkWare’s intent is to bolster Satoshi Nakamoto’s vision by supporting micro-transactions on a daily basis, and focusing on a scalable solution to accommodate global Bitcoin (BTC) transactions.
StarkWare CEO Eli Ben-Sasson, who is also the co-creator of cheat-proof ZK cryptography, expressed that "Bitcoin is powerful, but it has massive untapped potential" in a press statement given to Cointelegraph. Highlighting the transformative potential of cryptocurrency, Ben-Sasson discussed StarkWare's new research fund and plans to shape an inclusive global economy.
An ongoing debate in the Bitcoin community revolves around a technical proposition referred to as OP_CAT. If this proposal gains approval, it could pave the way for STARK scaling on the BTC blockchain. StarkWare endorses OP_CAT as they believe it's a secure pathway for Bitcoin to scale.
In a conversation with Cointelegraph, Ben-Sasson also mused about alternate solutions to deliver STARK scale without OP_CAT approval. While he refrained from disclosing details, he hinted that these alternatives could form a feasible workaround.
Upon questioning the timeline for the tech to be launched for testing and mainstream usage if OP_CAT gains approval, Ben-Sasson suggests that it could be rolled out within six months, possibly sooner.
StarkWare's announcement comes on the heels of their recent debut of ZKThreads, a new scaling framework. As per Louis Guthmann, StarkWare's head of product/market strategy, this model can alleviate stuck funds and enhance the scalability of decentralized applications, thereby potentially preventing a future collapse similar to the FTX-Alameda incident.
Published At
6/4/2024 4:30:00 PM
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