Succinct Labs is a company focused on making zero-knowledge proofs (ZKP) more accessible to developers. Its main product is the Succinct Prover Network, a decentralized protocol that allows the generation of ZKP as a service. This network acts as a marketplace where developers (clients) can submit requests for ZKP, and independent participants (provers) can fulfill these requests for a fee.
The native utility and governance token of the Succinct protocol is PROVE. It serves several key functions:
* Payment: Clients pay provers in $PROVE for the generation of ZKP.
* Staking: Provers must stake $PROVE to participate in the network and bid on proof requests. This collateral acts as a form of economic security, and part of it may be "slashed" as a penalty for non-performance or for providing incorrect proof. Token holders can also delegate their PROVE to provers to earn a share of the fees.
* Governance: The PROVE token will ultimately give holders the right to vote on protocol changes, funding decisions, and network parameters.
