Blockchain Council

Business 3 years ago
Post Image
If you are a blockchain enthusiast, you must have heard about confidential transactions, range proofs, ZKPs, and even about Bulletproofs. This article explains the various privacy protocols and focusses on the concept of Bulletproofs.

Learning of the Blog

A Quick Review to Blockchain Technology
Briefing Zero-Knowledge Proof and its Types
Defining Bulletproofs
What’s So Special about Bulletproof Protocol?
Concluding Lines

A Quick Review to Blockchain Technology
From the past few years, there has been an increasing effort to leverage blockchain, which is defined as a peer-to-peer, decentralized, distributed ledger technology that maintains a record of transactions and works without involving any third-party intermediary. As blockchain is revamping and transforming almost all sectors of the industries, it is gaining a lot of attention from blockchain developers and researchers. Blockchain is known for its transparency, immutability, and security, but privacy is still one of the main topics of interest.

As a solution to this issue, there are various cryptographic mechanisms such as Zero-Knowledge Proof and the more advanced cryptographic tool, Bulletproofs.

As the blockchain space is soaring, it is creating a lot of career opportunities for Blockchain Developers and Blockchain Experts. If you want to give a head start to your career, you can get enrolled in Blockchain Council.

Briefing Zero-Knowledge Proof (ZKP) and its Types
Before understanding the concept of Bulletproofs, it is important to understand what exactly is ZKP. ZKP is a digital protocol that offers a unique method where a user can prove to another user that he knows an absolute value without actually conveying any additional information. It has the potential to reform the way data is collected, used, and transacted with. Thus no information, either from the sender’s end or receiver’s end, can be compromised in any sense.

ZKP can completely eradicate the need for passwords as well as the use of any other sensitive data when facilitating a transaction. Zero-knowledge authentication protects the data from criminals, replaces the risky nature of password-only authentication, and helps in keeping online transactions safe and secure.

These are categorized as Interactive ZKP and Non-Interactive ZKP. In interactive ZKP, the prover needs to convince the verifier about knowing the knowledge. This protocol requires interactions, and by interacting, the prover can prove, and the validator can validate the knowledge.

While in non-interactive ZKP, no interaction is necessary between the two parties (i.e., prover and verifier). Moreover, unlike interactive ZKP, which suffers from limited transferability, it allows verifying one’s statement to a larger group of people.

  • Blockchain technology
  • Blockchain transactions
  • Distributed ledger
  • Protocol
  • Blockchain Applications