StarkWare is embarking on an ambitious venture to revolutionize Bitcoin by utilizing zero-knowledge (ZK) technology. With the backing of a $1 million research fund, the company aims to scale both Bitcoin and Ethereum through the implementation of Scalable Transparent Argument of Knowledge (STARK) cryptography.
The primary goal of StarkWare’s announcement is to fulfill Satoshi Nakamoto’s vision by enabling everyday micropayments and establishing a scalable solution to support global Bitcoin transactions.
Eli Ben-Sasson, CEO of StarkWare and co-inventor of cheat-proof ZK cryptography, emphasized that while Bitcoin is currently powerful, it has the potential to become much more. He believes that implementing STARK scaling on the BTC blockchain, particularly through the proposed OP_CAT technical proposal, is the safest and most effective way for Bitcoin to scale.
Regarding the OP_CAT proposal, Ben-Sasson expressed his optimism about its potential impact. He stated that once approved, the technology could be swiftly rolled out for testing and mainstream use, bringing about significant advancements in the scalability of decentralized applications and preventing issues like the FTX-Alameda collapse.
StarkWare’s latest announcement comes on the heels of their introduction of ZKThreads, a new scaling framework designed to enhance the scalability of decentralized applications and eliminate the risk of trapped funds. This development aims to address the shortcomings of existing systems and create a more stable and secure environment for users.
In conclusion, StarkWare’s ambitious plans and innovative use of ZK technology have the potential to reshape the landscape of Bitcoin and Ethereum, bringing mass adoption and scalability to these cryptocurrencies.