ZK Tech Development
Zero-knowledge proofs (ZKPs) are the building blocks of the latest innovations in the blockchain space. They are a powerful tool for privacy-preserving computation solving some of the most critical problems of the blockchain space, such as privacy and scalability.
The basic mechanism of ZKPs is that a prover can convince a verifier that a statement is true without revealing any information about it. The proof is constructed in such a way that a party can verify that a statement like transaction data is valid without knowing anything about the information itself.
We at HackBG have been working on ZKPs for a while now. We have rolled out a few example projects that demonstrate the power of ZKPs and more are yet to come.
Preserving privacy is sometimes a critical requirement for blockchain applications. For example, in the case of a blockchain-based voting system, it is essential to ensure that the votes are anonymous. ZKPs can be used to prove that a vote is valid without revealing the identity of the voter.
Another example is a blockchain-based supply chain system where it is essential to ensure that the information about the supply chain is not leaked to the public. ZKPs can be used to prove that the supply chain is valid without revealing any information about it.
Becoming a mass scale technology is one of the biggest challenges of blockchain. ZKPs can be used to scale blockchains by processing transactions off-chain and then “rolling up” the results into a single transaction on-chain. This allows for a large number of transactions to be processed in a single transaction on-chain and achieving a high level of throughput.
Web3 projects now have the ability to scale their applications to millions of users without sacrificing privacy or security. If you are interested in learning more about ZKPs, check out our blog.