What is Zero-knowledge proof? As per , Zero-knowledge proofs are used to establish the truth of a claim without disclosing the claim itself. The “prover” is the person making an assertion, while the “verifier” is the party checking that assertion. In a 1985 work by Shafi et al, titled “ ,” the term “zero-knowledge proof” was first used along with the following definition. The goal of a zero-knowledge protocol is to allow one party (the prover) to demonstrate the truth of a statement to another (the verifier) without disclosing any information beyond the fact that the statement in question is true. The development of zero-knowledge proofs over the years has resulted in their widespread usage in a variety of practical contexts. Ethereum Foundation The knowledge complexity of interactive proof systems The Necessity For Zero-Knowledge Proofs Begs an Obvious Question: Why? As per Ethereum Foundation, a major step in the field of applied cryptography, zero-knowledge proofs promise to make personal data safer. Think about the steps you would take to convince someone of anything you assert (such as, “I am a member of Westminster nation”). A national passport or driver’s licence would suffice as “proof” to support your claim. forward However, this method has certain drawbacks, the most significant being a loss of privacy. Shared personally identifiable information (PII) is in centralised databases that hackers may easily access. There have been requests for more private ways to share information in light of the growing problem of identity theft. maintained This issue is addressed by zero-knowledge proofs, which do not need secret information to establish the veracity of a claim. The statement (a “witness”) is sent through the zero-knowledge protocol, which then outputs a brief justification for the statement’s veracity. The information needed to create the evidence is kept secret while providing strong assurances that the assertion being proven is accurate. Referring to our original illustration, a zero-knowledge proof is required to back up a claim of citizenship. The verifier may be persuaded that the underlying assertion is true by only confirming that specific aspects of the evidence are actual. Elusiv raises $3,5 million in a seed funding round co-led by LongHash Ventures to build Compliant Privacy Protocol , a privacy protocol that is Zero-Knowledge based and compliant, has raised $3.5 million in a seed investment round co-led by and Staking Facilities Ventures. It plans to utilise the money to hire more programmers, pay for security checks, and adapt its technology to work with many other blockchains. Elusiv LongHash Ventures Several angels, such as the founders of Solana, Zeta, Notify, Solflare, and UXD Protocol, have also invested. Other investors include Jump Crypto, NGC Ventures, Big Brain Holdings, Anagram, Cogitent Ventures, Equilibrium, Marin Ventures, Token Ventures, Moonrock Capital, Monke Ventures, and SolanaFM. : Vested Interest Disclosure The author is an independent contributor publishing via our . Be it through direct compensation, media partnerships, or networking. The author has a vested interest in the company/ies mentioned in this story. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR brand-as-author program What is Elusiv? Compliance is at the heart of Elusiv, a Zero-Knowledge privacy system for anonymous on-chain financial transactions. Elusiv protects its users by preventing hostile actors from accessing the privacy protocol while still granting them privacy (even while engaging with regular non-private wallets on the blockchain). On top of that, Elusiv VMs, a new addition to Elusiv, allow for the quick creation of solutions that use broader ZK circuits. Don’t forget to like and share the story! Image credits: and . Austin Distel Mo

The writer has or has previously had a business relationship with companies mentioned in this article.

Ethereum

Solana

Ethereum Foundation

Funding

Winner of Noonies 2020 for the award Hacker Noon Contributor of the Year - DATA.

2020 - Hacker Noon Contributor of the Year in DATA

Read My Stories

Too Long; Didn't Read

Discover Saakuru: Web3 Mass-Adoption with 0-FEES

Elusiv Raises $3.5 million in Seed Funding Round Co-led by LongHash Ventures to Build Web3 Privacy

Too Long; Didn't Read

Companies Mentioned

Coins Mentioned

Ishan Pandey

STORY’S CREDIBILITY

Associated Companies

About Author

TOPICS

THIS ARTICLE WAS FEATURED IN...

Elusiv Raises $3.5 million in Seed Funding Round Co-led by LongHash Ventures to Build Web3 Privacy

Too Long; Didn't Read

Companies Mentioned

Coins Mentioned

Ishan Pandey

STORY’S CREDIBILITY

Associated Companies

About Author

TOPICS

THIS ARTICLE WAS FEATURED IN...

RELATED STORIES