Solving the problem of Bitcoin and Ethereum : Zero-knowledge protocol.
The New gold
One of the most confusing things you can do currently is enter the Web3 environment without knowing what you want.
The real challenge in identifying your specialty in this environment is cutting through the noise.
There are a lot of bubbles and noise in the Web3 environment, and if you don't look for direction right away, you will be one of the few who miss out on the decade-long revolution.
The Bitcoin blockchain promised anonymity but failed to deliver it. However, we were saved by this new blockchain technology.
THE REAL ASSET OF THE WEB3 ERA IS PRIVACY
You might not know the value of privacy until you know the amount of billions that Google and other companies make from your data.
check out how much is being made from your data, https://www.androidauthority.com/google-data-sharing-1002538/
Here is the change we have been waiting for (Not the APC kind)
As I told you earlier, the Bitcoin blockchain failed us in terms of privacy because most of us confuse privacy with transparency.
You might argue, "We are in crypto for the transparency", but remember, privacy and transparency are not the same. There are numerous real-life scenarios where anonymity and protection of one's data are necessary—that's just the nature of our society.
In a reality where large corporations are profiting immensely from our personal data, the concept of zero-knowledge becomes crucial.
Image source: egorithm
Imagine a Bitcoin blockchain with a fulfilled promise of privacy and security.
That's what ZK proof is giving us. We have received all we can ask for.
The implication of this for the crypto space is that a more secure and private DEX will emerge, leaving little to no room for CEX. We will begin to see situations in which each of the two parties in a transaction can verify to each other that they have a particular set of information while at the same time not revealing what that information is.
The solution ZK presents to privacy and security solves a huge problem in the blockchain space.
UNDERSTANDING ZK FOR DUMMIES
Imagine that James has the best chocolate chip cookie recipe in the world and wants to sell it to Ella.
Ella needs to confirm that James genuinely has the recipe, but if James presents it to her, she will see the secret recipe and all of the ingredients.
A ZK proof is a way to guarantee that James does indeed have the recipe, but without revealing the actual recipe.
James and Ella agree that to demonstrate he has the recipe, James will bake the cookies and Ella will taste them. He bakes the cookies, ella eats them and they taste like the world’s best cookies.
To make sure this was not a fluke, Ella required James to bake the cookies multiple times and if every time they tasted like the world’s best cookies, Ella could conclude with a high degree of confidence that James had the recipe. We, on the other hand, may conclude that Ella has diabetes. LOL
This is ZK-SNARK. There is also ZK_STARK, that doesn’t need multiple tasting to verify.
See? Even though they sound similar, they are not the same and confusing them would be like confusing StarWars and StarTrek — inexcusable
Zero-knowledge proof is a situation in which each of two parties in a transaction is able to verify to each other that they have a particular set of information, while at the same time not revealing what that information is.
The truth is that this technology will be fought as it removes the power from the regulators, those who profit from centralizing everything ( I meant the people who control money and data).
I did not mention the Central Bank or any data mining company. Don't quote me right.
But ZK Blockchain has come to stay and has a strong developer community building on the protocol.
Most of the projects have not launched yet but watch for them
Alpha you can watch for it on the ZK chain.
USE CASES of ZK
Check DappRadar for more:
https://zksync.dappradar.com/
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I have seen a lot of tweets about ZK Protocols but haven't thought to do a deeper reading.
This article gives an introductory overview that can help even begginners understands some of the benefits of the blockchain.
Thanks for sharing.