0x DEX Project Collabs With StarkWare to Enhance Exchange Speed on Decentralized Platforms
Through the cryptographic solution called zero-knowledge proofs (ZKP), 0x and StarkWare plan to increase speed on decentralized exchanges. This will help these exchanges, notorious for their low speeds, to be at par with the traditional trading platforms.
0x, a DEX startup based in San Francisco will work with StarkWare that is based in Israel to test the ZKP solution that they are calling StarkDEX. It is claimed to process about 500 transactions a second.
What the Leadership Had to Say
The CEO of StarkWare, Uri Kolodny said that they aim to make non-custodial trading scalable. The marketing lead at 0x, Matt Taylor, said that the goal is to ensure that by the end of 2019, they will have it in production on the mainnet. As a result, people will be able to use it as a core part of the 0x DEX.
Taylor added that 0x has facilitated over $713,000 worth of trades since it launched in 2017. DEXs that use 0x process about a few hundred to about 3100 trades daily. However, scaling has remained a major challenge for DEXs.
Kolodny added that a marketplace that has an upper limit of just three trades a second was very illiquid. He also noted that it would take months before they could conduct alpha tests that lead to an official service for the 0x relayers as well as other blockchain firms.
StarkWare Ability to Attract Investment
In the recent past, StarkWare has been able to get investments from major funders in the blockchain world such as Vitalik Buterin, the creator of ethereum, ConsenSys Ventures, Zcash, and many others. StarkWare’s expertise in the field of ZKP is so sought after that Technion University sued Eli Ben-Sasson, who is a professor there.
He is the co-founder of StarkWare and the university accused him of profiting from the intellectual property created by the university.
Despite these legal challenges, StarkWare has a clear goal in attest partnership. It has the aim of enhancing scalability across the DEX industry. Matt Taylor said that 0x would use the solutions created by StarkDEX to scale their infrastructure and the infrastructure for the whole crypto world.
In September, crypto heavyweights like Buterin, the founder of ethereum, will travel to Tel Aviv where they will attend various technical sessions that StarkWare will host.
In September, ethereum heavyweights like Buterin will gather in Tel Aviv for a series of technical sessions hosted by StarkWare. Kolodny added that if you wish to get scalability for applications running on the blockchain, you could use StarkWare computation. It will take everything else you do off-chain help you to achieve major scaling.
Scaling on DEXs
DEXs, according to many crypto enthusiasts are the representation of Satoshi’s true vision. While crypto is decentralized, over 99% of all transactions take place on centralized exchanges.
However, if DEXs are able to compete at the same level as these centralized exchanges, it could present a better future for the crypto world without any form of central control.