ZeroSync Association, a Switzerland-based organization, wants to boost the scalability of the Bitcoin blockchain through zero-knowledge proofs, or ZK Proofs.
The non-profit organization, recently created in Switzerland, is integrating zero-knowledge proofs into the Bitcoin network.
ZeroSync Association is implementing a prototype to run ZK tests within the blockchain network, in order to improve its scalability and enhance its security.
Through ZK Proofs, ZeroSync seeks to accelerate the process of verifying transactions on the Bitcoin blockchain, making it more secure. Faster and more scalable.
Zero-knowledge proofs are a set of cryptography techniques widely used for developing second-layer solutions on the Ethereum blockchain.
Its arrival on the Bitcoin blockchain, the most capitalized on the market, represents a real innovation, since in addition to giving greater speed to the processes carried out within this blockchain, ZeroSync also seeks to encourage the development of other solutions that further enhance the use cases and applications of the Bitcoin network.
What opportunities do zero-knowledge proofs offer for Bitcoin?
Although ZeroSync's solution to increase Bitcoin's scalability is just a prototype, one of its developers, Robin Linus, founder of the association, indicated that the important thing is that it works.
ZeroSync allows Validate transaction status and history within the Bitcoin network without having to download all the information from the blockchain or trust a third party. This represents a great advance, considering that, currently, Bitcoin node operators need to download all the information from the blockchain in order to verify it and achieve synchronization. This validation process is expensive and extremely slow, which affects the scalability of the network.
Therefore, zero-knowledge proofs or ZK Proofs are a cutting-edge technology, which are becoming the promise of layer-1 networks to increase their scalability and performance without sacrificing their core values, such as security and decentralization.
Linus said ZK Proofs allows transactions on a blockchain to be validated without having to trust third parties. “The proof shows you. That’s the great invention,” the developer told CoinDesk.
Zero-knowledge technology, a standard for scalability in blockchain
Recently, Ethereum received two new scaling solutions based on zero-knowledge technology.
Developed by Polygon Labs and Matter Labs, Polygon zkEVM and zkSync Era, respectively, these solutions seek to revolutionize the smart contract blockchain to address the interest and growth that Web3 is experiencing.
All of the above indicates the power and innovation of this technology and its ability to enable new use cases and applications in the blockchain ecosystem.
Finally, ZeroSync Association has also launched a developer toolkit that can enable new applications, such as creating proof of reserves on exchange platforms or verifying transactions on protocols such as Taro, developed by Lightning Labs.
Initially, ZeroSync Association was funded by Geometry and StarkWare. In fact, ZeroSync uses the Cairo programming language, which is owned by StarkWare. This language was designed to improve scalability on blockchains.
Continue reading: Polygon Labs launches its zkEVM solution for Ethereum scalability
