To talk about the evolution of zero-knowledge proofs, the early ZK-SNARKs algorithms (like Groth16) are like ancient printing presses—each new application required a separate mold to be cast. This approach becomes problematic in financial-grade applications.

Why is that? Because although Groth16 produces small proof sizes and seems efficient, it has a fatal flaw: each new use case requires a specific trusted setup. Want to issue a new securitized asset on-chain? Then you have to go through a complex ceremony again to generate a new set of random parameters. This process has a frightening name—"toxic waste." If anything goes wrong in this process, the entire system's security is completely compromised.

That's why some projects are turning to PLONK. What's the advantage of PLONK? Versatility. With just one trusted setup, it can support countless different circuits. For projects deeply involved in privacy and RWA (Real-World Assets), what does this mean? It means that when handling complex proof scenarios, there's no need to redo the trusted setup each time, truly achieving a flexible "movable type" printing.

Looking ahead to 2026, in the context of privacy compliance, universal zero-knowledge proof schemes like PLONK are becoming the key infrastructure for bringing real-world assets on-chain. No longer constrained by trusted setups, application iteration speeds up significantly. This is a substantial accelerator for the entire Web3 financialization process.