Succinct is one of the blockchain infrastructure development projects that many investors are interested in, having just completed 2 rounds of Capital calling with an amount of up to 55 million USD received. So what is special about this project? Let's find out with Coin68 through this article!
What is Succinct? Learn detailed information about the Succint project
What is Succinct?
Succinct Network is an app-chain developed based on Zero-Knowledge Proof (ZKP) technology with the ability to quickly confirm transactions and resist short-term censorship. The project provides developers with tools to build secure applications through Zero-Knowledge Virtual Machine (zkVM).
What is Succinct?
The Succinct protocol offers the following benefits:
For developers: Standardized interface to easily build with any zkVM or open source proof system.
For application: Delegating verification to a decentralized proof-providing network with performance guarantees and censorship-resistance, providing the cheapest prices for proofs due to economic scale economics of the network.
Highlights of Succinct
Use open source verification systems
Research into proof systems has led to improvements in the cost of provers, allowing verification for many complex applications.
Succinct's protocol provides a simple set of standards for open source proof systems or zkVM, making integration easy for application developers.
Decentralize evidence generation
ZKP hardware helps reduce verification costs by 10-100 times with specialized hardware. Applications can leverage correct Cryptology computation with minimal overhead, making ZKP viable for all infrastructures.
Network economies of scale
Creating ZKP on a decentralized marketplace benefits end users through economies of scale aspects.
Verification costs are reduced by leveraging better hardware. The demand aggregation network, providing verifiers with command flow from different applications, allows them to invest in more efficient infrastructure operations, such as custom data centers and Specialized hardware for evidence generation.
Succinct operating model
Succinct operating model
Succinct has 3 main components with different Vai : Proof Standard, Proof Marketplace and Proof Aggregator.
Proof Standard
The open source, ERC-like standard allows developers to link their on-chain and input/output logic seamlessly when creating ZK applications. This standard allows developers to use any proof system to create their ZK applications.
Proof Marketplace
Currently, all proofs on the Succinct platform are performed by Succinct's proving infrastructure. In the long term, this infrastructure will evolve into an open proof market where verifiers will earn fees for providing their computing power. This marketplace will provide price-competitive and decentralized verification services for ZK applications.
Proof Aggregator
Currently, the minimum cost to verify a proof on the blockchain (proof onchain) is about 200k gas. Succinct is testing a general-purpose protocol that can aggregate proofs from many different verification systems and reduce the cost of verifying a proof on the blockchain to zero.
Product of Succinct
Succinct Processor 1 (SP1) is a first generation Zero-Knowledge Virtual Machine (zkVM), which is used to verify the execution of programs written in Rust (or any compiled language). LLVM). SP1 aims to significantly improve performance over existing zkVMs - its alpha version has transaction processing speeds up to 28 times faster than certain competitors.
Succinct Processor 1 (SP1)
Succinct's SP1 tool can be used to develop applications such as: Rollups , Bridge , Machine Learning, Privacy,...
Basic information about the Token of the Succinct project
Currently, Succinct has no plans to Token Issuance to the market. Coin68 will update you as soon as there is more information from the project.
Token Allocation
Updating...
Investors
On March 21, Succinct announced the completion of two rounds of Capital, Seed Round and Series A, with the amount received up to 55 million USD. These 2 Capital calls have the participation of investment funds such as:Paradigm , Robot Ventures, ZKV, ...
Investors
Partner
Succinct has partnerships with many large projects such as: Celestia , Avail , EigenLayer , Lido , Wormhole ,...
Partner
summary
Succinct is a Zero-Knowledge Virtual Machine (zkVM) development project based on Zero-Knowledge Proof technology. Recently, this project announced that it has completed 2 rounds of Capital raising with an amount of up to 55 million USD from large investment funds such as Paradigm, Robot Ventures,... Through this article, you probably have some understanding Get basic information about the project to make your own investment decisions.
Note: The information in the article should not be XEM investment advice. Coin68 is not responsible for any of your investment decisions.
