Thanks to the growth of the industry, there’s a vast spectrum of protocols on the blockchain network, each of which has to interact with one another through various blockchain bridges. Many of them are noteworthy protocols that have beneficial functionality on the blockchain network: zero-proof protocols are one such case.
Zero-knowledge proof or protocol is a verification built on the blockchain network. It works by one party (the prover) proving to the other (the verifier) that they know a value x, without the presenting of any other sensitive information. And therein lies the fundamentals of the zero-knowledge protocol.
It’s based on the understanding that in order to verify another party, the provider need only supply information that the verifier would contain exclusively. Once such use case might be an application that checks if a buyer has enough available funds for a given payment, without access to any other financial information.
Such a verification method is known as a probabilistic assessment, which of course means the method isn’t entirely comprehensive. Instead, they provide small pieces of confidential information that when accumulated, show validity and prove the prover’s legitimacy is highly probable.
Research is now looking into applying zero-knowledge proofs for digital identity verification, soon to replace the plethora of physical ID copies, such as printed passports and birth certificates. Allowing people to quickly check whether providers meet minimum age requirements without sharing personal details, such as their date of birth. Or, to verify a person has a license to drive, without showing their license number on their driving license.
But the applications of the agile zero-knowledge proof goes farther than just digital ID. Some speculate that such operability can be used for areas as vivacious as nuclear arms control. Allowing states to determine the nuclear missile capabilities of different countries without direct inspection of their military arsenal. After all, the arms industry is a $100 billion US dollar industry.
Though arms dealing isn’t exactly the everyday woman’s everyday job, there still remain clear applications for zero-knowledge proof. And whilst it isn’t a complete fail-safe, it is at the very least, a noteworthy protocol on the blockchain network, that we’re all likely to hear more from in the near future.
The Cudos Network is a layer 1 blockchain and layer 2 computation and oracle network being designed to ensure decentralized, permissionless access to high-performance computing at scale and enable scaling of computing resources to 100,000’s of nodes. Once bridged onto Ethereum, Algorand, Polkadot, and Cosmos, Cudos will enable scalable compute and Layer 2 Oracles on all of the bridged blockchains.
Marketing Executive at Cudos