Hello everyone!
Steemit Crypto Academy is back with another amazing topic in this Week and I am ready to participate in this.
Privacy is really important for all of us as Everyone has right to keep their things private whether they are making transactions or in daily life.
What is Zero Knowledge Protocol (ZKP)? Give your own opinion and explain an example.
Zero Knowledge Protocol can be defined as a protocol in cryptography world which is used to share any important information without revealing anything about that information.
It is really a good protocol which protects the user's privacy in the blockchain and hence, It helps in maintaining high level security.
Like If a person is telling another person that he knows something secret information without telling that another person about that secret information.
In simple words, We can say that When We are able to tell any other person about a secret that we know it without telling them the secret. This is Zero Knowledge Protocol.
The person who is telling another person that he knows the secret without telling about the secret, is known as "Prover".
While the person whom the first person is trying to tell that he knows the secret without telling about it, is known as the "Verifier".
For example, In real life, I am telling my friend that I know where his mobile is but I haven't told him the location of his mobile. I just told him that I know the location, then It is just like Zero Knowledge Protocol and Here, I am the Prover and My Friend is the Verifier.
What is the ZK-SNARK protocol? Give your own opinion.
ZK-SNARK Protocol is a type of Zero Knowledge Protocol and the full of ZK-SNARK is Zero Knowledge Succinct Non Interactive Argument of Knowledge.
I have already discussed about Zero Knowledge in above topic and ZK-SNARK is a type of ZK protocol which involves no interaction between the prover and verifier.
Transactions can be made full private between the sender and the receiver without revealing any type of data or information of the sender in the blockchain and that too without any type of interaction. It just needs one message from the sender to complete the transaction.
There is a cryptocurrency which is Zcash and It is a privacy coin which is purely based on this ZK-SNARK Protocol.
How does the ZK-SNARK work and is it possible to adapt it to the Steem Blockchain? Give your own opinion.
ZK-SNARK is a protocol works when we made a transaction in the blockchain, then this protocol keep the information of sender, receiver and even the amount private.
It allows users to make transactions or send some amount to another user on the blockchain in an encrypted way, which means no one can know about these transactions.
This protocol works as when a certain user wants to send some amount to another user, then they should have the funds available and they also have to provide their private key in order to confirm that those funds are theirs.
This protocol allows that user to make that transaction without revealing any address or the amount and hence, It maintains the security and privacy of that transaction and also satisfies the user that the transaction is fully encrypted.
Is it possible to adapt it to the Steem Blockchain?
Yes, It is possible to adapt this protocol in the Steem blockchain as It will ensure all the users of the Steem blockchain that they can now make encrypted transactions here with full privacy.
Well, It is upto the developers of Steem blockchain as this protocol can be applied on Steem blockchain but We should also make sure that whether we need this type of protocol or not.
From the point of view, Steem blockchain has enough security and privacy for it's users and I am okay with it. I don't think that applying this protocol will be beneficial for steem blockchain as It needs high end computer and various difficult measures.
What is the difference between ZK-SNARKs and ZK-STARKs? Explain.
| ZK-SNARKs | ZK-STARKs |
|---|---|
| Trusted Setup Phase is needed here to generate zero Knowledge proofs. | Trusted Setup Phase is not needed to generate zero Knowledge proofs. |
| It have smaller proof sizes. | It have larger proof sizes. |
| It takes less gas fees in transactions. | It takes more gas fees in transactions. |
| It verify zero knowledge proofs faster. | It verify zero knowledge proofs slower than ZK-SNARKs. |
| It is less scalable. | It is more scalable. |
| It is not transparent which means other user cannot verify the proofs without private key. | It is transparent which means other user can verify the proofs without any private key. |
| It is based on Elliptical Curve algorithm which involves very difficult mathematical equations. | It is based on polynomial algorithm which contains simple mathematical equations. |
What are the main privacy mechanisms used by the Steem Blockchain?
Now, I will talk about the privacy mechanisms used by Steem Blockchain. Well, In this blockchain, anyone can see transactions of any other user by just going to their wallet.
Anyone can also see the amount in wallet, delegated part, liquid cryptocurrency by just going through the wallet of other user.
Anyone can see the notifications, comments of other users on this blockchain. Well, Most of the users don't really need that kind of privacy in steem blockchain as It is a type of social media blockchain in which users posts their quality content and interact with each other.
As We all know that Steem blockchain is based on Delegated Proof-of-Stake (DPos) mechanism, Some privacy mechanism are like We can send encrypted message to particular user using Memo Key.
That's all!
It was such an amazing topic as Privacy matters most in everyone's life and I am glad that I participated in this contest.
I would like to invite @steemdoctor1, starrchris and @casv to participate in this contest.
Thank You!
Hola amigo a mi me pareció muy buena tu participación y sobre todo como explicas de manera sencilla cada una de las preguntas que te proponen en el reto.
Me gusto como explicas lo que significa el protocolo de conocimiento cero que es como saber un secreto y no contarlo sino solo decir que lo sabes jeje.
Espero tu participación sea muy buen votada
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Thanks for reading my post.
Have a good day!
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Hola sachin08, te felicito por tu nota, demuestra la buena participación que realizaste, estos protocolos brindan seguridad de una u otra manera, principalmente con poder criptográfico.
Son protocolos que llevaron muchos años de trabajo para perfeccionarlos.
Te deseo un feliz y bendecido día.
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Thanks for reading my post
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Consideras que la blockchain Steem tiene suficiente seguridad y privacidad para sus usuarios. Estoy de acuerdo con ello. La adaptación necesaria implicaria altos costos para aumentar el poder computacional que demandaria la privacidad total de la plataforma.
Saludos y éxitos .
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True. Currently, I guess Many Steemians are satisfied with the privacy steem blockchain has.
Thanks for reading my post.
Have a good day!
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Hey friend,
Importance of privacy in our generation most especially in the crypto world cannot be underestimated see because fighter informations and sensitive data could we use to cause harm if falling into the hands of the wrong people.
Thanks for sharing such lovely post, please also engage on my post https://steemit.com/hive-108451/@starrchris/steemit-crypto-academy-contest-s12w6-privacy-is-important
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Thanks for going through my post.
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Friend you have a clear understanding about topic zero knowledge protocol. You have explain your opinion in French of you that you think about zero knowledge protocol. After that I am happy that you have given us more explanation by the help of an example which is very interesting for me to see.
ZK-SNARK working is very important to understand and you have explained in a clear with that how this protocol which is also privacy protocol works as well as you have also explained that how this protocol could be implemented at steem blockchain so what all these are very good efforts by you that you made I wish you good luck and success in this engagement challenge to you.
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