BTCP bitCast™

Welcome to bitCast™ today I provide information on the privacy that Bitcoin Private BTCP can offer using zk-Snaks

First here’s a introduction video for Bitcoin Private ⤵️

zk-SNARKs definition

The acronym zk-SNARK stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge,” and refers to a proof construction where one can prove possession of certain information, e.g. a secret key, without revealing that information, and without any interaction between the prover and verifier.

“Zero-knowledge” proofs allow one party (the prover) to prove to another (the verifier) that a statement is true, without revealing any information beyond the validity of the statement itself. For example, given the hash of a random number, the prover could convince the verifier that there indeed exists a number with this hash value, without revealing what it is.

In a zero-knowledge "Proof of Knowledge" the prover can convince the verifier not only that the number exists, but that they in fact know such a number - again, without revealing any information about the number. The difference between "Proof" and "Argument" is quite technical and we don't get into it here.

“Succinct” zero-knowledge proofs can be verified within a few milliseconds, with a proof length of only a few hundred bytes even for statements about programs that are very large. In the first zero-knowledge protocols, the prover and verifier had to communicate back and forth for multiple rounds, but in “non-interactive” constructions, the proof consists of a single message sent from prover to verifier. Currently, the only known way to produce zero-knowledge proofs that are non-interactive and short enough to publish to a block chain is to have an initial setup phase that generates a common reference string shared between prover and verifier. We refer to this common reference string as the public parameters of the system.

A great video explanation of zk-SNARKs

I’m no developer, coder or hacker but from what I get out of that explanation of zk-snarks it’s pretty private and secure. I did use the programmer and hacker tags to encourage a conversation, on what the possibilities of this feature on bitcoin private means and could it compete with Monero (XMR) in the future ? For more of my thoughts on cryptocurrency please click the bitCast link in my signature to listen to my podcast have a great day !

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