Binance is investing in a new project zkWASM
Binance is investing in a new project called zkWASM. It is developed by Delphinus Lab and according to the experts of the world’s largest crypto exchange, it can play a significant role in popularizing Web3. The aim of the project is to connect confidential cryptography with WebAssembly.
Binance: The largest crypto exchange is investing in this project
Binance yesterday announced investing in a new crypto project. With the support of the development studio Delphinus Lab, the largest crypto exchange on earth promotes a virtual machine.
Delphinus is working on the first VM that combines Zero Knowledge Cryptography with WebAssembly. The developers abbreviate the project under the name zkWASM .
However, the company did not announce the size of the investment by Binance Labs. Delphinus thus provides independent developers with the option to develop dApps with zero-knowledge proofs, which can be written in their preferred programming language and then published via WebAssembly.
Binance sees the combination of Zk technology and WebAssembly as an important advance. WebAssembly is the name of a virtual machine developed in collaboration between Google, Mozilla, Microsoft and Apple.
WebAssembly runs the code of popular programming languages natively in the browser. In a press release, the company states:
The introduction of Zero-Knowledge-Proof technology combined with WASM enables enhanced security and privacy of applications, paving the way for a more trusted and decentralized digital landscape.
Delphinus is able to appeal to a whole new target group of Web2 developers whose transition to Web3 is realistic through the project. Yi He, co-founder of Binance and President of Binance Labs wrote:
We look forward to seeing Delphinus Lab spearhead the zkWASM narrative and establish widespread adoption of Web3 applications among developers and end users.
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Where exactly is the money going?
According to Binance, the money from the investment will flow in particular into the further development of the zkWASM hub . Through the portal, programmers can transfer their source code from Github to turn the written ideas into applications.
“Our goal is to enable next-generation Web3 dApps that leverage the robustness of Web2 while leveraging the decentralized, trustless nature of Web3,” said Sinka Gao, Founder and CEO of Delphinus.
The zkWASM Hub is the central point of contact to ensure the success of the project. Here developers should easily finalize their applications.
With Binance Labs, Delphinus has a very liquid and experienced partner. According to its own statements, the investment company of the largest crypto trading platform is now worth over nine billion US dollars.
The Binance Labs portfolio consists of more than 200 projects. Many of these are well known in the crypto scene. These include the Harmony and Kava blockchains, for example.
It also invested in the crypto games Axie Infinity and Sandbox. DeFi applications such as 1inch, AnySwap are also supported alongside data platforms such as Dune Analytics.
