Crypto Terms: Letter Z

What is Zk-SNARKS?

Zk-SNARKS - refers to a proof that enables one group to guarantee it owns particular data without disclosing it.
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Let's find out Zk-SNARKS meaning, definition in crypto, what is Zk-SNARKS, and all other detailed facts.

Zk-SNARKs stands for "Zero-Knowledge Succinct Non-Interactive Knowledge Argument." In other terms, a zk-SNARK is a cryptographic proof that enables one group to ensure that it holds specific data without disclosing it. This is accomplished by employing a secret key produced prior to the transaction. It is a component of the protocol for the cryptocurrency Zcash.

Moreover, zero-knowledge indicates that one party wants to prove some statement is true without revealing why it is true. Succinct, on the other hand, refers to that zero-knowledge proof is able to be verified in a few milliseconds, even in the scenario when statements are connected to large-scale programs.

The term "non-interactive" refers to a zero-knowledge protocol in which the prover and verifier have little to no contact. As a result, they can only trade one proof.

Only the proof of the transaction on the blockchain node is being recorded by zk-SNARK, protecting the identity of the sender and receiver, as well as other details associated with the transaction.

In addition, zk-SNARKs may be used to provide a person's identification on a blockchain. For example, if B wishes to confirm A's identity, they can send a hidden message to A, without informing them what it is, and ask A to decode it using their private key. A can then transmit the message back to B, therefore establishing their identification.

When engaging on the blockchain, a user might be required to demonstrate that certain requirements have been satisfied before they may execute a transaction. For instance, they must demonstrate that they have adequate money to conduct a transaction without disclosing how much money they have in their wallet in total.

Overall, developers began working on privacy-focused coins because some people think that the initial cryptocurrencies, such as Bitcoin, lack privacy. The most notable of privacy-focused coins was, indeed, Zcash.