CoinList, Along with Dekrypt and Coda, Launches a $100,000 SNARK Research Challenge
One of the platforms in the market that is running compliant token sales is CoinList, who has recently announced the next new step they are getting into to help the companies that are within the crypto space.
The company’s primary mission is to improve the Web3 companies that are within the market to raise the needed capital and be able to grow their communities.
The company will be focusing its efforts in the next three months to ensure they speed up the zk-SNARKs provers with Dekrypt Capital and Coda; this is through the co-hosting open challenge.
What you should know about the zk-SNARKs
It has been designed as a form of the zero-knowledge proof, one that has been able to keep the transactions that run on the platform to be private within the crypto network. Thus, it is able to prevent any situations where the block sizes would inflate.
The zero-knowledge proofs have been designed as a cryptographic method that is able to allow one party to set information or state without having the counter-party revealing any information. In the past years, this system was initially developed as a fast pace, this is when you look at the research and the large scale deployments.
But with the current implementation that is expected to take place, it is far from the optimal terms of performance; this is until the development of the zk-SNARKs. As it is able to prove the possessions of particular information without having to reveal any underlying data.
So when we look at the system, within the crypto space, it will be able to solve two of the main problems within the industry. The first being the realization of privacy for the transactions on-chain, and the second being the scaling of blockchains in the market.
What the event is all about
They have segmented the game into three sections that will be running for the next three months. The first will run from 20th May to 3rd June, while the main event will be running from 3rd June to 15th July. But this is not all, participants will be rewarded prizes of about $100k.
There are specific challenges that have been made aimed at the advanced cryptographers together with the individuals who have experience in high performance computing.