#Zk-SNARKs
Zk-SNARKs (Zero Knowledge Succinct Non-Interactive Argument of Knowledge) is a cryptographic technology developed by cryptographers Eli Ben-Sasson, Alessandro Chiesa, Eran Tromer and Madars Virza at the Massachusetts Institute of Technology (MIT). It is used to create secure and private transactions on blockchain networks. Zk-SNARKs are a type of zero knowledge proof which allows two parties to prove that they possess specific information without revealing any details about it. This makes them ideal for use in distributed systems where trust between participants is not possible or desirable.
At its core, Zk-SNARKs works by using an algorithm to generate a digital signature called “proof” from certain data inputs such as transaction records and other pieces of information without actually revealing those inputs themselves. The proof can then be verified by anyone with access to the data inputs but without being able to view their contents. For instance, one party can prove that they own specific coins on the Bitcoin network without having to reveal which addresses contain those coins or how much money is stored there. As such, ZK Snarks offer privacy benefits unmatched by traditional methods while still allowing users to verify one another’s identity and authenticity through their proofs alone.
In addition to its privacy features, ZK Snarks also provide enhanced scalability compared with traditional blockchain technologies due to their low computational overhead when verifying transactions; this allows more transactions per second than would otherwise be possible on blockchains relying solely on public key encryption schemes like RSA or ECC. Furthermore, since proving statements requires no interaction between verifier and prover beyond providing the necessary data inputs – even across long distances – this technology offers significant advantages over interactive protocols like Schnorr signatures when multiple entities need verification simultaneously in order for consensus decisions regarding new blocks in ledger systems like Hyperledger Fabric or Ethereum 2.0’s Casper protocol upgrade .
Finally, because all components needed for generating proofs using zk SNARKS are generated from within the system itself rather than requiring external sources , these protocols have been dubbed “trustless” as third parties do not need be involved nor trusted in order for validations processes involving them take place .
Overall , zk SNARKS represent an important advancement towards creating truly autonomous decentralized networks capable of securely sharing confidential information with high levels of efficiency .
