Swiss non-profit organization ZeroSync Association and Bitcoin infrastructure company Blockstream have announced their intention to use Blockstream’s satellite to broadcast Bitcoin zero-knowledge proofs, a cryptographic technique that has been one of the hottest blockchain tech trends of the past decade. This move has the potential to revolutionize the way nodes validate the Bitcoin blockchain by eliminating the need to download the chain’s current 500 GB of data, reducing syncing times from hours or days to mere seconds.
Zero-knowledge proofs have been gaining significant interest as they allow for secure and private transactions without revealing any sensitive information about the transaction itself. Instead, they rely on complex mathematical equations that can verify the validity of the transaction and also help to protect it from manipulation by hackers.
Blockstream’s satellite network is a global network that provides free access to the Bitcoin blockchain, even in areas with unreliable internet coverage. This makes it an ideal solution for scaling Bitcoin and bringing it to more people and places around the world.
The ZeroSync Association hopes to use this technology to revolutionize the way nodes interact with the blockchain, by enabling them to verify transactions quickly and securely without sacrificing security. The association was launched on Tuesday and expects to broadcast the first experimental test by year-end 2021.
“The security of Bitcoin requires every participant to verify every transaction,” said ZeroSync co-founder Robin Linus. “That didn’t scale well until now. Proof systems like STARKs have been invented. Applying them to generate a proof of Bitcoin’s chain state, and broadcasting it via satellite, can bring Bitcoin to almost everyone in the world. Don’t trust, verify.”
Zero-knowledge proofs have been gaining attention in the blockchain community for years as a way to solve one of the biggest challenges facing distributed ledger technology. Transaction validation is central to blockchain’s operation, but it requires significant computational resources, time and energy. By using mathematical equations to prove transactions without revealing sensitive information, zero-knowledge proofs can overcome this challenge and make blockchain technology much more scalable and efficient.
By leveraging Blockstream’s satellite network, ZeroSync Association can further improve the speed and efficiency of zero-knowledge proofs, making it easier for nodes to validate transactions and interact with the blockchain on a whole new level. The ability to broadcast Bitcoin’s chain state via satellite is a powerful tool that could revolutionize the way nodes interact with the blockchain and enable Bitcoin to reach more people around the world than ever before.
The potential for zero-knowledge proofs is not limited to Bitcoin, but could also be applied to other cryptocurrencies and distributed ledger technologies. Enterprises could use them to secure financial transactions, while government agencies could use them to secure sensitive data such as medical records or personal identification.
Overall, the collaboration between ZeroSync Association and Blockstream represents a significant step forward for the blockchain industry, as it showcases the power of zero-knowledge proofs and the potential they hold for improving blockchain technology’s scalability, efficiency and security. By broadcasting Bitcoin zero-knowledge proofs from space, the partnership has the potential to bring Bitcoin to almost everyone in the world, regardless of location or internet connectivity.
