Zk-Snarks: Working, Benefits and Criticism
Adekunle Joshua
A zk-snark is the short form for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge
It is a cryptographic proof that permits a party to show that it has some information without stating that it possesses it
Privacy is a core element of this mechanism, as it allows networks to verify transactions without participants exposing their information
All they are expected to do is prove that they have the information without exposing it to the network
For Zk-SNARK proofs to work, it uses the initial “trust system” which some people have criticized because they feel it is not as secure as many people think
Critics have claimed that Zk-Snarks in cryptocurrencies have made it easy for people to launder money without the authorities knowing