On 10th August 2023, Zeeve held a Twitter AMA session where Karthik MS, Social Media Manager of Zeeve, hosts the session on “A Deep Dive into Zero-Knowledge Proofs in Blockchain.”
This session explores the concept of ZKPs, their benefits, challenges, and real-world use cases.
Karthik introduced guest speaker Pranav Agarwal, Web3 Investor & Head of Capital at Foundership- Web3 Startup Launcher.
Pranav Agarwal briefly discusses his background and involvement in the blockchain industry, mentioning his association with Foundership, a coaching and capital accelerator for early-stage startups.
Before delving into the topic, Karthik mentions a career opportunity, “Web3 Titans Launchpad” by Zeeve, ” aimed at professionals interested in Web 3 industries. The deadline for registration is August 15. Then, the discussion shifts to the topic of zero-knowledge proofs in blockchain.
Pranav Agarwal introduces zero-knowledge proofs (ZKPs) as a fundamental concept in the blockchain. He uses an example of a binary yes-or-no question, like determining whether someone is over 21, without revealing their exact age. ZKPs ensure that only relevant information is shared, maintaining privacy.
When asked about the benefits of ZKPs in blockchain, Pranav emphasizes that blockchains are designed to give validated proofs without disclosing intimate details. He cites examples like token proofs and hotel bookings, where validating the asset or transaction is essential without revealing additional data.
Regarding challenges in implementing ZKPs, Pranav explains that balancing trustlessness and privacy on public blockchains is complex. He highlights the difficulty of controlling and sharing information levels while maintaining the security and privacy aspects of ZKPs.
The conversation explores how ZKPs enhance privacy and confidentiality in blockchain transactions. Pranav explains that ZKPs validate assets or transactions without revealing unnecessary information, like hotel bookings or job applications. He emphasizes the importance of ring-fencing data exposure.
Next, the discussion touches on how ZKPs address the blockchain trilemma (scalability, security, and decentralization). Pranav notes that ZKPs can help with scalability by reducing the amount of information that needs to be processed and shared. He explains that blockchains’ security is inherent, and ZKPs can further enhance it.
Regarding different privacy-enhancing technologies, Pranav highlights that ZKPs share a common principle of sharing only necessary information. He uses the example of concealing the number of items in a collection, which enhances privacy.
The conversation turns to how ZKPs can be used for voting mechanisms while maintaining privacy. Pranav explains that ZKPs can validate voting without revealing individual votes. It is essential for ensuring transparency and privacy simultaneously.
Regarding the latest advancements and research breakthroughs related to ZKPs, Pranav mentions the potential of processing ZKPs on microprocessors, making the technology more accessible and efficient.
Finally, in the context of regulatory concerns, Pranav addresses the balance between privacy and regulation. He suggests that a framework needs to be developed to ensure authorities can access necessary information while protecting user privacy.
The session concludes with a call for collaboration and innovation to bring ZKPs to practical use, acknowledging that education and usability are crucial to the technology’s success.
Karthik wraps up the session by expressing gratitude to the audience for their time and listening attentively.
To find this discussion on “ A Deep Dive into Zero-Knowledge Proofs in Blockchain.”
Click the link below and listen to the Zeeve Tech Talk episode.
