While blockchain has given us great pros such as transparency, immutability, and decentralization, it may lack the privacy required for some transactions. However, combining zero-knowledge proofs with blockchain technology has the potential to provide users with a powerful combination of immutability and security.
1. zero-knowledge proof definition
Zero-knowledge proof is defined as a cryptographic scheme whereby one party (dialect) can prove the truth of particular information to another party (verifier) without further disclosure of any information. any information.
Although Zero knowledge proof is being used to enhance the functionality of the blockchain, the protocol predates the invention of the decentralized ledger by forty years. This method was first introduced by MIT researchers Silvio Micali, Shafi Goldwasser, and Charles Rackoff in the 1980s.
There are two main types of zero-knowledge proofs – interactive and non-interactive.
Interactive Zero knowledge proof involves a series of tasks or actions that the user must complete in order to convince the verifier that they have specific information. Most of the required tasks performed in interactive Zero knowledge proof usually involve the concepts of mathematical probability.
2. Zero-knowledge proof evaluation
2.1. Cons of zero-knowledge proof
Limitation: The protocols for Zero knowledge proof are often based on mathematical equations and numerical answers. Any other method requires a translation.
Requires a large amount of computing power: There are about 2000 calculations for each Zero knowledge proof transaction, each of which takes a certain amount of time to process.
Restricted: If the transaction originator forgets their information, all data associated with it will be lost.
Vulnerability: Vulnerability to advanced technologies such as quantum computing.
2.2. Pros of zero-knowledge proof
In spite of zero knowledge proof disadvantages, its pros still surprise users thanks to:
Simplicity: Doesn’t require any complicated coding methods.
Privacy: Enhance user privacy by avoiding disclosure of personal information in public blockchains.
Guard: Enhance information security by replacing ineffective authentication methods.
The ability of extension: Increase the throughput and scalability of the blockchain.
3. Using zero-knowledge proofs in blockchain
3.1. Private transactions
Many concerns around data privacy and sovereignty have led consulting firm EY to release Zero knowledge proof and blockchain solutions.
In 2019, EY released Nightfall, a public Zero knowledge proof protocol that allows companies to keep secrets while conducting private and secure transactions on public blockchains.
As part of their $100 million spending on blockchain-related developments, EY will work on Starlight, a Zero knowledge proof prototype compiler that “supports the needs of complex business arrangements, where business logic must be shared between parties at the network level but privacy from competitors also remains important. “
Nightfall and Starlight both aim to enable users greater security and privacy on blockchain applications.
3.2. Messaging app
Start-to-end encryption has played an important role in allowing messages to be sent privately. However, traditional messaging apps require users to verify their identity with a server. With Zero knowledge proof, an individual can prove their identity without revealing any more personal information.
3.3. Complicated documents
Zero knowledge proof has the potential to encrypt data in pieces, which allows users to control certain blocks and the visibility of the information contained within them, allowing access by some users while restricting others.
If you want to get more information about the Pros and cons of zero-knowledge proof, contact SmartOSC’s experts to experience a free demo of our blockchain-backed solutions.
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