Ethereum co-founder Vitalik Buterin has announced his plans to possibly migrate the Ethereum network to Poseidon hash function, in order to enhance zk-prover friendliness.
In a recent social media post, Buterin pointed out the importance of this transition stating “We are seriously considering migrating Ethereum (ETH) to the Poseidon hash to optimize zk-prover friendliness, so having more information about its security properties is extremely high value.”
Poseidon Hash Function: Game-Changer for Zero-Knowledge Proofs
This development is a part of the ongoing efforts to improve the scalability and the efficiency of the blockchain, precisely when it comes to the zero-knowledge (ZK-proofs) proofs part.
With Poseidon hash function, there would be lesser operations in the ZK circuit when compared to the traditional hashing methods. This move can significantly reduce proof generation time and costs, making it all the way more valuable asset for ETH’s future.
Ethereum Foundation Extends Deadline
To support this initiative, the Ethereum Foundation has extended the application deadline for the Poseidon cryptanlaysis funding program until March 15, 2025. Buterin is urging and encouraging researchers to participate in this program to gather comprehensive data on Poseidon’s security properties.
This collaboration is going to be crucial as ETH is wanting to ensure that any transition that takes place should be through security standards and should enhance the performance of the blockchain.
This adoption of Poseidon hashing could also affect ETH ecosystem in various ways, specially for those relying on zk-rollups. As developers are trying to integrate this hashing method into the ETH ecosystem, the possibility of improved transaction speed and reduced costs or fees could potentially attract more projects and users to the ETH network.
Optimizing Network Capabilities and Beyond
As the blockchain keeps evolving and adapting to the demands of decentralized finance (DeFi) and other applications, Buterin advocating for Poseidon hashing acts as a significant step towards optimizing the network’s capabilities.
The coming months will be crucial as researchers dive into Poseidon’s security analysis and Ethereum’s community engages in discusses about this possible migration.
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