Succinct Introduces Its PROVE Token as Part of a New Protocol Designed to Enhance Legal Contract Analysis and Verification

The Succinct Network Architecture and the $PROVE TokenThe network is a marketplace that connects provers and requesters for ZK proof generation, implemented as a high performance verifiable application.

Legal tech startup Succinct, which scored $55 million in funding last year to build AI tools that automate and improve the process of reviewing complex legal agreements, is launching its PROVE token as part of a new protocol designed to enhance legal contract analysis and verification using zero-knowledge proof technology.

The startup, which is aiming to build a decentralized marketplace that links people who need proofs with those who can create them, said in a blog post Monday that the token is part of a wider plan to build a protocol that will speed up the process of reviewing contracts.

The PROVE token will be used to pay for contract verification services, rendering the review process faster. By harnessing zero-knowledge proofs — a cryptographic method that confirms information is true without disclosing the underlying data — users can verify contract details without revealing sensitive information.

"The PROVE token is designed to align the incentives of all participants in the Succinct Network," the startup explained.

Those who contribute computational power and validation services to the network will be further incentivized by the PROVE tokens, though details on this aspect of the protocol are yet to be disclosed.

Beyond legal contracts, the protocol aims to support other applications of zero-knowledge proofs such as blockchain validation, cross-chain bridges, and AI workloads. The token will also be used to vote on “important network parameters,” the developers said.

"We are excited to continue testing and developing the protocol in close collaboration with the community," Succinct concluded.

As of press time, Succinct’s prover network is operating in stage 2 of its testnet, with stage 2.5 expected soon as a step toward the planned mainnet launch. In 2024, Succinct raised $55 million led by Paradigm to make zero knowledge proofs accessible to any developer. That total includes both Seed and Series A rounds, with participation from Robot Ventures, Bankless Ventures, Geometry, and others.