0x, Starkware team up to offer decentralized exchange solutions

Decentralized exchange startup 0x has teamed up with Israel-based Starkware to conduct testing of a zero-knowledge proofs (ZKP) solution called StarkDEX, CoinDesk reported.

According to the media outlet, ZKP is a cryptographic solution that can help increase the speeds of decentralized exchanges to the level seen by conventional platforms. For instance, StarkDEX can reportedly process as much as 500 transactions per second.

Starkware CEO Uri Kolodny said that it will still take months before the alpha test moves into a professional service and opens to 0x relayers and blockchain firms.

“Our goal is that by the end of this year, we’ll have this in production, on mainnet, so that people can actually use this technology,” Matt Taylor, 0x marketing lead, told CoinDesk.

Since 2017, the 0x system has facilitated an estimated $713,000 worth of trade. Based on 0xtracker.com, the number of trades decentralized exchanges currently process using 0x ranges from a few hundred to 3,100 per day.

In 2018, Starkware raised $30 million in an equity funding rounding led by Paradigm and other major investors. The cryptography startup aims to commercialize the zk-STARKS privacy feature, which works by compressing large amounts of information into small proofs (starks) and utilizing ZKP to keep the data private. Starkware also wants to enable public blockchain networks to add similar privacy to their own protocol.