A coalition of 21 leading crypto companies have joined forces to offer $7 million in prizes to teams who innovate new projects using zero-knowledge (ZK) proofs, a privacy-preserving scaling technology for blockchain transactions. The industry-sponsored contest is supported by major Web3 organizations which includes Polygon, Polkadot, Mina, and the Ethereum Foundation. For the ZPrize, teams will have to compete for awards by engineering new algorithms and techniques that achieve performance metrics unmatched by the best zero-knowledge systems deployed in the blockchain industry. Submissions will be judged against existing technical benchmarks, with the most significant improvements getting the best rewards. Winners of the competition, in the end, will have to open-source their challenge solution so that the entire community can access them. The intention behind creating ZPrize centers around the shared objective of making widespread application of zero-knowledge (ZK) proofs to enable privacy and scalability in web 3.The post 21 Web 3 Firms Launch $7M Contest to Boost Zero-knowledge Tech first appeared on Cryptoknowmics-Crypto News and Media Platform.The post 21 Web 3 Firms Launch $7M Contest to Boost Zero-knowledge Tech appeared first on Cryptoknowmics-Crypto News and Media Platform.
