1) The market is waking up to Zero-Knowledge technology and #ZK altcoins are booming.
What is ''zero-knowledge proof'' actually and why will it last longer than you think π§΅π
What is ''zero-knowledge proof'' actually and why will it last longer than you think π§΅π
2) One of the main reasons we all got to know and love cryptocurrencies is because of its underlying technology called blockchain.
A decentralized system where we not only have control of our own funds but also protected by our data.
This isn't entirely true however...
A decentralized system where we not only have control of our own funds but also protected by our data.
This isn't entirely true however...
3) Unlike what many people think, it does not have many ways to protect the privacy of users.
While there is no name attached to a wallet, almost everything is still publicly available to others.
While there is no name attached to a wallet, almost everything is still publicly available to others.
4) If a user purchases something from someone with his wallet address, his wallet address is now known by that someone.
That someone will know everything that the user did in the past and in the future, including what else he bought, or how much he has.
That someone will know everything that the user did in the past and in the future, including what else he bought, or how much he has.
5) This creates a real privacy concern where we are still sharing way more information than is actually needed.
The solution?
Enter zero-knowledge proof technology.
The solution?
Enter zero-knowledge proof technology.
6) Zero-knowledge proofs uses encryption to prove something is true without revealing more than necessary, greatly improving privacy.
To achieve this, it uses an algorithm that accepts certain data as input and produce "true" or "false" as output.
To achieve this, it uses an algorithm that accepts certain data as input and produce "true" or "false" as output.
7) This way it can reveal necessary information that was required without revealing anything else.
This in term greatly improves the privacy aspect of blockchain even further.
@coingecko gave such a great real world example on this that I'm going to use the exact same β
This in term greatly improves the privacy aspect of blockchain even further.
@coingecko gave such a great real world example on this that I'm going to use the exact same β
8) Imagine having a competition where you have to point out where Wally is to proof his existence (the popular game ''where's Wally'').
Everyone that finds him and proves his existence will receive a prize.
Everyone that finds him and proves his existence will receive a prize.
9) The problem?
To prove his existence you will reveal the answer to everyone else and end the competition.
Instead of this you take a large piece of paper many times the full size of the ''where's Wally'' picture and cut a small hole in it.
To prove his existence you will reveal the answer to everyone else and end the competition.
Instead of this you take a large piece of paper many times the full size of the ''where's Wally'' picture and cut a small hole in it.
10) You place the small hole on top of ''Wally's'' head.
This will prove you found ''Wally'' and he does exist without revealing the location to others.
Everyone will agree that it's enough proof that you found ''Wally'' and he exists.
Hence the name β Zero-knowledge proof.
This will prove you found ''Wally'' and he does exist without revealing the location to others.
Everyone will agree that it's enough proof that you found ''Wally'' and he exists.
Hence the name β Zero-knowledge proof.
11) Obviously this is just an example and in the case of blockchain technology it's a set of algorithms that run this.
The main takeaway we can take from this is that #zk tech likely isn't just a short term narrative.
It's here to stay.
The main takeaway we can take from this is that #zk tech likely isn't just a short term narrative.
It's here to stay.
12) We've seen a lot of hype come and go in the crypto markets over the years.
And while this will always continue to happen for as long as trading and investing exist some necessary things do remain.
#ZK technology is something people will be asking for.
And while this will always continue to happen for as long as trading and investing exist some necessary things do remain.
#ZK technology is something people will be asking for.
13) While the initial wave from a new narrative won't always stay strong forever we will see the market moving forward in favour of altcoins using or adopting this technology.
This year especially should be a good one for ''#zeroknowledge proof'' tech.
Nova out π
This year especially should be a good one for ''#zeroknowledge proof'' tech.
Nova out π
14) Looking for the best low-risk promising #ZK altcoins?
You know I got you already π
Looking for low-caps only?
Being written as we speak βοΈ β°
You know I got you already π
Looking for low-caps only?
Being written as we speak βοΈ β°
https://twitter.com/CryptoGirlNova/status/1624847661236097025
15) I hope you've found this thread helpful.
Follow me
@CryptoGirlNova for more of these.
Like/Retweeting the first tweet below would mean a lot to me ππ
Follow me
@CryptoGirlNova for more of these.
Like/Retweeting the first tweet below would mean a lot to me ππ
https://twitter.com/CryptoGirlNova/status/1627227759545311237
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