The innovation displayed by several developments in the blockchain industry is not without difficulties. One of such difficulties is privacy and security, and the zero-knowledge proof technology has been noted to be a solution to this. Zk-proof is a process that’s used to prove the validity of a statement without revealing the statement itself.
A typical example is seen when a customer can prove their identity to a bank without sharing or revealing any personal information.
According to a report by a16z, the adoption of Zk-proof technology by developers will increase dramatically in the coming years. To verify the assertion, a16z said that daily transactions verifying ZK proofs on Ethereum have proportionally increased from 2021, and there has been an increase in the number of academic publications on the technology.
Software & Hardware optimized for zk-proof
In addition, the report highlighted the launch of several ZK-EVM projects, such as ZK Sync, Polygon zkEVM, and Scroll. “There will be a further advancement in hardware optimized for zero-knowledge proofs,” a16z added. And because a lot of blockchains that use zk-proof technology are EVM compatible, and Ethereum attracts the highest number of developers in the crypto industry, more projects will utilize zk-proof technology.
Other factors mentioned in the report are an increase in the usage of the core crypto developer library; the explosion of the number of verified smart contracts, an indication of more product launches; and further development of high-level programming languages, such as Noir and Leo.
Better & stronger products will be launched during this downtime
“Some of the most iconic web3 products will be built during financial downturns in crypto,” a16z said. For every chaos that the market experiences, there have been far bigger and better products and conditions created after the chaos. This resonates with the saying amongst crypto natives that bear markets are for builders.
With a Github community of repositories that attracts more than 50K developers monthly, there will be more products released into the market. A16z also noted that the combination of developers, products, and research always drives innovation.
Read also;
Fast finality for rollups: what is it?
zkSync launches on mainnet at ETH Denver 2023
