What is zk-SNARK and how does it relate to cryptocurrencies?

3 answers

• May 01, 2022 · 3 years ago
  zk-SNARK stands for Zero-Knowledge Succinct Non-Interactive Argument of Knowledge. It is a cryptographic proof system that allows one party to prove to another party that a statement is true, without revealing any information about the statement itself. In the context of cryptocurrencies, zk-SNARK can be used to enhance privacy and security. By using zk-SNARK, transactions can be verified without disclosing the sender, recipient, or transaction amount. This technology is particularly useful for privacy-focused cryptocurrencies like Monero and Zcash.
  555

  278
• May 01, 2022 · 3 years ago
  zk-SNARK is a fancy term for a privacy technology used in cryptocurrencies. It allows for the verification of transactions without revealing sensitive information. So, it's like a secret handshake between the sender and the receiver. This helps to protect the privacy of users and make transactions more secure. Cryptocurrencies like Zcash and Monero use zk-SNARK to ensure that your financial information stays private and secure.
  431

  144
• May 01, 2022 · 3 years ago
  zk-SNARK is a cryptographic technology that is used in cryptocurrencies to provide privacy and security. It allows for the verification of transactions without revealing any sensitive information. This is achieved by generating a proof that a transaction is valid without disclosing the details of the transaction itself. This technology is particularly important for cryptocurrencies that prioritize privacy, as it allows users to transact with confidence knowing that their financial information is protected.
  511

  128