Boost

Impact

Million

Optimism

Succinct Labs and OP Labs have&nbsp;<a style="text-decoration:none" href="https://blog.succinct.xyz/op-succinct/" rel="noopener noreferrer nofollow">partnered</a> to launch OP Succinct—a zero-knowledge proof (ZK proof) solution designed to improve transaction finality and reduce gas costs. This technology aims to outperform standard optimistic rollups and enhance the overall performance of the Optimism protocol.
<h2 dir="ltr" id="span-span-the-power-of-zero-knowledge-proofs-span-span">The Power of Zero-Knowledge Proofs</h2>
Zero-knowledge proofs (ZK proofs) are cryptographic protocols that allow one party to prove the truth of a statement without revealing any other information. Succinct Labs and OP Labs aim to make transactions faster, cheaper, and more secure by integrating ZK proofs into the Optimism protocol.&nbsp;
&nbsp;
The newly developed OP Succinct uses a two-step integration process that requires minimal coding and fits easily into existing OP Stack deployments.
&nbsp;
This upgrade, according to Succinct Labs, can be completed in just one hour. The platform also maintains compatibility with rollup-as-a-service setups, offering a streamlined path to upgrading OP Stack chains with ZK proofs.
<h2 dir="ltr" id="span-span-op-succinct-vs-optimistic-rollups-span-span">OP Succinct vs. Optimistic Rollups</h2>
Optimism, a leading Layer-2 scaling solution for Ethereum, currently uses optimistic rollups to bundle transactions. These rollups reduce the burden on the Ethereum network, allowing for faster and cheaper transactions while maintaining the security of the Ethereum mainnet.&nbsp;
&nbsp;
However, the existing system relies on a “7-day fraud-proof window,” meaning users have to wait for up to a week for transaction validation in case of disputes. This creates delays and higher costs in some cases.
&nbsp;
OP Succinct, developed in close collaboration with OP Labs, reportedly improves upon this process. It eliminates the need for the extended fraud-proof window by leveraging ZK proofs to reduce the time required for transaction finality.&nbsp;
&nbsp;
According to Succinct Labs, the new solution is not only faster but also more cost-effective. It reduces transaction costs to as little as 0.5 to 1 cent—compared to the 1.34 cents on OP Mainnet and 1.11 cents on OP Sepolia.
<h2 dir="ltr" id="span-span-minimal-integration-maximum-impact-span-span">Minimal Integration, Maximum Impact</h2>
OP Succinct’s biggest feature is its seamless integration process. Succinct Labs designed the solution to be modular and easy to implement, with minimal code changes needed for any OP Stack chain. This reportedly allows projects utilizing the Optimism protocol to quickly adopt the new ZK proof system without significant disruption to their existing operations.
&nbsp;
Succinct Labs emphasized that OP Succinct was built with the goal of long-term scalability.&nbsp;
<h2 dir="ltr" id="span-span-succinct-labs-receives-55-million-to-boost-development-span-span">Succinct Labs Receives $55 Million to Boost Development</h2>
Last March, Succinct Labs&nbsp;<a style="text-decoration:none" href="https://blog.succinct.xyz/series-a/" rel="noopener noreferrer nofollow">secured $55 million</a> in seed and Series A funding, led by Paradigm, a major player in the crypto space. The funding round also saw participation from prominent investors like Robot Ventures, Bankless Ventures, and ZK Validator, as well as key figures from Polygon and EigenLayer.&nbsp;
&nbsp;
The funds will be used to advance the ZK-proof technology aiming to enhance security in blockchain applications while safeguarding privacy.

Succinct Labs and OP Labs Team Up to Launch New Zero-Knowledge Proof Solution

Table of Contents

BSCN

Other articles published on Sep 16, 2024

BaseBros DeFi project enacts rug pull, steals over $130k

CFTC Raises Red Flags in Its Ongoing Battle Against Election Betting

Pundit Says XRP is a Shitcoin. Here’s why

Tether USDT’s market share rises 20%, reaching 75% in two years

FLOKI Completes $CAT Airdrop, But an Error Leaves Some Users Tokenless

Stocks to Watch Today: Intel, CrowdStrike, ORCL

Join our free newsletter for daily crypto updates!