As an analyst with a background in blockchain technology, I’m excited about the potential of zero-knowledge (ZK) systems and believe that they could experience a breakthrough similar to ChatGPT’s impact on artificial intelligence. ZK is a game-changing technology that allows for the authentication of information while maintaining privacy, which is crucial for public blockchains.
As zero-knowledge systems advance, an executive imagines a future in which they witness a groundbreaking development similar to the impact of ChatGPT’s artificial intelligence chatbot.
A Zero-Knowledge proof is a technique for confirming the validity of data while preserving confidentiality. Through this approach, one entity can demonstrate to another that a specific statement is true, without disclosing any hidden details.
As a researcher exploring the realm of cryptography, I’d describe Zero-Knowledge Proofs (ZK) as a method enabling public blockchains to authenticate hidden data’s existence. This feature empowers crypto users by granting them the ability to confirm information legitimacy without revealing its content, thereby preserving privacy and security in their transactions.
Some predict that as this technology advances from its current fledgling state, it may eventually garner widespread attention and make a significant impact on par with ChatGPT.
ChatGPT moment for ZK
During an interview with CryptoMoon at Token2049 in Dubai, Telos Foundation’s executive director, John Lilic, emphasized the significance of Zero-Knowledge (ZK) technology. According to Lilic, it’s not feasible to overlook ZK as it holds great importance and is essentially the “final frontier” or “end game.”
Lilic holds the view that the general public may not give much thought to ZK technology in the near future due to its complexity. Yet, she is certain that a day will come when ZK systems will receive the same level of interest and recognition as ChatGPT did when it first emerged.
“Nobody’s going to care so much. And then suddenly, everything all at once will come onto the networks which have the best ZK systems. You see how fast the ChatGPT thing came. Suddenly, it was everywhere. That’s how I think it’s going to go with ZK.”
On the 19th of April, my team at Telos Foundation collaborated with Ponos Technology to construct a layer-2 network. We employed Telos’ SNARKtor, a decentralized recursive proof aggregator, in this project. Our intention behind this partnership was to expand Telos into a “network of networks.”
Still in its early stages
Though ZK systems hold great promise for the future, we may not experience their breakthrough moment akin to ChatGPT’s in the immediate term.
Richard Meissner, the co-founder of Safe (previously known as Gnosis Safe), which employs Zero-Knowledge (ZK) technology for cross-chain proofs of ownership, acknowledged that this innovation is currently in its nascent stage of growth.
Meissner pointed out that there’s room for further enhancements to make the executive’s proposal more attractive for adoption.
“There has been interest in the tech and in the last couple of months, it was possible to see prototypes for all kinds of use cases based on ZKPs. For example, cross-chain ownership proofs for smart accounts.”
Terence Kwok, the founder of Humanity Protocol, which incorporates Zero-Knowledge (ZK) systems into its framework, views the current development of ZK technology as both promising and still in progress. He remains hopeful about the potential impact of ZK on creating safer, more private, and decentralized environments in the future.
Kwok noted that researchers are continuously working on overcoming the limitations of Zero-Knowledge (ZK) proofs and broadening their use.
As a analyst, I’d rephrase that statement as follows: “I see significant opportunities for growth in the realm of Zero-Knowledge (ZK) technology. With advancements coming our way, such as enhanced scalability and user-friendliness, this tech holds great promise for expanding its reach into various sectors.”
Why people should care about ZK
Meissner emphasized that transparency is inherent in the design of blockchains. Yet, he added a caveat: not every application requires publicly accessible transaction data.
In interactions between parties with partial trust, ZK technology allows for the verification of specific credentials while keeping confidential information concealed, thereby facilitating trustless transactions.
During the conversation, Lilic provided rationales for taking interest in Zero-Knowledge (ZK) technology. She explained that at its core, this innovation enables one to demonstrate possession of knowledge without revealing the specifics itself.
As a crypto investor, I’ve come across an intriguing use case for blockchain technology in the car rental industry. Lilic proposed this solution, suggesting that a decentralized blockchain platform could facilitate transactions with integrated crypto payments. However, the ZK director raised a valid concern. From my perspective, while renting a car, revealing one’s identity documents to others through a blockchain system might not be an optimal choice for privacy concerns.
“You’re not going to use a blockchain system to rent that car if it means your license and your identity documents are on-chain forever for everyone to see. Okay? It’s just not worth it.”
Using Zero-Knowledge (ZK) proofs, as explained by Lilic, enables individuals to easily produce evidence on their own device, showing that they possess a legitimate driver’s license and satisfy the necessary conditions to rent a car.
As a crypto investor, I would explain it this way: “Instead of handing over my license to them, I just provide evidence that I hold a valid one. These attributes I’m sharing are also verified and authentic.”
Web3 scalability relies on ZK
In addition to the mentioned points, Kwok emphasized the significance of Zero- Knowledge (ZK) technology in the Web3 realm, as it enables users to retain control over their personal data as the industry shifts towards greater individual autonomy.
“In a time where data breaches and privacy violations are all too common, ZK technology serves as a shield, allowing individuals to assert their identity and authenticate transactions without exposing sensitive details.”
Kwok advocates that users take the time to grasp the underlying principle of Zero- Knowledge (ZK) protocols. This knowledge will empower them to evaluate Web3 applications more critically and make wiser choices regarding sharing their data.
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2024-04-30 12:08