Bitcoin (BTC), the world’s leading cryptocurrency has verified its first-ever Zero-Knowledge Proof (ZKP) on the mainnet. This verification aims to enhance scaling and varied functionalities for the leading digital asset.
Bitcoin Verification of ZK-Proofs
According to reports from BitcoinOS, Bitcoin’s Operating System, the final verification was confirmed on block 853626.Â
We have done it! For the first time ever a ZK-proof has been verified on Bitcoin Mainnet by BitcoinOS.
The final verification was confirmed in block 853626.
A historic moment and a historic block.
A new era has begun for Bitcoin enabling unlimited scaling and functionality -… pic.twitter.com/x8akim4SJh
— BitcoinOS (@BTC_OS) July 24, 2024
The process involves creating an Unspent Transaction Output (UTXO) using Bitcoin and an Ordinal managed by a ZK smart contract. Upon validating the ZKP, the BTC and the ordinal were transferred to another address. This means covenant on-chain was emulated successfully, without using a soft fork.
It is worth noting that the validation process, including the smart contract, is on-chain, without any multisig, and an owner. Both BTC and Ordinals have been controlled with a ZK-Bitcoin smart contract.
Implication of the Verification
For context, ZKPs are protocols that help to authenticate the validity of statements on blockchains without disclosing information that may compromise privacy. These protocols are natives of Ethereum (ETH), meaning they possess smart contract functionalities.
Now that Bitcoin has verified these protocols, the digital asset can perform certain smart contract duties. For instance, it is now possible to upgrade Bitcoin indefinitely and without any modifications to the consensus code.
A blockchain explorer has been built for Bitcoin ZK transactions so users can see the full set of challenge transactions that occurred leading up to the final verification of the ZK-proof. Meanwhile, the first, exclusive, ZK Proof Ordinal might become available soon.
The zk-Proof verification comes amid a recent market uptick in the crypto market, leading to rising prices for BTC. At press time, BTC is trading at $64,344, with trading volume rising by 6.4% in the past day to $34 billion. Many market analysts have forecasted a bullish outcome for BTC soon.Â
Julien Bittel, Head of Macro Research at Global Macro Investor forecasted a price range of $140,000 to $190,000 for BTC.
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