0x Introduces Open-Source zk-STARK (OpenZKP) to Help Scale P2P Exchange

“We are excited to introduce OpenZKP, an open-source zk-STARK implementation to scale p2p exchange!” Read More — Matt Taylor, Marketing Lead

Summary

0x teamed up with StarkWare to build a scalable DEX proof-of-concept called StarkDEX. After the StarkDEX proof-of-concept was released in spring 2019, they decided to move forward independently to build a more generalized solution… OpenZKP.

OpenZKP is a fully open-source Rust implementation of zero-knowledge proofs (ZKPs). The cryptographic security is excellent, requiring no trusted setup, and is secure against quantum computers.

0x built an easy-to-use, low-level interface that anyone can interact with, and it is the fastest prover with the smallest proofs available today.

The open-source approach means that anyone can contribute to OpenZKP and build on 0x’s work and others, it is audit-able and provides continuity so that it can continue to function independently of those that built it.

Significance

A key innovation with OpenZKP is that it has very fast provers for constraints with a lot of repetition, which is the main bottleneck in this use-case. Furthermore, the open-source nature increases the odds of blockchain networks being able to replace the legacy financial system, as every layer of the stack is open and transparent.

In turn, this will help to increase adoption, both for 0x and for others building on the technology. As a growing percentage of cryptocurrency transactions move from centralized to decentralized exchanges, this helps to increase security, reduce fees and cut out rent-seeking middlemen.

Price at the time of Blockfolio Signal: $0.22. View ZRX on Blockfolio.