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Zero-Knowledge Proof (ZKP) is a method used in cryptography to prove ownership of a specific piece of knowledge without revealing the content of that knowledge. Zero-knowledge proof of work, AKA zero-knowledge proof of computation, is when a prover convinces a verifier that he has correctly executed some computation on secret data, without revealing the secrets. Blockchain technology is something that has been gaining heavy momentum these days. One of the most special areas where it is speculated to show progress is the internet. While the majority of the global populace is trying to invent new ways to invest in blockchain and crypto, Web3 is about to emerge as the cornerstone of something bigger than the technology industry ever imagined. Web3 is the new breed of the internet that aims to become the decentralized version of the virtual world. Using this network, users can interact and collaborate intelligently without worrying about the central and data-specific repositories. Web3 strives for transparency, and the users will see endless resources, content, and agreements that will be accessible to all. Web 3.0 cryptocurrencies are decentralized projects that use smart contracts and automate transactions over the internet. Even though ZKPs are being utilized to improve the functionality of blockchain, the protocol was developed forty years before the advent of the decentralized ledger. In the 1980s, MIT scholars Silvio Micali, Shafi Goldwasser, and Charles Rackoff were the ones who initially presented the concept to the scientific community.
Interactive and Non-Interactive Zero-Knowledge Proofs are the two primary types of this type of proof.
Interactive Zero Knowledge Proofs require the prover to carry out a set of tasks or actions to demonstrate to the verifier that they have specific information. The majority of the tasks that must be completed to pass an interactive Zero Knowledge Proof typically involve some aspect of mathematical probability.
Non-interactive zero-knowledge proofs are zero-knowledge proofs where the interaction between a prover and a verifier can be simulated by the prover, making direct communication to the verifier unnecessary and making proof generation possible to do off-line.
Completeness: the verifier can certify that the prover obtains the appropriate input if a statement is true and the statement in question.
Soundness means that the statement cannot be shown to be false and that the verifier cannot be fooled into believing that the prover possesses the necessary input when in fact the prover does not.
Zero-knowledge implies that the person verifying the information does not have access to any information other than whether the assertion is true or incorrect. The data and personal information of the other party, including its specifics, will be kept unidentified.
The web3 revolution will utilize decentralized protocols such as blockchain, the technology used to facilitate cryptocurrency transactions. By addressing the key issues of data ownership and control, it hopes to address some of the major setbacks and shortcomings of the current internet age. Web3 aims to connect software to users without the need for intermediaries. Its goals include making the web more decentralized, verifiable, and secure. True to these goals, no central authority is controlling the development of Web3. It is the process engine that utilizes blockchain advancements. The goal of web3 is to keep the internet out of the hands of tech behemoths and make it public property. The crypto world bitcoin market is one of the most successful instances.
The rise of the internet isn't the first time we've seen this progression, either. The radio began as a series of AM stations, gradually expanded to include FM, and then developed satellite capabilities that provided universal access to a variety of stations. Web3 and the way identity functions within it roughly correlate to satellite radio. So, in the history of modern communication systems, the arc bends toward decentralization.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
