Stanford researchers raise $32Mn to build a privacy-focused blockchain

Stanford researchers raise $32Mn to build a privacy-focused blockchain

Blockchain technology will have to be more efficient and cheaper to surpass factual mass adoption. Low transaction output on some of the most popular blockchains like Ethereum has delayed scalability.

A host of new projects has picked up for improving efficacy in the blockchain space, each with its own set of tradeoffs. Recently, researchers from Stanford University’s practical cryptography research group have forayed the argument.

The group is coming out of stealth mode with Espresso, an innovative layer-one blockchain created to allow higher output and reduced gas fees while listing the decentralization and user privacy at the top.

Espresso aims to enhance scalability and privacy by using zero-knowledge proofs, a cryptographic tool that allows a party to verify that the statement is true without disclosing the evidence behind the statement, said Ben Fisch, CEO, in an interview.

Espresso Systems, the firm behind the blockchain project is run by Mr. Fisch, chief operating officer Charles Lu and chief scientist Benedikt Bünz, Stanford collaborators who have worked on the other prestigious web3 projects, including the BitTorrent co-founder Bram Cohen’s Chia and obscurity focused Monero blockchain.

They have collaborated with Jill Gunter, chief strategy officer and earlier crypto investor of Slow Ventures, the fourth co-founder of Espresso Systems, to take their blockchain and associated products with the market.

Ben Fisch, Espresso Systems CEO and COO Charles Lu, said that for achieving greater output, Espresso uses ZK-Rollups, a solution based on zero-knowledge proofs, which allows transactions to be administered off-chain.

ZK-Rollups unites numerous transactions into a single, simply verifiable proof, thus reducing the computational load and bandwidth on the consensus protocol.

According to Fisch, the approach has already grown in popularity on the Ethereum blockchain via scaling solutions providers like StarkWare and zkSync.

Source Credit - https://techcrunch.com/2022/03/07/stanford-crypto-researchers-building-espresso-privacy-scalability-blockchain/