Zk-SNARK applications

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Assalamualaikum steemians

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How are you?Hope so everyone would be safe and sound just like me as I am also safe Alhamdulillah....

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My today's topic to discuss is ZK-SNARK applications.I would also like to know about some of their challenges and disadvantages.

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ZK-SNARK stands for Zero-Knowledge Succinct Non-Interactive Argument of Knowledge are sort of zero-knowledge proof that are able to prove statements in efficient manner about committed values without exposing values itself.Now there are some of the applications of ZK-SNARK that I am going to explain below;

Privacy-preserving transactions

ZK-SNARK are helpful in proving that a transaction is valuable and authentic without exposing transaction amount or type of asset.

if there is a blockchain such as Zcash so in it there's a person Ali who can send 5 ETH to another person named Ahmad without exposing amount or asset type, while proving that transaction is valid.

Identity verification

ZK-SNARKs are helpful in proving identity without exposing sensitive data or information.

If there's a user named Ali then he could prove that he is over 18 years old without exposing their real age or identification.

Secure voting systems

ZK-SNARKs is helpful in proving that vote were casted and counted without exposing any information about the vote that who casted it and when or other important information.

In a voting system such as vote secure system,users can cast their votes without any need of exposing their choices and still they prove that their vote were counted.

Privacy-preserving analytics

ZK-SNARKs are helpful in proving that data was observed properly without exposing any sensitive data itself.

If there's a company then it can prove that they have analyzed customer data without exposing any valuable data or any sensitive information.

Secure decentralized finance (DeFi) applications

ZK-SNARKs could have its high usage to prove that user has significant collateral without exposing amount or type of collateral.

In a DeFi application such as Lyra, users could prove that they have significant collateral for borrowing assets without exposing amount or type of collateral.

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ZK-SNARKs have different disadvantages or limitations:

• Generating and verifying ZK-SNARKs requires a lot of high computational resources so it's a challange to have its availability.
• ZK-SNARKs can be time taking and memory-intensive, make it challenging for use in large-scale applications.
• ZK-SNARKs are not supported at diverse range makes its integration with other technologies more complex and challenging.

In conclusion you can say that ZK-SNARKs enables privacy preserving proofs without expose of sensitive information which make it a powerful tool for diverse range of applications.There were also some challanges which are hindering widespread adoption of ZK-SNARKs I have discussed here.

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Thanks

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