Pushing Bitcoin to become more scalable with zero-knowledge proofs
2022.08.18 06:10
Pushing Bitcoin to become more scalable with zero-knowledge proofs
For all the good that Bitcoin brings to the table, it also possesses a commonly accepted issue in scalability. Bitcoin can only process a limited number of transactions per block and, as of Aug. 17, 2022, can handle about five transactions per second, which in comparison to most other blockchains is low. The factor limiting scalability lies in Bitcoin’s cryptographic algorithm.
The Elliptic Curve Digital Signature Algorithm (ECDSA) is the essential cryptographic algorithm that powers Bitcoin and ensures that only the rightful owner can access and manage their funds. Currently, verification of the ECDSA, a Bitcoin signature allowing to carry out transactions and send Bitcoin (BTC), is not efficient and limits the scalability of the Bitcoin blockchain. A potential solution is using zero-knowledge proof (ZKP) technology, allowing higher degrees of privacy and security.
