SmartDec Wins First Place at the Decentralized Web Hackathon
We’ve told you enough times about how great the guys at SmartDec are! Well, they say actions speak louder than words. So, congratulations to the SmartDec team for winning the Decentralized Web Hackathon in Minsk, Belarus last month! Sponsored by Fluence and Arweave, the team successfully managed to integrate both these companies’ technologies with Ethereum smart contracts to pick up the top prize. Check it out!
SmartDec Wins Decentralized Web Hackathon
The Hackathon took place on the 22nd of June 2019, and our development team SmartDec was there and ready for the challenge. They had to find a way to unite the two different technologies of both Fluence and Arweave to find a way to check zk-proofs (zero-knowledge) proofs off-chain.
For those of you who don’t know, Fluence provides a permissionless distributed cloud for web applications and databases (this means a trustless environment). Arweave, on the other hand, enables users to host their web pages and apps, simply, quickly, and permanently.
One of the SmartDec developer team at the challenge, Ivan Ivanitskiy commented, “We used these technologies for the back end and the front end of our system, respectively.”
The Decentralized Web Hackathon in a Nutshell
You can find more details about the technical ‘ins and outs’ of the hackathon by hopping over to the SmartDec blog. But, in essence, the team had to come up with a way of checking zero-knowledge proofs (which are expensive to check on-chain in Ethereum and can congest the network) cheaply and off-chain--without compromising security.
They decided to use Fluence for these off-chain verifications and only going on the main chain if it was necessary to challenge incorrect proofs. In this way, the team hopes to help Ethereum projects relying on zk-proofs to scale--while maintaining privacy and trustlessness.
Taking first place at the Decentralized Hackathon is another great achievement for the SmartDec team, who now add this to their growing number of wins. The solution they delivered removes the need for projects to spend lots of computational energy and therefore run into expensive gas fees.
The Benefits of LAZY SNARK
The SmartDec team called their solution LAZY SNARK. Using the Fluence system for the back end for checking the proofs allowed SmartDec to remove the gas and congestion problem. They used Arweave for the front end, from which the user performs all actions.
By doing this, the team was able to achieve many benefits compared to checking zk-proofs on-chain. Among these, is the aforementioned gas problem. It requires significantly less gas at ~$0.01 in Fluence instead of ~$1 on-chain (making it 100 times cheaper). Moreover, the team’s LAZY SNARK project is trustless unlike checking zk-proofs locally, and the results are public for everyone and anyone to view.
Where Can LAZY SNARK Be Used?
There are many potential implementations of LAZY SNARK, however, the team identified several key use cases including Plasma implementations that require zk-proofs, mixers, games, and private money such as ZkDai that use zk-proofs to ensure privacy.
The team will continue to work with Fluence to improve the project and implement further additional features and work on potential flaws or unsolved problems. Hackathons take place in a couple of days, remember, so it’s extremely challenging to come up with a 100% robust solution in such a restricted timeframe.
The team at Digitex Futures extends our warmest congratulations to the SmartDec team! What more can we say? You guys are awesome, and we’re honored to have you working on the exchange.