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Earn 7.0% APY staking with Solana Compass
Help decentralize and secure the Solana network delegating your stake to us and earn an impressive 7.0% APY yield on your SOL, while supporting us to create new guides and tools.
Leveraging NFTs & Zero-Knowledge Proofs in Solana's Ecosystem
An exploration of how NFTs and Zero-Knowledge Proofs could shape the future of Solana's blockchain ecosystem.
In a recent presentation shared at Breakpoint 2023, Shakil Muhammad, CEO of Genesis IT Lab, delved into the realm of Non-Fungible Tokens (NFTs) and Zero-Knowledge Proofs (ZKPs), particularly within the Solana ecosystem. Muhammad outlined the company's foray into the field since August 2017, seeking early-stage projects to invest in. Furthermore, he conveyed the pressing issues facing software development, with a startling failure rate in projects. Muhammad emphasized the critical role of Software Requirement Specifications (SRS) in the success of these developments and the potential that ZKPs possess in solving industry-wide challenges.
The Role of Genesis IT Lab and Investment in the Solana Ecosystem
Genesis IT Lab's CEO Shakil Muhammad introduced the company as a software developer and investor with particular interest in the Web3 space and projects related to NFTs within Solana's blockchain ecosystem. Mr. Javad, the business development head in Europe, is stationed in the Netherlands to pursue interaction and partnership opportunities. Muhammad's presentation was partly a call to technological entrepreneurs to present their early-stage projects for possible investment and collaboration.
High Failure Rate in Software Projects
Muhammad drew from the Standish report a concerning statistic that approximately 83% of software projects face failure, overrun budgets, or get canceled. He dissected this issue by reviewing the common Software Development Life Cycle (SDLC) practices and pinpointed poor Software Requirement Specification as the main culprit for setbacks in the industry. Muhammad argued that the rush to develop applications for funding purposes often leads to a lack of thorough requirement documentation, which ultimately results in expensive rework.
Power of Zero-Knowledge Proofs
Zero-Knowledge Proofs offer transformative potential within blockchain technology and beyond. They provide a way to verify possession of specific knowledge without exposing the information itself. Muhammad referred to his experiences in South Korea, where digital certificates have been commonplace for two decades, to underscore the relevance and longevity of the technology. He mentioned how ZKPs are not new, tracing their development back to the 1980s but are now finding fierce traction in modern applications.
Facts + Figures
- Shakil Muhammad is the CEO of Genesis IT Lab, a company with more than 100 researchers and developers.
- Genesis IT Lab has been active in the crypto space since August 2017 and has now ventured into the Solana ecosystem.
- According to the Standish report, only 16% of software projects in the US don't fail, overrun budgets, or get canceled, leaving an 83% failure rate.
- Most software projects fail due to poor Software Requirement Specifications (SRS), which leads to extensive reworking.
- Zero-Knowledge Proofs are a significant trend in blockchain, providing a reliable way to prove knowledge of information without revealing the information itself.
- Techniques for Zero-Knowledge Proofs such as sigma protocols and interactive proofs have been developing since the 1980s and 1990s, respectively.
- "We are over 100 researchers and developers."
- "Out of small, medium, and big projects, only 16% got complete. They don't go in these three stages: over budget are fail."
- "Projects fail in SRS. We have a wrong requirement."
- "Rework is a burden on any software teams."
- "The software main motive is not developing good product or solving some problem. Their main focus is mainly on getting investment."
- "Usually, when we are doing software development, most of the time developers are just writing features. They don't write unit tests."
- "The main crux is SRS, we have to pay more attention whenever we have a development work."
- "Zero knowledge proves and zero knowledge has a lot of buzz in blockchain industry. And it's real."
- "You have some knowledge, you don't want to reveal to third party, but you want to prove that this is truth."
- "Zero knowledge proofs...are coming since 1980."
What is Genesis IT Lab's role in Solana's ecosystem?
Genesis IT Lab is expanding its operations into the Solana blockchain ecosystem, seeking early-stage projects for investment. Their goal is to support the growth of the Solana network by providing resources and expertise to developers working on innovative projects, especially those related to the burgeoning market of NFTs.
Why do most software projects fail?
A significant number of software projects, including those in blockchain, fail due to poorly defined Software Requirement Specifications (SRS). This inadequacy leads to incorrect or incomplete initial project scopes, which requires costly and time-consuming reworks. The rush to market and pressure to secure investment without adequate planning compounds these issues.
How do Zero-Knowledge Proofs contribute to blockchain technology?
Zero-Knowledge Proofs (ZKPs) are cryptographic protocols that enable the verification of a claim without revealing the underlying data that constitutes the proof. Within blockchain technology, ZKPs offer enhanced privacy and security, allowing users to engage in transactions or prove identity without disclosing sensitive information.
Are Zero-Knowledge Proofs a new concept?
No, Zero-Knowledge Proofs are not new; they have been part of cryptographic research since the 1980s. Methods like sigma protocols and zero-knowledge interactive proofs date back to the 1990s. Despite their age, they are increasingly relevant due to their applications in modern technologies like blockchain.
Why should people care about the development and integration of Zero-Knowledge Proofs?
The integration of Zero-Knowledge Proofs into technology platforms, including blockchain, is game-changing. They offer the ability to transact and verify information with unparalleled privacy, addressing many security concerns in the digital space. As ZKPs become more mainstream, they could fundamentally change how we approach trust and data sharing on the internet.
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- Facts + Figures
- Top quotes
- Questions Answered