ZK-SNARKs: The Future of Blockchain

Zk-SNARKs have established themselves as a ‘Swiss army knife’ for blockchain and distributed ledgers, with applications in privacy, interoperability, and scalability.

Zero-knowledge proofs (ZKPs) have been utilized to enable applications ranging from verifiable outsourced computing to anonymous credentials in various scenarios that demand a balance of privacy and integrity. 

ZKPs allow one party to demonstrate to another that a particular statement or claim is true without disclosing the contents of that statement. The usage of ZKPs in several on-chain use cases aids in the resolution of privacy, interoperability, and scalability challenges.

Blockchain is the solution to many real-world problems, but it has inherent restrictions, which can create consumer concerns over time. It has the potential to hurt not only the blockchain network but also the participants in the ecosystem.

For example, the Bitcoin blockchain is increasing by the day, and it is currently more than 300GB in size, making it hard to handle using a low-end device. As a result, many miners face ceased mining, resulting in the centralization of Bitcoin mining. When Bitcoin becomes centralized, the controller can modify blocks and thus transactions, which is not good.

However, zk-SNARK is resolving this issue. zk-SNARK, which stands for Zero-Knowledge Succinct Non-Interactive Argument of Knowledge, is a digital certificate that can verify anything without giving the knowledge, and it uses the zk-SNARK MINA protocol to create a 22kb blockchain.

How Does ZK-SNARK Work? 

Compared to the blockchain, zk-SNARK can be considered a virtual certificate that is generated every time a new block is created by replacing the previous one. For example, a blockchain can generate three blocks: block 1, block 2, and block 3. 

For the first block, zk-SNARK 1 is generated with a size of 22kb, then for the second block, zk-SNARK 2 is generated with a size of 22kb, and zk-SNARKS 1 + zk-SNARK 2 combine to generate a single 22kb zkSNARK. 

After block3 generates zk-SNARK3 of 22kb, it joins with the previous zk-SNARK of 22kb to generate a single zk-SNARK of 22kb. As a result, as a miner, you no longer need to verify blocks 1, 2, or 3, but only the last zk-SNARK, saving you time, effort, and energy.

The main advantage of zk-SNARK is that it can minimize the size of the blockchain to only 22kb. As a result, the size of the blockchain will never grow, and we will never face any blockchain size-related issues, and any light-end device may be a blockchain node, allowing us to take advantage of all the benefits that blockchain offers.

zk-SNARK aids in data protection by never disclosing your data when you connect to a third party but allowing you to verify anything you desire. Assume you go to the internet to open an account, and the party asks you for your information. 

Then, in lieu of data, you supply zk-SNARK of your data to demonstrate that you have a legitimate name and address but do not need to expose them. SNARK-powered applications can assist us in protecting thousands of data streams emanating from your family’s gadgets.

This is just one example of how zk-SNARK resolves the issues that blockchain fails to handle. So far, many more Web 3.0 solutions are being introduced with the help of zk-SNARK.

In conclusion, experts believe zk-SNARK will take over blockchain in the next 10 years. 

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MetaMask’s iOS App Just Got Updated, And It Couldn’t Get Any Better!

MetaMask just released an update for its iOS app, making the app more secure and accessible for Apple users. 

Key Update Highlights: 

  • Added support for the Consensys zkEVM network (Linea) 
  • Enhanced on-ramp accessibility 
  • Added recovery flow for vault corruption

MetaMask, a leading self-custodial wallet popular for its exceptional security features, offers its users a safe and simple way to Web3 and blockchain apps. This Web3 wallet trusted by millions of global users is primarily powered by its globally-spread solid community. 

However, like every Web3 and blockchain-based app in the crypto world, MetaMask has also experienced its highs and lows. Just last year in September, users of this smart wallet + browser reported that they were losing their funds due to online phishing attempts. 

Yet, with MetaMask being a community wallet and platform, it was quick to take action against this phishing attack on its user’s digital wallets. Now with the recent update of MetaMask promising a more advanced and reliable security standard for its iOS device users, MetaMask is certainly back at ensuring extreme security for its users.

