(BlockBar) A good news for those decentralized exchanges who always face slow speed problem. Zero-knowledge proofs (ZKP), a cryptographic solution could help slow decentralized exchanges (DEXs) reach speeds comparable to other traditional platforms.
DEX is a San Francisco-based startup 0x and is partnering with the Israeli software-as-service company StarkWare. They are working together to test a ZKP solution called StarkDEX. It is assumed that it can process roughly 500 transactions per second.
As per the reports, Uri Kolodny, CEO of StarkWare said the goal is clear: “Non-custodial trading at scale.”
It is to be noted that the 0x system has facilitated $713,000 worth of trades since its foundation in 2017. DEXs is currently process between a few hundred and roughly 3,100 trades a day using 0x. “A marketplace where only three trades per second can be settled is a very illiquid market,” CEO Kolodny said.
According to Kolodny it will still take months before the test leads to a professional service for 0x relayers and other blockchain companies.
Explaining how ZKPs could be implemented in the 0x DEX ecosystem, the marketing lead of 0x Matt Taylor said:
“Our goal is that by the end of this year we’ll have this in production, on mainnet, so that people can actually use this technology. … We intend to have this be a core part of the 0x DEX stack.”
It is worth considering that StarkWare attracted investment from a few creators and companies like ConsenSys Ventures, ethereum creator Vitalik Buterin and the Zcash company. The Technion University filed a lawsuit claiming Ben-Sasson is “getting rich” from the university’s intellectual property because the startup’s expertise and solutions are very sought.
The aim of StarkWare’s latest partnership is to enhance scalability across the industry. Taylor said 0x plans to use StarkDEX solutions is to “scale our infrastructure as well as the infrastructure for the rest of the crypto economy.”
“If we provide scalability engines for trading, or gaming, or any application that one wishes to run on the blockchain, you can use [StarkWare] computation that takes everything else you’re doing off-chain and achieve massive scale.”