Despite being evolutionary, blockchain technology has some issues that keep it from attaining mass adoption. Old blockchain networks are frequently criticized for being deficient in throughput rates, interoperability, and scalability. Though a little advancement has been witnessed in the respective zones, a privacy-related lacking has proved to be another significant apprehension that requires to be dealt with as soon as possible.
Because of the speedy progress in technological space, ZK (Zero-Knowledge) has appeared as a likely solution to the entirety of the issues that are at present prevailing around the blockchain industry. As ZK counts to be comparatively unique, the majority of the blockchain world is not completely familiar with its potential. Keeping this in view, 22 ZK and Web3-based firms recently collaborated to take zero-knowledge to another level to improve scalability as well as Web3’s mainstream adoption via the ZPrize competition.
The ZPrize competition
This is the scenario where the Web3-related plug-and-play type of protocol (which is based on Polkadot) as well as ZPrize competition’s chief sponsor, Manta Network, has declared that it is partnering up with Mina Protocol for the sponsorship of the Open Division contest of ZPrize. Mina Protocol and Manta Network will provide the prize to the programs that target advancing the throughput along with decreasing the operations’ latency on consumer-type devices as well as VMs (Virtual Machines) based on blockchain.
Apart from the sponsorship of the Open Division occasion, both Mina and Manta groups will cooperate to resolve the MSM (multi-scalar multiplication) and NTT (number-theoretic transform) activities, which count to be the pre-requisites of ZK computations. A core contributor and co-founder of Manta Network, Shoumo Chu, elucidates that they have opted to be the open division’s sponsors and architect as they are concerned about the performance of WASM ZKP. The co-founder added that to have wide-ranged privacy and ZKP adoption, they need to have integration with well-known wallets.
Contest to elevate zero-knowledge development
The ZPrize counts to be an open-to-all competition having $7M worth in awards to spread knowledge about as well as enhance Zero-Knowledge technology’s development to support a large series of utilities. Many categories are present in the contest, each dealing with diverse features to boost Zero-Knowledge technology.
Many foundations, funds, and firms sponsor the ZPrize contest. The respective institutions take into account Zero-Knowledge Validator, Trapdoor Tech, RISC0, Polygon, Polkadot Pioneers Prize, Polychain Capital, Mina Protocol, Kora, Manta Network, Harmony One, Findora, Espresso Systems, Ethereum Foundation, DZK, Celo, CoreWeave, Anoma, Aztec Protocol, The Algorand Foundation, Aleo, and 0xPARC.