New York, New York, May 23, 2024, Chainwire
Horizen Labs is proud to announce the official launch of zkVerify, a dedicated zero-knowledge verification network designed to optimize billing.
The launch of zkVerify comes at a critical time when blockchain networks are increasingly looking for proficient and scalable solutions to meet the demands of huge transaction volumes and convoluted operations.
In recent years, web3 developers have adopted modular solutions to optimize the core functions of blockchain protocols – execution, consensus, data availability and settlement – as individual functions. Modular architectures offer a more proficient alternative to monolithic chains that combine these functions into a single protocol. zkVerify has a unique architecture as the most proficient modular ZK solution for the settlement layer, which reduces security costs by separating proof verification from settlement on L1.
Horizen Labs estimates that $47 million was spent on proof verification in 2023 for ZK suites alone, and industry research predicts that the ZK proof generation market will become a $10 billion market by 2030. ZkVerify eliminates the cost and complexity of computationally intensive proof verification for developers building with zk-rollups, proposing the critical unlocking of scalability and adoption of decentralized applications. At launch, zkVerify can be used to verify proofs for Ethereum and L2 with a 91% cost reduction, and will then rapidly expand to support multiple blockchain architectures. As zk-rollups continue to gain popularity as a critical scalable infrastructure, zkVerify introduces a fresh proof-of-concept verification standard for any type of zk-rollups at any billing tier.
Key features of zkVerify
- Fast modular process: It enables blockchain networks to offload the computationally intensive and steep proof verification process, allowing them to focus on core functionalities and stay ahead of the competition.
- Cost-effective ID verification: Reduces the cost of ID verification by up to 91%, a change that could save ZK Rollups over $42.8 million in 2023 alone.
- Streamlined and straightforward integration: It integrates seamlessly with existing blockchain ecosystems and multiple SNARK validation schemes, minimizing technical costs with a developer-friendly environment.
“The zkVerify platform is not just about reducing costs – it is about enabling innovation and scalability in ways that were not possible before,” said Rob Viglione, co-founder and CEO of Horizen Labs, “by offloading the burden of proof verification, we enable developers to optimize billing through a modular approach, unlocking more resources and value for both developers and users.
zkVerify is live on Testnet Designed to seamlessly integrate with existing blockchain networks, zkVerify minimizes technical burden and provides a developer-friendly environment for proof verification across a wide range of zk-rollups and settlement layers. ZkVerify, built by Horizen Labs, the development studio behind the EVM-compatible Horizen network, can also be used by developers in the Horizen ecosystem. Leading zk and web3 projects such as Gevulot, Caldera and Gateway.fm will be among the first networks to employ zkVerify for ID verification.
zkVerify is now available on testnet and can be accessed via https://zkVerify.io. We encourage Web3 developers to explore how zkVerify can streamline their operations and contribute to the scalability of their projects.
Information about Horizen laboratories
Founded in 2019, Horizen Labs is a leading blockchain technology company specializing in zero-knowledge cryptography. With a focus on scaling decentralized networks, Horizen Labs takes blockchain technology to unprecedented levels of performance. With a focus on developing next-generation modular architectures, Horizen Labs sets fresh standards in performance, security and cost-effectiveness. Horizen Labs is trusted by industry giants such as Yuga Labs, Animoca Brands and Offchain Labs. Additionally, it is a development company engaged by Ape DAO and Horizen DAO to develop leading projects such as ApeChain and Horizen. Horizen Labs is a globally distributed team with offices in Milan and New York.
More information can be found at https://horizenlabs.io.
contactSenior PR managerJosh AdamsSerotoninjosh@serotonin.co
