StarkWare has unveiled ambitious plans to revolutionize Bitcoin's usability using zero-knowledge (ZK) technology, along with a substantial $1 million research fund. The initiative aims to enhance both Bitcoin and Ethereum by leveraging Scalable Transparent Argument of Knowledge (STARK) cryptography.
The announcement emphasizes a commitment to scaling Bitcoin and Ethereum, rather than advocating for one over the other, with the goal of facilitating everyday micropayments and accommodating a high volume of transactions on a global scale.
StarkWare's CEO, Eli Ben-Sasson, highlighted the potential for Bitcoin to achieve far greater impact, stating that while it is currently powerful, it has only scratched the surface of its potential. The focus is on utilizing crypto technology to instill integrity in finance and empower individuals, thereby challenging the dominance of Big Tech and restoring sovereignty to users.
Ben-Sasson emphasized the potential impact of implementing STARK scaling on Bitcoin, emphasizing the importance of mass adoption while preserving the core values of the BTC vision as envisioned by Satoshi Nakamoto. The Bitcoin community is currently considering the OP_CAT technical proposal, which could pave the way for STARK scaling on the BTC blockchain.
StarkWare supports OP_CAT, considering it the safest path for Bitcoin to scale. However, Ben-Sasson mentioned that alternative solutions are being explored in case OP_CAT is not approved, although details were not disclosed at this time.
Regarding the timeline for implementing the technology if OP_CAT is approved, Ben-Sasson mentioned a potential rollout within six months or possibly even sooner, drawing on StarkWare's experience in deploying groundbreaking technology such as StarkEx on Ethereum.
StarkWare's recent introduction of ZKThreads, a new scaling framework, aims to address issues such as trapped funds and improve the scalability of decentralized applications, potentially preventing incidents like the FTX-Alameda collapse.
June 2024, Cryptoniteuae