According to Foresight News, Horizen Labs, a Web3 tool developer, has recently announced the launch of a modular blockchain network, zkVerify. This network is specifically designed to optimize dedicated zero-knowledge proof verification during settlement. The modular architecture of zkVerify allows it to reduce the cost of proof verification on Bitcoin and Ethereum by 91%.
The primary focus of zkVerify is to enhance the efficiency of zero-knowledge proof verification, a crucial aspect of blockchain technology. This process ensures the validity of transactions without revealing any additional information, thereby maintaining the privacy of the involved parties.
The introduction of a modular structure in zkVerify is a significant development. This structure allows for a substantial reduction in the cost of proof verification on major cryptocurrencies like Bitcoin and Ethereum. The cost reduction is estimated to be around 91%, which could potentially lead to increased adoption of blockchain technology.
This development by Horizen Labs is a significant step towards making blockchain technology more accessible and cost-effective. It could potentially lead to increased adoption of blockchain technology across various sectors.
