New York, NY, May 23rd, 2024, Chainwire
Horizen Labs is proud to announce the official launch of zkVerify, a dedicated zero-knowledge proof verification network designed for settlement optimization.
The launch of zkVerify comes at a critical time when blockchain networks are increasingly seeking efficient and scalable solutions to meet the demands of high transaction volumes and complex operations.
In recent years, web3 developers have embraced modular solutions to optimize the core functions of blockchain protocols — execution, consensus, data availability, and settlement— as individual functions. Modular architectures propose a more efficient alternative to monolithic chains, which combine these features into one protocol. zkVerify is uniquely architected as the most efficient ZK modular solution for the settlement layer that collapses security costs by decoupling proof verification from settlement on L1s.
Horizen Labs estimates $47 million was spent on proof verification in 2023 for zk-rollups on Ethereum alone, and industry studies anticipate zk proof generation will become a $10 billion market by the year 2030. zkVerify removes the cost and complexity of computationally intensive proof verification for developers building with zk-rollups, proposing a critical unlock for the scalability and adoption of decentralized applications. At the outset, zkVerify can be used to verify proofs for Ethereum and Bitcoin L2s with a 91% cost reduction, and will rapidly expand to support multiple blockchain architectures. As zk-rollups continue to gain adoption as a critical scaling infrastructure, zkVerify is introducing a new standard of proof verification for zk-rollups of any kind on any settlement layer.
Key Features of zkVerify
- Fast Modularized Process: Allows blockchain networks to offload the computationally heavy and expensive process of proof verification, enabling them to focus on their primary functionalities and stay ahead of their competition.
- Cost-Effective Proof Verification: Reduces the cost of proof verification by up to 91%, a change that could have saved ZK Rollups over $42.8 million in 2023 alone.
- Streamlined and Easy Integration: Seamlessly integrates with existing blockchain ecosystems and multiple SNARK proving schemes, minimizing technical overhead with a developer-friendly environment.
“The zkVerify platform is not just about reducing costs—it’s about enabling innovation and scalability in a way that wasn’t possible before,” said Rob Viglione, Co-founder and CEO of Horizen Labs, “by offloading proof verification, we allow developers to optimize settlement through a modular approach, unlocking more resources and value for both developers and users.”
zkVerify is Live on Testnet
Designed for seamless integration with existing blockchain networks, zkVerify minimizes technical overhead and provides a developer-friendly environment for proof verification across a wide range of zk-rollups and settlement layers. Built by Horizen Labs, the development studio behind the EVM-compatible Horizen network, zkVerify can also be used by builders within the Horizen ecosystem. Leading zk and web3 projects like Gevulot, Caldera, and Gateway.fm will be some of the earliest networks using zkVerify for proof verification.
zkVerify is now live on testnet and can be accessed through https://zkVerify.io. Web3 developers are invited to explore how zkVerify can enhance their operations and contribute to the scalability of their projects.
About Horizen Labs
Founded in 2019, Horizen Labs is a leading blockchain technology company specializing in zero-knowledge cryptography. Dedicated to scaling decentralized networks, Horizen Labs is elevating blockchain technology to unprecedented levels of efficiency. By focusing on developing next-gen, modular architectures, Horizen Labs is setting new standards for performance, security, and cost-effectiveness. Horizen Labs is trusted by industry giants such as Yuga Labs, Animoca Brands, and Offchain Labs. Additionally, it is the development company engaged by the Ape DAO and Horizen DAO to develop leading projects such as ApeChain and Horizen. Horizen Labs is a globally distributed team with offices in Milan and New York City.
For more information, users can visit https://horizenlabs.io.
ContactSenior PR ManagerJosh AdamsSerotoninjosh@serotonin.co
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Credit: Source link
