StarkWare to Receive Ethereum Foundation Funding
As the Ethereum Foundation is consistently attempting to further enhance its platform and advance the technology to new levels, StarkWare is the latest to receive a grant based on the company’s performance.
StarkWare, a blockchain company with headquarters in Israel posted on Twitter, announcing that the company is the recipient of an award and significant grant from the foundation. According to the post, the new fund will aid the company in its STARK-enabled hashing and allow further development and advance their technology.
As per statements by StarkWare, its STARK technology will provide incredible new lengths of development, including transparent privacy and secure cryptography (security). In regards to the announcement and claims by the company, its new technology could possibly provide new solutions to Ethereum’s own problems, it's privacy and scaling.
Ethereum’s co-founder, Buterin, is a known STARK-tech enthusiast and is an active investor as per the company’s website. Although StarkWare has not released any information regarding the size of its new grant, many reports on Twitter are saying the funding will be on a grand scale. Zk-STARK, the company’s is a new authentication method designed to validate any transactions on Ethereum.
The project’s initial document states that as a basic human right, private information such as medical history and sensitive data are private and should remain that way. Despite every person’s right to hold onto this information, many others may use it for malicious intent. The new ZK system, which stands for zero-knowledge, is an incredible step forward to ensure that human privacy rights, while maintained, do not intervene in institutional functions and activity in a negative aspect.
Zk-STARK and zk-SNARK operate completely different. SNARK is reliant on private third-party setups with a high risk of viable threats to the system should the setups become vulnerable in any way. The newer technology, STARK, is thought to essentially be an upgrade to SNARK, upgrading its efficiency and performance. The company’s native token, Zcash, was designed with privacy in mind to enhance any user experience and ensure safety. Despite that, many of the leading figures including Vitalik and several software developers state that the third party setup may not be worth it due to the risks associated.
As opposed to traditional venture capitalist companies, StarkWare is introducing a new system which relies on technological investments as opposed to financial ones in return for tokens. The new program, Tech4Tokens, aims to contribute even further to the development of technology.