Stanford cryptographers and Findora co-founders Ben Fisch and Benedikt Bünz, along with Alan Szepeniec, have announced a “breakthrough in zero-knowledge proofs (ZKP)” – ‘Supersonic’.
Supersonic proofs are said to be the “first practical, trustless, succinct, and efficiently verifiable zero-knowledge proofs, which are smaller than 10 kilobytes and take only milliseconds to verify even for the most complex statements.”
Findora claims these are at least 25X smaller than any other “trustless zero-knowledge proof system.”
Supersonic proofs will be integrated into the Findora platform, reports the company.
Ben Fisch, co-founder and CTO of Findora, issued the following statement:
“The blockchain industry has long-sought trustless zk-SNARKs, but up until now they have been impractical. Fully private payment systems, such as Zcash, still rely on trusted setup. Supersonic’s combined proof size and verification time improves on the state-of-the-art by more than an order of magnitude for complex statements. They are at least 50 times smaller than STARKs and 1000 times faster to verify than Bulletproofs for these kinds of applications.”
Benedikt Bünz, Co-founder and Head of Research at Findora, added:
“The significance of this breakthrough lies in its ability to take the practicality and capability of zero-knowledge proofs to a new level. A key problem with many zero-knowledge solutions is that the proofs are large, consuming storage and bandwidth, and verifying transaction proofs can be an extremely lengthy process. Prior solutions were either impractically large, slow, or were not truly trustless. By eliminating the need for a trusted setup, Supersonics will allow Findora to offer a solution to some of blockchain’s biggest risks and problems like privacy, compliance, and selective disclosure.”
Charles Lu, CEO of Findora, says that Findora is building the internet of finance and that Supersonic is a significant step to bring about a new global financial system.