Zero-Knowledge Succinct Non-Interactive Argument Of Knowledge
So today on reading the post made by ethereum co-founder and also creators which he taking about how exchanges can go about revealing their reserves with less security risk, which was a practice that most exchanges and crypto firms are practicing of recent post FTX collapse the act it done to show their solvency.
zk-SNARK which is an acronym for that said topic according to the explanation gotten from investopedia is;
“Zero-Knowledge Succinct Non-Interactive Argument of Knowledge.” A zk-SNARK is a cryptographic proof that allows one party to prove it possesses certain information without revealing that information.
So from my findings I was able to discover that this technology was dated back in the 90’s which it was being practiced by institutional financial bodies, which they practice the zero knowledge of proof. In a real life scenario the cryptocurrency asset which has put this piece of technology is Zcash, and is really better option for mainstream cryptocurrencies such as bitcoin.
Well after carrying out my research and findings I now totally understand why the ethereum co-founder and developer is suggesting same path for centralized exchanges.
If you see this post on a Web2 ecosystem and you have no clue about what Leofinance is here is a brief definition;
LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards. Over here we refer to users as lions, so are you ready to be a lion here is my referral link
Also don’t forget in contributing to the pHBD-USDC pool, and from statistics it looks like we will be able to archive the set target in a few months, let’s do our own part in growing the pHBD-USDC liquidity and also take out time to participate in the Leo power up challenge which happens every 15th of each month.
Let’s also connect on some of the web2 platform. Twitter:Hironakamura
Posted Using LeoFinance Beta
