World Events

Panoptic Pen

BitcoinOS Verifies First Zero-Knowledge Proof on Bitcoin Mainnet

TLDR

  • BitcoinOS successfully verified the first zero-knowledge (ZK) proof on Bitcoin’s mainnet on July 24, 2024.
  • This achievement enables rollups and new functionality on Bitcoin without changing its base layer.
  • ZK proofs allow for more efficient transactions and smart contract capabilities on Bitcoin.
  • The development could make Bitcoin more competitive with other blockchains like Ethereum and Solana.
  • BitcoinOS claims this is the first “permissionless upgrade” to Bitcoin that doesn’t require a soft fork.

BitcoinOS has successfully verified the first zero-knowledge (ZK) proof on Bitcoin’s mainnet.

This achievement, which occurred on July 24, 2024, marks a new chapter in Bitcoin’s evolution, potentially enabling advanced functionality without altering its base layer.

Zero-knowledge proofs are a cryptographic method that allows one party to prove to another that a statement is true without revealing any additional information.

In the context of blockchain technology, ZK proofs can be used to verify transactions more efficiently and enable more complex operations.

BitcoinOS, a project aiming to create a “superlayer” of interoperable rollups on Bitcoin, claims this breakthrough will allow for unlimited scaling and new features on the Bitcoin network.

Rollups are layer-2 solutions that process transactions off the main blockchain and then “roll up” these transactions into a single transaction on the main chain. This approach can significantly increase transaction speed and reduce costs.

Edan Yago, a core contributor to BitcoinOS, explained the significance of this development,

“This is the first permissionless upgrade of the Bitcoin system and the first time Bitcoin has been upgraded without a soft fork. This paves the way for more developers to build on Bitcoin more efficiently and enables true decentralization.”

The ability to verify ZK proofs on Bitcoin’s mainnet could have far-reaching implications. It might allow for the creation of smart contracts, private transactions, and other advanced features that were previously thought to require changes to Bitcoin’s base layer.

This development could make Bitcoin more competitive with other blockchain platforms like Ethereum and Solana, which already support these functionalities.

One of the key advantages of this approach is that it maintains Bitcoin’s core characteristics of stability and security.

By enabling new features through layer-2 solutions rather than changing the base protocol, Bitcoin can evolve while keeping its fundamental layer “boring” and reliable, as Yago puts it.

The BitcoinOS team also claims that their solution could make existing Bitcoin scaling solutions like sidechains and the Lightning Network obsolete.

They argue that their approach offers better security guarantees and decentralization compared to these alternatives.

This breakthrough comes at a time when the cryptocurrency industry is seeing a trend towards consolidation. Yago suggests that BitcoinOS could enable the entire crypto ecosystem to evolve from a series of fragmented layer-1 blockchains into a consolidated tech stack built on Bitcoin.

While the full impact of this development remains to be seen, it represents a significant step forward in Bitcoin’s technical capabilities. As the cryptocurrency space continues to evolve, innovations like this could play a crucial role in shaping the future of digital finance and decentralized technologies.

The post BitcoinOS Verifies First Zero-Knowledge Proof on Bitcoin Mainnet appeared first on Blockonomi.

from Blockonomi https://ift.tt/qjH4SXK

yunusemrejr

, ,