Near Foundation Builds zkWASM with Polygon Labs, Implements Data Availability Solution

During the ongoing Nearcon conference from November 7-10, 2023, in Lisbon, Portugal, Near Protocol development organization Near Foundation has unveiled the latest advancements with this blockchain.

Firstly, Near Foundation has announced a collaboration with Polygon Labs to develop a new zkWASM mechanism. This partnership aims to bring Near Protocol closer to one of the largest blockchain platforms in the market, Ethereum.

Specifically, the two entities will build zkWASM, a Zero-Knowledge verification mechanism compatible with the WebAssembly (WASM) system Near currently employs. zkWASM is expected to optimize the developer experience, allowing teams to choose verification solutions when building projects.

A press release stated:

"In the future, networks will be able to utilize a shared liquidity pool within the standardized ecosystem of the CDK toolkit, including Layer-1, EVM Layer-2, and WASM networks."

This development direction will be more convenient for Validators on Near as they will no longer need to bear the heavy burden of verifying Shards. Instead, Validator networks can generate Zero-Knowledge Proofs to streamline verification processes and enhance scalability.

Zero-Knowledge is an encryption mechanism that confirms the accuracy of information without revealing specific details of that information.

Read more: DeFi Discussion ep.109: What's Next for Zero-Knowledge (ZK)?

Sandeep Nailwal (co-founder of Polygon) shared:

"We are proud to collaborate with Near to advance ZK technology. The zkWASM verification system will provide additional options for developers building chains with the CDK toolkit. Teams can tap into Ethereum's abundant liquidity even if they transition from an EVM chain or build a new WASM chain."

Also on the evening of November 8, Near Foundation announced its participation in the modular blockchain race alongside names like Celestia and Avail through the deployment of the NEAR Data Availability (NEAR DA) solution.

The organization stated that NEAR DA aims to support network data availability and provide safe and cost-effective data availability access to other rollups on Ethereum. Near Foundation emphasized that the cost of data transfer through NEAR DA is 8,000 times cheaper than Ethereum.

The first projects to use NEAR DA include Starknet's Madara, Caldera, Fluent, Vistara, Dymension RollApps, and Movement Labs – as announced by Near Foundation.

Another related update involving Near Foundation today is the controversy with Wintermute, a market-making organization.

1-hour chart of the NEAR/USDT pair on Binance at 10:15 PM on November 8, 2023

After a day filled with updates and drama, the price of NEAR remains relatively stable around $1.45 USD.