If you are being long enough in crypto world you might have heard of SNARKS, but what are SNARKS in Crypto and who invented zk-SNARKS? Let's find out about SNARKS.
What are SNARKs in crypto?
In cryptocurrencies, zk-SNARKs are a way to keep transactions private and fully encrypted on the blockchain, while still being verified using the network's consensus rules. zk-SNARKs can show that the sender has the amount of funds they want to transfer without disclosing that information.
Who invented zk-SNARKS?
A 2012 article by Bitansky et al. introduced the acronym zk-SNARK, which stands for Zero-Knowledge Succinct Non-Interactive Argument of Knowledge.
Where are zk-SNARKs used?
In Bitcoin, transactions are verified by linking sender addresses, receiver addresses, and input and output values on the public blockchain. Zcash uses zk-SNARKs to prove that the conditions for a valid transaction have been met without revealing any critical information about the addresses or values involved.
So I hope you will now fully understand where are SNARKs in crypto and who invented zk-SNARKs. Creating shielded transactions in Zcash is just one example of many possible applications for zk-SNARKs. In theory, you can use zk-SNARKs to verify any relationship without revealing the input or leaking information.
