Security News > 2023 > February > Friday Squid Blogging: Squid Is a Blockchain Thingy
"With the collapse of bankrupt crypto exchange FTX still sending shivers through the industry and fueling consumer mistrust, an Israeli multi-billion-dollar startup is making its"uncheatable" blockchain transaction technology available for mass adoption in hopes of preventing the next fraud scandal.
Netanya-based StarkWare, which is valued at $8 billion, is the developer of a technology that compresses and speeds up blockchain transactions.
Israeli computer scientist Prof. Eli Ben-Sasson is the mathematical brain behind the Stark technology, which is a proof system based on cryptography and modern algebra powering its two networks, StarkEx and the "Blockchain internet" called StarkNet, used for blockchain applications and processing transactions.
Blockchain is the database technology underlying bitcoin and other cryptocurrencies allowing for the use of peer-to-peer payment systems.
Blockchain is the distributed public ledger that allows these cryptocurrencies to change hands without someone making digital copies of the currency or otherwise tampering with the record of data or ownership.
"Now, our technology uses the blockchain to enforce self-custodial trading, meaning that the customers working over our technology always are in control of their funds so it is impossible to misappropriate funds over our technology," he explained.