Author: Peter Todd 2023-06-05 18:47:03
Published on: 2023-06-05T18:47:03+00:00
A research paper titled "ZeroSync: Introducing Validity Proofs to Bitcoin" has been published, introducing ZeroSync as a proof system that addresses scalability challenges with Succinct Non-Interactive Argument of Knowledge (SNARKs). The system compresses the entire Bitcoin blockchain into a compact proof of validity, enabling instant verification and unlocking various innovative applications. The prototype implementation of a chain state proof utilizes the Cairo language, Utreexo, and recursive STARKs. Chain state proofs require no consensus changes, which makes them crucial as forks in Bitcoin are challenging to implement and achieve consensus for. ZeroSync enables diverse applications, including quick bootstrapping of full nodes, trustless light clients, enhanced Lightning Network privacy, and secure cross-chain bridges. Additionally, zkCoins, a client-side validation protocol combined with zero-knowledge SNARKs, is introduced, drastically improving privacy and throughput of token transactions. However, there are two serious issues with this proposal; firstly, it creates an alternative implementation of the Bitcoin protocol, which may fail to implement an exact copy of the consensus rules, leading to potential forks. Secondly, if the tech advances to the point where proof-generation is fast enough to happen in real-time, Bitcoin miners adopting it along with other widespread adoption may cause Bitcoin to lose its decentralization.
Updated on: 2023-06-16T18:28:13.416369+00:00