June 5, 2024
Bitcoin News

StarkWare Unveils Plans to Scale Bitcoin with ZK Technology

StarkWare has announced a groundbreaking initiative to enhance Bitcoin’s scalability. This initiative leverages zero-knowledge (ZK) technology and is supported by a $1 million research fund. This effort aims to scale both Bitcoin and Ethereum through Scalable Transparent Argument of Knowledge (STARK) cryptography.

StarkWare’s approach is driven by a broader vision to facilitate everyday micropayments and support global Bitcoin transactions.

CEO Eli Ben-Sasson Speaks on Vision

Eli Ben-Sasson, StarkWare CEO and co-inventor of cheat-proof ZK cryptography, emphasizes the potential of Bitcoin. He states, “Bitcoin today is mighty, but still a fraction of what it can be.”

He believes that cryptocurrency can revolutionize the digital world and finance by restoring power to individuals and away from Big Tech.

“Crypto can clean up the digital world and finance. It can deliver integrity to money and rebalance power in our society.”

Statement from Eli Ben-Sasson

Technical Proposal and Future Prospects

The Bitcoin community is currently evaluating a technical proposal known as OP_CAT, which, if approved, would facilitate STARK scaling on the BTC blockchain.

StarkWare supports this proposal, viewing it as the safest path for Bitcoin to scale. Ben-Sasson expressed optimism about the potential of OP_CAT, indicating that StarkWare has contingency plans to deliver STARK scale even if the proposal is not approved.

“If it isn’t approved, there are some solutions we’re exploring to deliver STARK scale without OP_CAT; I don’t want to say much about them now, but they could provide the basis of a workaround,”

Statement from Eli Ben-Sasson

Quick Implementation and New Framework

Ben-Sasson projected a rapid rollout of the technology within six months of OP_CAT approval. Thus, highlighting StarkWare’s track record with the deployment of StarkEx on Ethereum. This announcement follows StarkWare’s recent introduction of a new scaling framework, ZKThreads.

According to Louis Guthmann, head of product/market strategy at StarkWare, ZKThreads can prevent trapped funds and enhance the scalability of decentralized applications. Thus, potentially preventing issues like the FTX-Alameda collapse.

StarkWare’s initiative to use ZK technology marks a significant step toward realizing Satoshi Nakamoto’s vision. It aims to enables mass use of Bitcoin while maintaining its core values and decentralization principles.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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