Zero-Knowledge Systems Tipped to Have Groundbreaking Influence Similar to ChatGPT
Summary:
Zero-knowledge (ZK) systems, a privacy-preserving authentication method used in blockchain transactions, are compared to the groundbreaking influence of the AI chatbot, ChatGPT, by industry experts. John Lilic, executive director of Telos Foundation, heralds ZK technology as the "end game" and expects it to gain widespread attention akin to the "ChatGPT moment". Despite its current limited adoption, experts foresee ZK systems paving the way for more secure, private, and decentralized networks in the future.
The advent of zero-knowledge (ZK) systems is drawing comparisons to the revolutionary influence of artificial intelligence chatbot ChatGPT. ZK-proofs are privacy-protecting authentication techniques that enable one party to verify another party's truthfulness without divulging any hidden information. Besides, ZK technology allows for the validation of undisclosed data on public blockchains, thereby enabling cryptocurrency users to certify the authenticity of information without disclosing its contents. Though still in nascent stages, many anticipate ZK technology to significantly impact the sector, much like ChatGPT, once widely adopted.
At a Cointelegraph interview during Token2049 in Dubai, Telos Foundation's executive director, John Lilic, championed the importance of ZK technology, labelling it as "the end game". Lilic further asserted that while many might overlook the potential of ZK due to its complex nature, he's certain that a time will come. Like the burst onto the scene of ChatGPT, the populace will sit up and take note of ZK. He coined this as the "ChatGPT moment for ZK".
In recent developments, Telos Foundation teamed up with Ponos Technology on April 19th to create a layer-2 network using Telos' SNARKtor - a decentralized recursive proof aggregator. While the future may seem promising, the "ChatGPT moment" for ZK technology may take a while, as stated by Richard Meissner, co-founder of Safe (formerly Gnosis Safe).
Meissner affirmed that the arrival of prototypes based on ZKPs for a variety of applications had raised interest in the sector in recent months. However, he stressed the need for further optimization of ZK technology in order to stimulate its adoption. Meanwhile, Terence Kwok, founder of Humanity Protocol, referred to the current state of ZK as "promising and evolving", revealing his optimism on the pivotal role ZK plays in fostering more secure, private and decentralized entities.
Given the transparent nature of blockchains, Meissner noted the need for technologies like ZK in instances where transparent transactions may not be suitable. Similarly, Lilic emphasized the importance of ZK, citing a car rental scenario, where a blockchain system might permanently expose personal identification documents of an individual. With the arrival of ZK, he said, users can just generate a valid driving license proof on their device without giving away their license.
Beyond this, Kwok indicated that ZK technology is a crucial need for Web3, an industry aiming to give users control over their personal data. He stated that in a time where data breaches and privacy intrusions are increasingly common, ZK tech serves as a protective layer, enabling people to confirm their identity and endorse transactions while maintaining their privacy.
Published At
4/30/2024 11:53:27 AM
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