Consensus and Network Architecture
@Succinct is not a standalone Layer 1 blockchain. Rather, it is a network of decentralized provers staking the platform's native token, $PROVE , and bidding to generate cryptographic proofs. Fundamental network processes — e.g., proof auctions and task completion — are coordinated by a specialized off-chain auctioneer service, akin to an L2 sequencer.
For ensuring proof integrity and availability, the network uses cryptoeconomic incentives with rewards for accurate work and penalties for bad behavior. Reward and penalty are implemented and cleared over Ethereum so that everyone can see and verify all transactions and results.
The team has been able to raise $56 million in capital in two distinct rounds of investment.
