Coin Price 24h % Research: Application of Zero-Knowledge Proofs (ZKPs) in Blockchain

2020-06-28 11:43:46Read:42495

While blockchain technologies have been gaining momentum as relevant use cases become more prominent, there has been a pressing need for a strong privacy-preserving mechanism from Blockchain industry participants. As Blockchain developers scramble to roll out innovative privacy protection mechanisms for blockchain, Zero-Knowledge Proofs (ZKPs) have emerged as a potential approach to secure users’ privacy for Blockchain applications. This report attempts to delve into the underlying framework of ZKPs, with a thorough and atic analysis of Zcash, a privacy-focused digital currency that employs ZKPs.

Key Takeaways:

- Introduced in the 1980s, ZKPs, or zero-knowledge protocols, have not been applied to real scenarios until the arrival of Blockchain. The key of ZKPs centers around how a statement is verified in the absence of verification information. Currently, ZKPs power Blockchain networks in three forms: trusted setup ceremonies, untrusted setup ceremonies, and communications setup ceremonies. Among them, untrusted setup ceremonies have a better popularity given their robust scalability.

-As the first ever Blockchain that adopts ZKPs, Zcash uses specific ZKPs called zk-SNARKs (zero-knowledge succinct non-interactive arguments of knowledge). With the application of zk-SNARKs, Zcash makes it possible to allow transactions to be verified without revealing the sender, receiver, or transaction amount. Currently, there are three transaction models available on Zcash, which are transparent transactions, Sprout, and Sapling.

-Zk-Snarks enable one party (the prover) to prove to another (the verifier) that a statement is true, without revealing any information beyond the validity of the statement itself.

-It is expected to be a pivotal area on ensuring privacy while in the meantime guarding against the malicious abuse of privacy mechanisms as ZKPs continue to play a significant role in the Blockchain eco.

Disclaimer: Based on the due diligence and objective analysis by internal staff, the research draws a conclusion based on the observed market data. However, it should not be treated as the sole basis of any investment.

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June 28, 2020

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