The next evolution in cross-chain bridging
SINGAPORE, Jan. 17, 2023 /PRNewswire/ — Multichain launched its latest cross-chain solution – zkRouter. This innovation utilizes ZKP to securely and efficiently connect multiple blockchain networks and enable seamless interoperability. Based on zero-knowledge proof (ZKP), zkRouter allows for the trustless, secure and private transfer of assets and information between different blockchains without revealing sensitive information. While most cross-chain bridges still rely on trust in centralized parties, ZKP can be used to eliminate this need for trust and further decentralized Multichain’s cross-chain services.
Zero-knowledge proofs (ZKP) have been fast gaining support as a solution to scaling Ethereum in a more trustless and decentralized manner. One application where ZKP would have a significant use case and impact is in the area of cross-chain bridging.
zkRouter And Its Benefits
Leveraging on ZKP, the zkRouter is able to leverage on its benefits and introduce them for bridging and cross-chain transfers. The benefits of utilizing ZKP include:
1. Trustless and Secure
The correctness of transactions across blockchains is proven by zk-SNARKs, and no external trust assumptions are introduced. As long as the connected chains and the underlying protocols are secure, and there is at least one honest node in relay network, zkRouter is secure.
2. Expandability and Efficiency
zkRouter allows more applications to run on it with its light on-chain computing requirements which allows a large number of transactions to be run concurrently with low latency to generate proof results while still benefiting from less Gas required.
3. Accessibility and Decentralization
Node operators on zkRouter are not required to delegate large amounts of assets in order to secure and participate in the network. This removal of this requirement makes setting up a zkRouter node more accessible to all and further increases decentralization.
Empowering Cross-chain Applications
zkRouter and its privacy preserving features now enables developers to further expand on the capabilities of their applications to build a more trustless, decentralized and secure cross-chain experience. Some of the applications of zkRouter will be:
1. Cross-chain bridge
Cross-chain bridge is the most applicable area for the release of zkRouter. With the exploits of cross-chain services in the recent past, there is an urgent need for a service that does not further rely on trust mechanisms. This can greatly reduce the possibility of security incidents to cross-chain bridges and eliminate users’ concerns. This supports a variety of cross-chain bridge models, e.g. Mint/Burn, capital pool, or a hybrid of the two.
2. Trusted On-chain Oracle
Credibly transfer and store data from the source chain on the destination chain with zkRouter. The information relayed through zkRouter can also be utilized by other existing dApps. This interaction allows other applications to determine if a transaction (for example) occurred on the source chain. This can work similarly to an off-chain Oracle, but here it verifies data on-chain with the truthfulness of ZKP providing greater confidence.
3. Smart contract interoperability
Developers can leverage zkRouter for multi-chain smart contract calls without having to make trade offs. It enables apps to be efficiently and safely called on multiple chains and enjoy the capability expansion facilitated multi-chain interoperability, e.g. multi-chain issuance of blockchain games and multi-chain lending in the Defi field.
4. Cross-chain Swap
Cross-chain Swaps is another area where zkRouter can instantly value add to with its fast and convenient transactions. It can be utilized not just by existing cross-chain swap protocols but also enable more DEX’s to move into a chain agnostic space and expand on their existing capabilities.
5. Multi-chain Tokens and NFTs
Mint and issue both tokens and NFTs easily with zkRouter and immediately expand a protocol’s reach across multiple chains. This addresses both accessibility and liquidity challenges faced with traditional cross-chain bridges while enabling efficient expansion of reach while further improving the experience of the users.
A New Horizon
The launch of zkRouter is a significant step forward in the field of cross-chain and interoperability. Its trustless and secure approach, combined with its versatility and low-latency, makes it a powerful tool for developers and users alike.
Multichain’s commitment to this technology demonstrates their dedication to advancing the state of cross-chain and interoperability, and it will be exciting to see what new and innovative applications will be built on top of this infrastructure in the future. The launch of zkRouter is a promising step towards the future of a further decentralized multichainverse.
Multichain team is putting a lot of effort into a demo that will allow the community to see the technology in action and understand its potential applications. Additionally, they are working on building a website that explains the concept of zero knowledge proofs and how zkRouter utilizes them to provide trustless and secure cross-chain messaging. To get projects to adopt and utilize zkRouter, Multichain team is also concentrating on business development initiatives.
To read the full zkRouter whitepaper, click here