Download the Updated MetMask iOS version here

More About MetaMask: 

MetaMask is a cryptocurrency wallet that uses software to communicate with the Ethereum blockchain. It enables users to interact with decentralized applications by allowing them to access their Ethereum wallet via a browser extension or mobile app. ConsenSys Software Inc., a blockchain software business focused on Ethereum-based tools and infrastructure, created MetaMask.

Also Read: MetaMask to Enable Direct Crypto Payments in Nigeria in Partnership with MoonPay

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Binance Custody Launched Binance Mirror for Cold Custody

Did you hear? Binance will now let institutions store crypto with cold custody without having to post collateral directly on the exchange. Here’s everything you need to know about it!

Cointelegraph reported that cryptocurrency exchange Binance has begun to improve its institutional trading services by utilizing cold-custody chances.

According to Cointelegraph, Binance will launch its Binance Mirror, an off-exchange settlement solution for institutional investors employing cold custody, on January 16, 2023. The Mirror service is thought to have been inspired by Binance Custody, a regulated institutional digital asset custodian. Furthermore, the capability involves mirroring cold-storage assets with 1:1 collateral held on the Binance account.

What’s More? 

For the duration of the open mirror position on the Binance Exchange, which can be settled at any time, Binance has assured customers that their cold storage assets will be safe. According to the firm, “more than 60% of all assets secured on Binance Custody” are kept on Binance Mirror. Athene Yu, vice president of Binance Custody, said that institutional investors can use the mirror service to gain access to “institutional VIP Loans” and a wide range of items on the Binance exchange. As Yu put it, “the deep liquidity that the Binance Exchange offers” is a big draw for institutions, but top-notch security is also important in light of recent market developments.

More About Binance Custody:

Binance Custody is a custodian platform that was introduced in 2021. It has its own cold storage solutions and protects protected assets against physical loss, damage, theft, and internal collusion.

Binance Custody is a bank-grade custody service that was developed exclusively for institutions to use for the storage and management of their digital assets. The service is independent, compliant, insured, and audited. Access robust security and liquidity venues from anywhere in the world with the Binance Custody app, which supports more than ten different blockchains and more than five hundred different assets. 

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Crypto Hardware Wallet Ledger’s Asian Expansion Plans

Ledger known for protecting Cryptocurrencies with their popular multi currency hardware wallets is looking at expanding in Asia. It plans to utilize its new branch in the Asian busy town of Hong Kong, where Benjamin Soong is heading the Asian Pacific region.

In an exclusive interview with EJ Insight, Soong highlighted the severals ways Ledger will be looking out to expand in Asia.

Ledger’s Current Business Model

Ledger’s primary objective is to secure Cryptocurrencies in its advanced wallets which include the Nano and Nano S. Currently it ships to 165 countries, with a total sale of 1.5 million so far, with a whopping US$46 million in revenue recorded in 2017.

The latest offering is the Ledger Vault targetted towards the institutions such as hedge funds, crypto funds, exchanges, banks and custodians.

Ledger also is focusing on the Internet of Things in relation to security points.

The Asian Crypto Market

In the interview Soong, spoke about the importance of China and Korea in terms of Cryptocurrency markets. He touched on some interesting statistics such as 70% of the biggest Cryptocurrency exchanges being based in the Asia Pacific region with the right mix of retail and institutional investors.

Soong specified that exchanges are what needs to be protected at the present moment. It is likely that Ledger could partner up with exchanges to provide a secure Cryptocurrency wallet given that Cryptocurrency exchanges are being targetted by hackers.

Questions still remain in terms of Cryptocurrencies in the two most populated countries in the world – China and India. While China is over-regulated, the scenario could change soon given that certain areas have showcased their Blockchain and Crypto presence. As for India, a number of Cryptocurrency enthusiasts such as Blockchained India are doing all they can to help gain a more favourable legal environment for the digital assets.

With companies like Ledger displaying their active interest in Asia, it showcases the rapid developments taking place for Blockchain and Cryptocurrency in the region.