Eli Ben-Sasson develops technology to make blockchain 20,000 times cheaper
Business
Eli Ben-Sasson develops technology to make blockchain 20,000 times cheaper
Kiran Mathur Mohammed
kmmpub@gmail.com
Israeli based Eli Ben-Sasson is the founder of StarkWare, a company whose technology is making blockchain-based transactions up to 20,000 times cheaper.
Blockchain-based transactions have often been described as a “solution in search of a problem,” especially by their detractors. A big part of this is that each transaction is very expensive, compared to traditional means.
Blockchain technology enables a database that records and verify values. What makes it unique is that it splits this information into lots of computers controlled by different people in different places.
Each of these computers solves a set of mathematical puzzles, to crack a code that verifies the information recorded in the database. Solving the puzzle verifies the data is true.
The beauty of splitting all this up is that no one computer (called a “node”) can change the information on its own. This makes the history of transactions irreversible.
If you think this sounds like a lot of work to verify a transaction, you’d be right. All those calculations require vast amounts of computer power and electricity. This has been a block to rapid adoption of the technology – each transaction is simply too costly.
Enter Ben-Sasson. Tinkering away with mathematical formulae in Israel, he is applying a solution that can reduce the cost of each blockchain-based transaction by up to 20,000 times. He does so using a form of mathematics known as zero-knowledge proofs. These are a way of proving to someone that you know a value, without having to show your calculations. This reduces all the calculations required by each of the nodes, saving oodles of money.
Little wonder that StarkWare has already raised US$123 million and secured a contract to plug into one of the biggest cryptocurrency networks, Ethereum. With lower transaction costs, StarkWare can be the plumbing that enables rapid verification of almost any record, from property to healthcare records, transforming the way people trust and interact with each other, and unlocking a huge amount of value created by greater human co-operation.
I sat down with Ben-Sasson to hear about the cutting edge of blockchain research.
Tell me a bit about your background. How did that prepare you for where you are now?
I come from a family of academics. I was always very curious. It was clear to me that I would go into academic studies. I didn’t anticipate I would go into maths. I thought I would go into humanities and biology. I was pleasantly excited to get into maths.
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