Succinct Labs And Optimism in Alliance to Solve ZK Rollups

🚀 Stay Ahead with AltcoinDaily.co! 🌐

In a recent announcement, Paradigm-backed startup Succinct Labs informed members of the public that it has been working with OP Labs, the main contributor to the Optimism protocol. As reported by The Block, their partnership is strategically targeted at solving zero-knowledge (ZK) rollups. In the X post, Succinct highlighted their relationship, which spanned a few months.

The Two-step Integration OP Succinct

The alliance’s result, OP Succinct, is a seamless way to upgrade any OP Stack chain to use ZK proofs, a cryptographic protocol, in one hour, per the Paradigm-backed startup’s explanation. The new system has a two-step integration that requires minimal code and easily fits into existing deployments, including rollup-as-a-service setups.

The Optimism protocol is one of the top Layer-2 networks built on Ethereum (ETH) to grant users access to faster and cheaper transactions while maintaining the security and compatibility of the Ethereum mainnet. Optimism utilizes optimistic rollups to package multiple transactions into a single one. This reduces the load on the Ethereum network, leading to lower transaction fees and quicker processing times.

🌟 Unlock Crypto Insights with AltcoinDaily.co! 💰

OP Succinct to Outperform Standard Optimistic Rollups

Succinct Labs noted that its latest approach far outweighs any “standard optimistic rollups” in terms of speed. Again, the so-called standard optimistic rollups have a “7-day fraud-proof window ” and cost “tenths of a cent per transaction” on average.

Per a Succinct Labs blog post, “OP Succinct was built in close collaboration with OP Labs. From day one, the OP Labs team built the OP Stack to be modular and have a path to supporting a variety of validity mechanisms (not just optimistic fault proofs).”

Succinct Labs Secures $55M in Series A Funding Round

Meanwhile, Succinct Labs successfully secured $55 million in funding through a combined seed and Series A financing round led by Paradigm in March. Robot Ventures, Bankless Ventures, Geometry, ZK Validator, Polygon co-founders Sandeep Nailwal and Daniel Lubarov, and EigenLayer founder Sreeram Kannan were also investors in the funding round.

🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀

The fund was focused on advancing ZK-proof technology, which has become widely popular. It allows one party to prove the authenticity of a statement without revealing any underlying information, thus safeguarding privacy and enhancing security in various applications.