Zcash COULD SOON ADVANCE THEIR PRIVATE BLOCKCHAIN - Your Daily Hash - 10/1/17

GETTING STRAIGHT TO THE BUSINESS....

Zk-Starks and Privacy

Zcash is looking into Zk-Starks, a "trustless" solution to a problem that has been plaguing many anonymous blockchains. People are giving Zk-starks attention because it is a more secure version of Zk-snarks.

Let's backtrack.

Zk-snarks are an improved version of a 1980 cryptographic technique. Generally speaking, the idea behind Zk-snarks is that (Zk = Zero Knowledge), it enables parties to verify if a statement is correct without receiving anything more than a true or false statement. Zk-snarks have become associated with Zcash because Zcash was the first blockchain to implement Zk-snarks on a large-scale.

Many people considered Zk-snarks a breakthrough, but it needed improvements. For example, there's no way you can be certain that Zcash was NOT compromised during it's set-up.

If Zk-starks could handle the issue of Zcash possibly being compromised at its inception, then the impact of this would be huge. It's also important to note the reduction in price, increase in speed, increase in security, and increase in scalability that comes with Zk-starks.

DOUBT

Despite the fact that Zk-starks will change the privacy game, there isn't much information about it [Zk-starks] that has been published.

The team consists of researches that have are associated with Zcash. They're still working on the code. If you're interested in the FSA algorithm, you can read about it here . It's one aspect of Zk-starks.

Its important to note that many researchers or developers that have worked on zk-snarks have said that the current issues surrounding zk-snarks make it potentially too risky for valuable/business use. Many researchers vouch for Zk-starks saying that it will be a massive improvement.

It seems that many people even viewed it[Zk-starks] as a fantasy, but the work is being done. This will be a game changer.

What is at stake

Zk-starks solves the problem of Zero knowledge blockchains creating "master keys". Many people believe that the Zcash master key was destroyed. However, it could still be possible for someone to find this key and be able to generate Zcash out of thin air.

Due to possibilities, there is an incentive for governments to get their hands on this master key as soon as possible. We could have a game theory situation where governments are incentivized to get a master key in order to prevent their enemies from getting a master key. Obviously, at this point Zcash would have to be the dominant currency in the world. However, picture people in said country transacting in Zcash. All it would take is an enemy to have this master key and cripple a country economically.

Zk-starks will remove such situations. It will also get rid of machinery associated with zk-snarks because Zk-starks doesn't need public key cryptography.

It uses a mining algorithm similar to those who mine Bitcoin except Zk-starks uses random numbers when solving encryption patters so its procedure can't be predicted.

Zk-snarks uses numerous tools in its algorithm which take ~28 minutes to compute using around 18.9GB of space.

A zk-stark will reduce the calculation time down to fractions of seconds, taking up only 1.2MB of space.

What do you think about this? Comment Below.

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Sources:

Zk-Starks? New Take on Zcash Tech Could Power Truly Private Blockchains: https://www.coindesk.com/zk-starks-new-take-on-zcash-tech-could-power-truly-private-blockchains/