Although zero-knowledge (ZK) proofs are often considered complex to set up, Iva Wisher, co-founder of the Layer two platform Prom, argues that the technology’s unparalleled privacy, faster transaction finality, and overall efficiency outweigh any developmental complexity. Wisher, an early adopter of cryptocurrency, acknowledges that the industry is currently working to address usability concerns associated with […]
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Arbitrum Launches Fraud Proofs In Testnet: Why Is ARB Down?
Arbitrum, the largest Ethereum layer-2 scaling solution by total value locked (TVL), is taking steps towards decentralization. In an update on April 16, Offchain Labs–Arbitrum developers–said they have deployed the permissionless version of their fraud proofs, dubbed Bounded Liquidity Delay (BOLD), to testnet.
Ethereum Layer-2s Are Popular, But There Is A Big Problem
Ethereum layer-2 solutions have been gaining prominence over the years. According to L2Beat data on April 17, these platforms control over billion of assets. Protocol developers and users can send transactions cheaply through Arbitrum, Optimism, Base, and other alternatives.
However, while they are popular and command billions in TVL, most of these platforms’ fraud proofs are being developed. Typically, when users transact all chains, all transactions must be confirmed by a web of miners or validators, depending on the consensus mechanism.
This differs in layer-2 options, which must reroute transactions and process them off-chain. There is no way of proving whether queued transactions are valid before being batched and confirmed on-chain.
The fraud proofs, such as those presented by Arbitrum and other optimistic rollup solutions, are designed to address a critical issue in layer-2 solutions. Specifically, once live and integrated into Arbitrum, BOLD will serve as a safety net, ensuring the validity of transactions processed off-chain. This mechanism is crucial in maintaining the integrity of transactions while enabling efficient off-chain processing.
In compliance with blockchain principles, BOLD will be decentralized. As such, the community will run nodes, which differs from the current setup. As it is, transaction validation in Arbitrum is centralized, and only a few validators are tasked with this.
Arbitrum Deploys BOLD In Testnet, ARB Prices Falling
With BOLD in the testnet, Arbitrum is opening up its rails so that anyone can participate in network security and validate withdrawals back to Ethereum. This move will be critical in building a more decentralized ecosystem and making the platform more robust.
Arbitrum becomes the first Ethereum layer-2 to launch its fraud proofs in testnet. In a post on X, Ryan Watts of Optimism also notified the community that plans are underway to create a decentralized fraud-proof system for the second-most largest layer-2 by TVL.
Even with this major milestone, ARB prices are stable and under pressure.
Related Reading: Crypto Analyst Says Don’t Buy Altcoins Just Yet – Here’s Why
The token is down 50% from March 2024 highs at spot rates and remains under immense selling pressure. If buyers reverse the April 12 and 13 sell-off, the token might recover strongly, racing towards .5.
Aligned Layer Secures $2.6M in Funding to Become a Faster and Cheaper Settlement Layer for Validity Proofs on Top of EigenLayer
PRESS RELEASE. April 15th, 2024 –– Aligned Layer has successfully raised .6 million in a funding round led by Lemniscap, a VC firm specializing in emerging crypto assets and early-stage blockchain startups. The round also won investment from Paper Ventures, Bankless Ventures and industry angels. The raise marks a significant milestone in Aligned Layer’s mission […]
Bitcoin News
Succinct Labs Raises $55M to Propel Zero-Knowledge Proofs Into Mainstream Development
On Thursday, Succinct Labs, a startup dedicated to democratizing zero-knowledge proofs, unveiled that it had secured million in funding through both seed and Series A rounds. Paradigm took the lead in this financial boost, with additional support from entities like Robot Ventures, Bankless Ventures, Geometry, and ZK Validator, among others. Succinct Labs Nets M […]
Bitcoin News
LBank Labs Invests in QED: Unleashing Bitcoin’s Full Potential with Zero-Knowledge Proofs
PRESS RELEASE. LBank Labs has achieved a new milestone by participating in the million funding round for QED. This innovative venture is poised to revolutionize the Bitcoin ecosystem with its groundbreaking zk-Native blockchain protocol. The funding round, spearheaded by Arrington Capital, saw contributions from renowned venture capital firms such as Starkware, Draper Dragon, Blockchain […]
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ZK Proofs Enable Defi Platforms to Meet Regulatory Requirements Without Compromising User Data, Says Ex-FCA Regulator
Diana Tlupova, Head of Compliance at Nexera ID, has argued players in the decentralized finance (defi) space can stay ahead of regulators who might want to impose stringent Know-Your-Customer (KYC) rules by using zero-knowledge (zk) proofs to authenticate user credentials. Tlupova contends that, in addition to allowing users to maintain control over their KYC data, […]
Bitcoin News
Polygon Unveils ‘Type-1’ Prover Upgrade, Promising to Transform EVM Chains With Zero-Knowledge Proofs
Polygon Labs has rolled out its latest innovation, the “Type-1 prover.” This upgrade could introduce a new era for Ethereum Virtual Machine compatible chains, enabling the generation of zero-knowledge proofs while ensuring transaction costs plummet. Polygon Unveils ‘Type-1’ Prover to Enhance Ethereum’s Ecosystem Polygon Labs has launched the Type-1 zkevm prover upgrade. Developed in collaboration […]
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Zero-Knowledge Proofs, Explained
n Heres what you need to know about zero-knowledge proofs ZKPsn
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Samsung SDS to Use Zero-Knowledge Proofs on Business Blockchain
n Samsung SDS enterprise blockchain platform Nexledger will use QEDITs zero-knowledge proof privacy solutionn
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