Zero-Knowledge Proof

We embrace a more scalable future with the arrival of the Merge. However, the Merge itself does not guarantee cheaper speed and scalability, as confirmed by the Ethereum Foundation. Industry leaders are subsequently turning towards other scalability alternatives like zero-knowledge proofs. Zero Knowledge Proof (ZKP) is a unique method by which one party (prover) can prove to another party (verifier) that a statement is true, without revealing any additional information. In the case of blockchains, ZKPs aim to securitize transactions, increasing financial privacy and reducing the amount of storage data needed for each transaction. These are two core components to achieving scalability. The three properties needed for ZKPs are completeness, soundness, and zero-knowledge. Completeness refers to the verity of the information, soundness is the integrity of the exchange, and zero-knowledge is the lack of sharing additional information. There are two main different types of ZKPs – interactive and non-interactive. They can be used in various cases, such as blockchain, finance, authentication and machine learning. Applications of ZKPs are seen in notable protocols such as zkSync, Immutable, and StarkWare.

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