StarkWare, a technology company, has revealed its ambitious plans to revolutionize the usage of Bitcoin by leveraging zero-knowledge (ZK) technology. To support this endeavor, they have established a $1 million research fund. The primary objective of this initiative is to scale both Bitcoin and Ethereum simultaneously using Scalable Transparent Argument of Knowledge (STARK) cryptography.
The announcement made by StarkWare aims to further Satoshi Nakamoto’s original vision for Bitcoin by enabling everyday micropayments and providing a scalable solution for global Bitcoin transactions. Eli Ben-Sasson, CEO of StarkWare and co-inventor of cheat-proof ZK cryptography, emphasized the potential of Bitcoin and its ability to surpass its current state in a press release shared with Cointelegraph.
In an interview with Cointelegraph, Ben-Sasson discussed the impact of implementing STARK scaling on Bitcoin. The Bitcoin community is currently evaluating a technical proposal called OP_CAT, which, if approved, could pave the way for STARK scaling on the BTC blockchain. Ben-Sasson expressed his support for OP_CAT, considering it the safest path for Bitcoin to scale.
When asked about the timeline for testing and mainstream use in the event of OP_CAT approval, Ben-Sasson stated that it would depend on various factors.
StarkWare’s latest announcement follows the introduction of their new scaling framework called ZKThreads. This framework, according to Louis Guthmann, head of product/market strategy at StarkWare, has the potential to prevent fund lockups and enhance the scalability of decentralized applications, mitigating the risk of incidents similar to the FTX-Alameda collapse.
In summary, StarkWare’s groundbreaking plans, backed by substantial research funding, aim to revolutionize Bitcoin usage by leveraging ZK technology and STARK cryptography. Their focus on scaling Bitcoin and Ethereum simultaneously aligns with Satoshi Nakamoto’s vision, enabling everyday micropayments and creating a scalable solution for global Bitcoin transactions. The proposed OP_CAT Bitcoin soft fork is seen as a safe path for Bitcoin to scale, and the introduction of the ZKThreads framework further enhances the scalability of decentralized applications.