DeFi 10122 September 2021

Zero-Knowledge Proofs In DeFi Explained

Zero-Knowledge Proofs

Summary

  • Zero-knowledge proof or ZK protocol is a type of verification procedure
  • Zero-Knowledge proof is used to prove digital asset ownership
  • Zero-knowledge proofs are common with modern cryptographers

Zero-knowledge proof or ZK protocol is a type of verification procedure between a verifier and a prover. For it to work, the prover is supposed to prove to the verifier that they are the owner of a certain digital asset by providing a piece of information only known between them and the verifier. They do this without revealing the full information, like a few letters or words in a sentence.

Zero-knowledge proofs have become common in modern cryptographers to boost the level of security and privacy in DeFi platforms. For a verifications method to be termed a ZK proof, it needs to meet the basic requirements of soundness and completeness.

As a scalable blockchain, avalanche has the potential to achieve up to 4500 transactions throughout per second while maintain its decentralized nature.

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