Bittime – Polyhedra Network, creator of the zero knowledge interoperability protocol zkBridge, has announced a new ticker symbol, “ZKJ,” for its upcoming listing on HashKey Global and other exchanges. This decision follows a week-long dispute with zkSync regarding the original “ZK” symbol.
Also read: Bybit Announces zkSync Listing: Controversy Arising Over ZK Ticker Raid
What is zkBridge?
zkBridge is a zero knowledge interoperability protocol developed by Polyhedra Network. The goal is to improve cross-chain communication and ensure secure and seamless interactions between different blockchain networks using zero knowledge proofs.
Ticker Symbol "ZKJ": A Symbol of ZK Community Unity!
Polyhedra revealed a new symbol, “ZKJ,” which stands for “ZK Join,” symbolizing a united and open zero knowledge (ZK) community. This change aims to resolve a conflict with zkSync, which also wanted to use the “ZK” symbol for its token.
Also read: What is Zero Knowledge Proofs (ZKP)?
Check Today's Crypto Market:
Polygon and StarkWare Deal: ZK Name Should Be Public
On Thursday, Polyhedra along with Polygon and StarkWare, issued a joint statement. The statement, signed by Polygon Co-founders Sandeep Nailwal and Brendan Farmer, Polyhedra Co-founder Tiancheng Xie, StarkWare CEO Eli Ben-Sasson, and StarkWare Scientific Advisor Shafi Goldwasser, emphasized that the “ZK” designation should be in the public good, accessible by everyone rather than being trademarked by a single entity.
Also read : StarkWare Collaborates with Giza to Develop New AI Projects on Starknet
zkSync Commitment Judged Inconsistent with Web3 Values
The group criticized zkSync's actions, urging the community to demand that Matter Labs, the developer of zkSync, withdraw its trademark application for the symbol “ZK.” “This should not be a company trademark: it should be accessible to everyone,” they stressed. Nailwal highlighted the inconsistency between zkSync's actions and its commitment to Web3 values, and expressed concern that such behavior could worsen if not addressed.
Also read : ChainGPT Collaborates with Polygon (MATIC) for NFT Development
The chaos has heated up since Bybit announced "ZK" as the name of zkSync's listing
This conflict became public when The Block reported that zkSync intended to use “ZK” as its symbol before the token launch and airdrop. Complications arise because Polyhedra have already claimed the symbol. Next, Bybit announced adjustments to the Polyhedra symbol and listed zkSync with the symbol “ZK.”
Also read: Nakamoto Games (NAKA) will be listed on Bybit
Polyhedra's Expression of Dissatisfaction with zkSync
Polyhedra expressed dissatisfaction with the zkSync option in a post on X (formerly Twitter) . "It's hard to believe that, in 2024, even with the approval of an ETH ETF, there will still be projects that provide benefits to various parties and usurp ticker symbol rights that don't belong to them," said Polyhedra.
Conclusion
The resolution of this symbol dispute with the introduction of “ZKJ” reflects Polyhedra's commitment to cultivating a collaborative and inclusive ZK community. The situation also exacerbates ongoing tensions in the crypto asset market landscape, where control over symbols and trademarks can lead to business disputes.
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