Though blockchain technology has changed the way people perceive accessibility and transparency in the financial system, it still has its limitations. Several companies are dedicated to working towards addressing these challenges and enhancing the scalability of the Ethereum network, one of the world’s leading blockchain platforms. In light of this a London-based startup, Herodotus, collaborated with one of the leading providers of zero-knowledge (zk) technology, StarkWare to develop a tool that has the ability to verify historical data in the Ethereum network. This tool leverages the storage-proof power of StarkWare and has the potential to develop account-recovery systems and insurance protocols.
What are Storage Proofs?
Storage proofs is a method used to validate that certain information not only exists on the blockchain but is true. This proof eliminates the use of third-party and uses cryptographic techniques to demonstrate the presence of information on the network. Let’s look at it this way, Imagine having a giant book with loads of information in it. Instead of having a designated entity to scan the entire book for the required information, there is a system that creates small proofs of the presence of that particular information in the book. The system is the storage proof and the giant book is the database of all the transactions within the network. Storage proof conveniently verified the authenticity of data without revealing the entire dataset using cryptographic commitment and specific data structures.
Collaboration of Herodotus and StarkWare
Herodotus, a London-based startup, collaborated with StarkWare to develop a tool that can read and verify data from any point in Ethereum’s history. This tool is called an on-chain accumulator and makes use of the cryptographic method of StarkWare’s storage proof to ensure the integrity of the historical information on the Ethereum network. StarkWare is working dedicatedly to enhance the scalability of the Ethereum network and aims to address its currency limitation which allows the network to validate only the last 256 blockhashes.
The Co-founder of Herodotus, Kacper Koziol, claims that this innovation aligns with the need to bring Ethereum to par with the principles of transparency and accessibility, which are the core components of blockchain technology. He further states that with an on-chain accumulator, everyone would be able to access anything they want from any part of Ethereum history. The release of the on-chain accumulator tool at Starknet Summit in San Francisco was one of their major highlights, especially with its potential to develop account recovery systems that highly rely on the past and currency on-chain data verifications and insurance protocol that uses historical on-chain activities for determining payouts.
Herodotus’s collaboration with StarkWare has led to the development of a game-changing tool called the on-chain accumulator which withholds the ability to access and verify historical data on the Ethereum network. This tool utilizes the storage-proof technology of StarkWare to verify the authenticity of the data from any point in Ethereum’s history. Additionally, it promises to revolutionize the way users interact with the data on the Ethereum network through its potential to develop account recovery systems and insurance protocols. This tool claims to be a secure, efficient, and scalable solution with a wide range of applications.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
