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  • Writer's pictureZkrypto

[SUPERSTART]The Future of Zero-Knowledge Proofs and Blockchain

SUPERSTART  2024-03-26

A blockchain remembered as a coin that has become a jackpot or an art NFT that has been traded at a ridiculous price. It's been a hot potato for a while, but the reason why blockchain is attracting attention is not because of this accumulation of casino wealth, but because it's a big axis of Web3, a decentralized new web world where individuals produce information transparently and receive reasonable rewards under transparent agreement. But blockchain, other than coin investment, seems too quiet to be the axis of the new web3 world. What do we need for a new paradigm shift?

Zkrypto is a startup that combines blockchain technology with encryption technology called Zero-Knowledge Proof to ensure privacy while completely proving what needs to be revealed. With this technology, it is a tremendous talent startup that has won the CES Best Innovation Award for two consecutive years! Today's Super Start Agora talked with Zkrypto about "Blockchain and Privacy Protection: The Future of Zero-Knowledge Proof and Blockchain."

"I think the biggest utility of blockchain lies in trust"

Blockchain is defined as a data management technology based on distributed computing technology that stores data in a chain-type distributed data storage environment so that no one can fix it and anyone can read it transparently. (Wikipedia) Because of this high transparency, Zkcrypto says that the greatest utility of blockchain is 'trust'. This phrase is said to appear in Francis Fukuyama's Trust. "Most economic activities are based on trust, and 'social trust' is an economic asset that increases economic efficiency by reducing transaction costs." Blockchain technology is a way to secure reliability that goes beyond simple morality and leads to the interests of society as a whole. However, transparency and ultra-high reliability, which are blockchain's biggest strengths, can be a drag on Mass Adoption, which is expanding to various fields. This is because everything I don't want to know is transparently exposed on the blockchain. We shouldn't give up important personal information because of trust and security. So what if we can secure the ultra-high reliability of the blockchain while keeping privacy information that does not need to be open through technology?

What is zero-knowledge proof?

Zero-Knowledge Proof is a technology that can protect privacy while utilizing the high reliability of this blockchain. This cryptographic technology, which has a unique name, is said to be one of the cryptographic technologies that has a long history. If you look at the name, you can prove it without knowledge. It is said that the person who needs to prove the information provides the fact that I know the content (meets the criteria) without exposing unnecessary privacy information to the person who verifies the information. For example, if you present your ID card when buying liquor at a convenience store, you will be exposed to the information that you are over 19 years old, and you will not have to provide your name, where you live, etc. However, using knowledge-based proof, you will not be able to open your information at all, and will only be able to prove that you are "certainly" above the 19 year old standard for buying liquor.

Blockchain + Zero-Knowledge Proof = New Paradigm

Zkrypto is an innovative start-up that develops various blockchain services using zero-knowledge technology. Zkrypto is developing various blockchain services, which are largely divided into finance, voting, and others (ID, logistics, and markets). In the voting field, we are working with the Central Election Commission, and in the financial field, we are collaborating with the Bank of Korea on Central Bank Digital Currency (CBDC). For the second consecutive year, CES 2023 and 2024, the company won the Best Innovation Award, not just the Innovation Award, and is recognized for its innovation worldwide. Through Zkrypto's solution, transparent and anonymous voting can be conducted. It is a way to realize democracy for all of us. And the digital currency of the Web3 era, where everyone reads, writes, and receives appropriate value for information and content, can serve as a transparent and fair currency without borders. In addition, it is said that it can be used in various fields of our lives such as ID proof, logistics, and content transactions, and I think this solution can open the real Web3 world!

The acceptance of the new changes is largely driven by the three entities: companies, consumers, and governments. If companies are profitable and have no regulations, and consumers are slightly uncomfortable, but if the financial benefits and additional benefits are greater, the government will accept newness if there are no tax and criminal risks and can be controlled. I think Zkrypto's solution, which complements blockchain's shortcomings and maximizes its advantages, is perhaps the key to a completely different paradigm shift called Web3. SUPERSTART supports the new future that ZKrypto will create!

If you're curious about the details? Click to see the video

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