MoneyBestPal Team
A way of proving that you know something without revealing what you know, in a fast and simple way, without any interaction.
Image: Moneybestpal.com

zk-SNARK is an acronym that stands for Zero-Knowledge Succinct Non-Interactive Argument of Knowledge. Let's simplify that because it sounds complicated.

Zero-Knowledge refers to the ability of the prover to persuade the verifier that they are aware of a secret without actually disclosing the secret. For instance, Alice can show Bob that she is familiar with a website's password without divulging it to him.

Succinct refers to how brief and simple the proof is. For instance, Alice can quickly demonstrate to Bob that she is familiar with the password, and Bob can quickly verify the assertion.

Non-Interactive implies that there is no need for back-and-forth contact between the prover and the verifier in order for the evidence to stand. For instance, Bob doesn't need to respond or ask any questions when Alice sends him the proof in a single message.

Argument of Knowledge indicates that the proof is valid, making it difficult for the prover to trick the verifier into accepting a false claim. For instance, if Alice does not genuinely know the password, she cannot demonstrate to Bob that she does.

In other words, zk-SNARK is a rapid, easy, interaction-free, and cheating-proof method of demonstrating your knowledge without disclosing it.

Nevertheless, why would you require such proof? Although zk-SNARK has several uses across different industries, cryptocurrency is one of the most well-known.

Keeping transactions legitimate, secure, and private without compromising user privacy is one of the challenges of cryptocurrencies. As an illustration, the blockchain, a public ledger that is accessible to everyone, is used to record Bitcoin transactions. This protects against double spending and counterfeiting of bitcoins, but it also makes the users' identities and balances public.

A cryptocurrency called Zcash uses zk-SNARK to address this issue. While Zcash transactions are also stored on a blockchain, they are encrypted with a secret key that is known only to the sender and recipient. Anybody can validate the transaction's validity using the zk-SNARK proof without disclosing who sent or got how much money.

Zcash users can benefit from both security and privacy while conducting cryptocurrency transactions in this fashion.

In conclusion, zk-SNARK is a potent cryptographic instrument that permits zero-knowledge proofs of knowledge. It has numerous uses across many industries, particularly in the world of cryptocurrencies. It enables users to quickly and easily demonstrate their knowledge of a subject without disclosing their knowledge, without engaging in any interaction, and without the risk of cheating.