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60 million NFTs could be minted in one transaction: StarkWare founder

StarkNet is a layer-2 ZK-rollup that is permissionless and decentralised and makes use of Validium to scale transactions.

Multiple Validium blocks can be combined into a single proof using the new Recursive validity proof technology from StarkNet.
Multiple Validium blocks can be combined into a single proof using the new Recursive validity proof technology from StarkNet.

Eli Ben-Sasson, the founder of zero-knowledge (ZK) roll-up technology business StarkWare, claimed that the company’s new Recursive validity proofs have the potential to merge up to 60 million Ethereum blockchain transactions into a single transaction, as reported by Cointelegraph.

On August 7, after announcing the start of manufacturing of StarkWare’s new Recursive validity proof technology during a presentation, the co-inventor of zkSTARK made the remarks to Cointelegraph at ETH Seoul.

Ben-Sasson told Cointelegraph that they have already begun minting 600,000 nonfungible tokens (NFTs) on the ImmutableX protocol and that recursive validity proofs could increase transaction throughput by a factor of at least 10 in comparison to normal Validium scaling.

“I would say the minimum I would say is 10x. We have been putting 600,000 mints of NFTs, which resulted in 10 gas per mint. We can now at the very least take 10 of such proofs and generate a recursive proof of all 10 of these things,” he said to Cointelegraph.

“We could go to six million at the very least, and this is in the near term. That’s something that would be very easy to do, ” Ben-Sasson explained.

StarkNet is a layer-2 ZK-rollup that is permissionless and decentralised and makes use of Validium to scale transactions. Validiums function similarly to conventional ZK-Rollups by combining thousands of transactions into a single transaction. Multiple Validium blocks can be combined into a single proof using the new Recursive validity proof technology from StarkNet.

The Mainnet for Ethereum can handle 12 to 15 transactions per second (TPS). Recursion is excellent for scaling because it decreases gas costs, has a bigger proof capacity, and delivers lower latency, according to Ben-Sasson, who made this observation during his talk at ETH Seoul.

As layer-2 scaling solutions like ZK-Rollups and StarkNet’s Recursive validity proofs may offload most of the network congestion and data availability problems that have created trouble on the Ethereum Mainnet, this scaling solution could be a game-changer for Ethereum. Currently, the Mainnet for Ethereum can process 12 to 15 transactions per second (TPS).

The scaling solutions based on Ethereum that have the highest total value locked (TVL) as of right now are Arbitrum, Optimism, dYdX, and Loopring.

(With insights from Cointelegraph)

Also Read: India’s cryptocurrency yield account 24Carret earns up to 17% APY on cryptocurrency holdings

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