New York City, United States, November 12th, 2024 – As a seasoned crypto investor with a knack for spotting game-changing technologies, I’ve witnessed firsthand the evolution of blockchain and its potential to revolutionize various industries. Today, I find myself particularly intrigued by zkVerify and Space and Time’s partnership.
New York, United States, November 12th, 2024, Chainwire
zkVerify offers swift, budget-friendly SQL data validation featuring heightened security and privacy, particularly beneficial for data-heavy applications.
In simpler terms, zkVerify – a versatile blockchain designed for the validation of zero-knowledge (ZK) proofs – has introduced a decentralized verifier for Space and Time’s Proof of SQL ZK coprocessor on SXT Chain. This allows organizations to validate their SQL queries that have been proven using zero-knowledge techniques, faster and more effectively compared to the verification process on Ethereum.
The SQL ZK coprocessor of Space and Time’s proof system uses zero-knowledge proofs to authenticate SQL queries executed on data stored within the SXT Chain, their newly developed blockchain for verified data. In this setup, zkVerify functions as a decentralized verifier for these proofs, ensuring swift, on-blockchain confirmation of query accuracy without requiring any central authority.
In contrast to conventional smart contracts, traditional ones have certain restrictions when it comes to retrieving external or historical transaction data, thereby limiting their capabilities. Space and Time’s SXT Chain addresses this issue by functioning as a decentralized database that collects data from prominent blockchains such as Ethereum, ZKsync, Bitcoin, Sui, Aptos, and Polygon. This data is then verified to smart contracts using Proof of SQL technology. As a result, this setup facilitates trustless, cross-chain data processing, empowering smart contracts to effortlessly query, analyze, and leverage data efficiently.
With growing worries about data tampering and AI-created content, Space and Time, along with zkVerify’s technology, enable organizations to demonstrate the authenticity of their data without disclosing sensitive details. For instance, banks can authenticate financial transactions, healthcare providers can maintain the accuracy of patient records, and AI applications can verify the genuineness of their results – all by using mathematical evidence rather than relying solely on trust.
Starting in October 2024, the SXT Chain testnet by Space and Time allows developers to retrieve historical data from significant blockchains such as Ethereum, Bitcoin, and Polygon. This system produces mathematical verifications that guarantee data authenticity by providing proofs. Earlier in August 2024, Space and Time secured a $20 million Series A investment round, which was backed by Microsoft’s M12 Venture, Framework Ventures, Lightspeed Faction, Arrington Capital, and Hivemind Capital.
How does it work?
Employing zero-knowledge proofs for establishing a proof of correct computation, such as Proof of SQL, involves three crucial aspects: the raw data itself, the process of generating the proof, and validating that proof. For an efficient, transparent, decentralized, and permissionless operation, these facets need to cooperate effectively to establish a smooth, trustless system.
The SQL Proof mechanism works by creating a mathematical code, known as a hash, for the contents of an SQL table. This hash is then utilized to generate a Zero-Knowledge (ZK) proof that guarantees neither the table nor the queries executed on it have been altered or tampered with. Our fast ZK coprocessor, developed by Space and Time, generates these proofs, while zkVerify is used to authenticate them using a public, decentralized blockchain network. This allows businesses and decentralized applications to securely share data or query results while ensuring the SQL database’s integrity can be verified by anyone without relying on centralized authorities.
By serving as a trustworthy validator, zkVerify significantly enhances reliability and security. It guarantees that every SQL query authenticated by Proof of SQL on the SXT Chain is precise and tamper-evident. This means that data queries and results can be relied upon throughout the network, fostering the development of complex decentralized applications like DeFi platforms, data-heavy analytics, and Solidity smart contracts directly on SXT’s ZK rollup. This integration boosts the capabilities of on-chain applications by granting access to real-time, verified cross-chain data, thereby paving the way for more intricate decentralized services.
The verifier is now available for testing on the zkVerify testnet. For more information, users can visit this link.
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Rob Viglione, the CEO of Horizen Labs, which oversees zkVerify, stated: “Zero-knowledge proofs reshape trust in digital systems as they offer mathematical guarantees about data integrity without disclosing confidential details. This technology empowers businesses to confirm the authenticity of their data openly and securely, eliminating the need for external auditors. For industries like finance and healthcare, this is a transformative move from ‘trust us’ to ‘we can demonstrate it,’ enhancing the reliability of data management.
About zkVerify
As a researcher involved in this project, I’d describe zkVerify as a versatile blockchain system specifically designed for efficiently validating Zero Knowledge (ZK) proofs across various blockchain ecosystems, developed by Horizen Labs for Ellipsis Distributed Systems. This tool empowers Layer 2 projects and dApp developers employing zero knowledge technology to grow swiftly and economically, as it significantly reduces the costs associated with proof verification without any detrimental impact on network performance.
Designed for seamless integration with existing blockchain networks, zkVerify minimizes technical overhead and provides a developer-friendly environment. By simplifying the ZK proof verification process and reducing associated costs, zkVerify enhances the performance of existing blockchain networks and unlocks new capabilities within the broader Web3 ecosystem.
For more information, users can visit https://zkverify.io
Contact
Josh Adams
Serotonin
josh@serotonin.co
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2024-11-12 17:41