Decade-Old ZK-Proofs Blueprint Wins IEEE's 'Test of Time' Award
Summary:
A seminal research paper which served as a foundation for the use of zero-knowledge proofs (ZK-proofs) in cryptocurrency has received recognition from the Institute of Electrical and Electronics Engineers (IEEE). The “Test of Time” award honours the paper's significant impact on research and practical applications in computer security and privacy. The paper also introduced the first practical use of ZK-proofs for enhancing privacy in cryptocurrency. ZK-proofs are now commonly deployed in Ethereum layer-2 solutions for validating on-chain data without revealing its specifics, thus aiding scalability and privacy.
A groundbreaking research study that laid the foundation for the utilization of zero-knowledge proofs (ZK-proofs) in cryptocurrency, has been recognized by the Institute of Electrical and Electronics Engineers (IEEE), the world's most prominent technical professional entity. According to an official statement, the initial paper — "Zerocash: Decentralized Anonymous Payments from Bitcoin” — greatly facilitated the exploration of ZK-proofs in the crypto industry and was thus awarded the "Test of Time" honor at the IEEE Symposium on Security and Privacy.
The award is a testament to the paper's extensive and enduring influence on research and practical applications in computer security and privacy, as per the statement by StarkWare, the blockchain scaling company founded by one of the paper's authors, Eli Ben-Sasson. With over 2,400 academic acknowledgements, the paper didn't revolutionize finance per se, but it significantly facilitated the growth of initiatives using ZK-proofs.
The inaugural practical application of this cryptographic method aiming at enhancing privacy in cryptocurrency was also presented in the paper. Other authors of the paper include Alessandro Chiesa, Christina Garman, Matthew Green, Ian Miers, Eran Tromer, and Madars Virza, who are all recipients of the award.
Ben-Sasson recognized the importance of the paper and stated that it propelled ZK into the spotlight of blockchain research, sparking a growing fascination in how it could assist cryptocurrency to become a universally needed technology.
The paper discussed the utilization of Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKS) to establish a private payment protocol titled Zerocash, obscuring the transactions' origin, destination, and quantity. ZK-proofs are currently commonly employed for Ethereum layer-2 solutions to confirm on-chain data validity without revealing the data's specific contents. These proofs allow scalability through techniques like rollups and trustless validation of substantial off-chain data quantities.
Prominent layer-2 networks currently using ZK-proofs include StarkNet, Linea, zkSync Era, Scroll, and Polygon. Despite regulators intensifying scrutiny of privacy-preserving protocols, ZK-proofs may provide alternatives for preserving privacy while avoiding fund transactions to sanctioned bodies.
Privacy is a vital consideration, Ben-Sasson conveyed to Cointelegraph, revealing a plan to incorporate ZK capabilities into StarkNet's prover Stwo. This will enable developers to utilize a more scalable variant of the Zerocash model on StarkNet and Ethereum.
In April, Ernst & Young, a 'Big Four' accounting firm, inaugurated an Ethereum-based solution harnessing ZK-proofs to assist its private business clients in managing complex contracts.
Published At
5/20/2024 7:30:00 PM
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