• Three German computer scientists have formed a Swiss non-profit association called ZeroSync Association to bring zero-knowledge proofs (zk-proofs) to Bitcoin.
• Zero-knowledge Proofs is a cryptographic technique that uses cryptography to prove the validity of information revealing the information to the public.
• ZeroSync has already developed a working prototype that allows users to validate who owns what and the transaction history on Bitcoin without downloading the entire chain or using a third party.
ZeroSync Association Brings Scalability to Bitcoin Using zk-Proofs
Support from Crypto Investment Firm & Software Company
Three German scientists formed ZeroSync Association, a Swiss non-profit association, to bring zero-knowledge proofs (zk-proofs) to Bitcoin. The association has received sponsorship from Geometry Research, a crypto investment firm, and StarkWare Industries, the software company behind StarkNet.
Limitations of PoW Consensus Mechanism
Bitcoin currently uses the proof-of-work (PoW) consensus mechanism which limits its scalability compared to its rival blockchain Ethereum which changed its consensus mechanism from PoW to Proof-of-Stake (PoS).
What is Zero Knowledge Proof?
Zero knowledge proof is a cryptographic technique that uses cryptography to prove the validity of information revealing the information to the public without having it shared with any other node in the network. By deploying kz-proofs on Bitcoin means nodes will be able to sync almost instantly compared to hours and sometimes days it takes for downloading 500GB data.
Working Prototype Developed by ZeroSync
ZeroSync has already developed a working prototype that allows users to validate who owns what and their transaction history on Bitcoin without having them download their entire chain or using any third party. The prototype can verify Bitcoin consensus rules but not transaction signatures yet but it’s still being optimized for speed and security as well as chunky code size issues before they can deploy it fully on Bitcoin. When fully deployed, ZeroSync will allow verification of transactions on Bitcoin using cryptographic proof instead of trusting honest nodes suggested by Satoshi Nakamoto – founder of Bitcoin.
Conclusion
The three German computer scientists at Zero Sync are trying hard bring scalability through zero knowledge proofs into bitcoin while giving users an easier way of verifying transactions without needing third parties or having them download huge amounts of data every time they need access something on Blockchain network..