NEAR Blockchain Integrates Zero Knowledge Proofs to Enhance Privacy and Security
In Brief
Blockchain Protocol NEAR, announced the integration of zero-knowledge proofs (ZKPs) on its network.
Projects implementing zero-knowledge capabilities on NEAR, include a ZK Light Client, Hideyourcash for private transactions, and a ZK Bridge to Ethereum.
Blockchain protocol NEAR, today announced the integration of zero-knowledge proofs (ZKPs) into its network. Multiple projects within the NEAR ecosystem are actively implementing ZKPs to enhance privacy, scalability, and security.
In the past year, ZKPs have emerged as a highly discussed and trending subject in the blockchain space. This is primarily due to their noteworthy ability to address critical challenges facing Ethereum, such as enhancing privacy, fortifying security, and improving transaction efficiency.
ZKPs are cryptographic protocols that enable data verification between two parties without the need to reveal or share private information, such as passwords. By validating information without disclosing it, ZKPs bring forth improved privacy, security, and efficiency to digital systems.
Projects Pioneering Zero-Knowledge Advancements on NEAR
NEAR claims that there are several projects building on the network, citing examples:
1. ZK Light Client
Spearheaded by Web3 development organization Zpoken, this project aims to create a versatile light client that facilitates Zero-Knowledge interoperability not only within NEAR but also with other prominent blockchains, particularly Ethereum.
What sets this development apart is its compatibility with web browsers. Users no longer need to download entire blockchains to their devices, making it an ideal solution for those with limited storage or processing power.
This opens doors to a multitude of applications, including the management of on-chain assets, the development of decentralized applications (dApps), and an accessible entry point for users looking to explore the technology.
2. Opact
Opact, a zero-knowledge laboratory, is developing solutions for the blockchain ecosystem. It is currently focusing on the creation of Opact Wallet, a noncustodial wallet designed to facilitate private transactions.
The team at Opact has secured a grant to deploy the dApp on both the Near Protocol and the Kadena blockchain. Moreover, the company has developed ZK tooling for both blockchains and made it open-source, enabling developers to use it to build their own ZK applications.
3. Positron ZK Bridge
Electron Labs, a non-custodial cross chain protocol that uses zk light clients, has deployed the Positron ZK Bridge, bridging the Ethereum and NEAR ecosystems. This bridge uses Aurora’s Rainbow bridge technology and introduces Zero-Knowledge compression of signatures.
This allows transactions to remain private. Currently active on the testnet, the team has plans for a mainnet deployment in the near future.
4. ZeroPool
Operating on the NEAR testnet, ZeroPool aims to provide a comprehensive solution for private transactions across the decentralized finance (DeFi) ecosystem using Zero-Knowledge technology.
Scalability Advancements on NEAR
According to a blog post, Zero Knowledge Rollups offer NEAR Blockchain significant scalability improvements.
By batching thousands of transactions into a single transaction and publishing only one ZK proof to validate these transactions on Layer-1, NEAR asserts that it can reduce network congestion and achieve high throughput with low transaction costs. The fast finality of ZK Rollups enhances the user experience for both developers and users.
NEAR said the implementation of ZK technology on its network is at an early stage. To facilitate the growth of this technology, NEAR has established a dedicated ZK community hub on DevHub. This hub serves as a central resource where developers can stay informed about the latest project updates, upcoming events, and ongoing activities related to ZK technology on NEAR.
Developers keen on building ZK projects in the NEAR ecosystem can also join a dedicated Telegram group to discuss and initiate ideas.
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
