Zero-Knowledge Proof Systems And Privacy Protocol For Ethereum Smart Contracts

Zero-Knowledge Proof Systems And Privacy Protocol For Ethereum Smart Contracts

March 1, 2019 Off Maheen Hernandez By Maheen Hernandez

Ethereum has its important resistance levels at $139 and $140 and the important support levels $134 and $132.  The MACD is in the bearish zone, and the 12 hours RSI is climbing towards the 35 levels.

Ethereum does what it takes to make news in the cryptosphere either because of the forthcoming hard forks or due to several other happenings and developments in the network.

 A new kind of general purpose plasma design has permitted its users to be able to build broader classes of smart contracts using Plasma. 

The document about the Plasma read thus: “We have devised a new architecture for building plapps (plasma apps) on one generalized plasma chain. Thus, it establishes a clean separation between the plasma layer and the application layer.”

Writing a special kind of smart contract and launching it on the Ethereum Network.  This contract is known as predicate contract.  Any user on the network will be able to make use of the plapp by communicating with the original owners.

“Of course, these applications still live in the plasma design space. Plapps need to implement a standard predicate contract interface, and individual transactions must still fit within the Ethereum gas limit.”

Zether is a new privacy protocol which will be able to cover up the Ethereum transactions. This has been proposed particularly for smart contracts like Stellar lumens, ERC20 tokens, and Ether.

The transaction values are concealed by making use of encryption; therefore, the payment mechanism permits the major cryptocurrencies to become defacto privacy coins.

The authors of Zether have to state, “We describe Zether as a smart contract that can be executed either individually or by other smart contracts to exchange confidential amounts of a token, denoted by ZTH.”

Users will be able to make use of a compatible token to fund ZSC Contract, and they will be able to receive a ZTH equivalent in sum, which can be then transacted with the value concealed. However, there are other kinds of “zero-knowledge proof systems” which can help with taking Ethereum to the next level.

Vitalik Buterin, the Co-Creator of Ethereum has to state that “there are no good ways to use blockchain while preserving privacy.” He further added, “There have been good efforts to solve this using Zcash for example, along with research on top of Ethereum. However, there is still a way to go in terms of preserving privacy on the blockchain.”

If further advances are made by smart contract platforms, then their privacy capabilities will be combined with additional computational abilities, thus making the smart contract projects attractive.

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