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16 November 2019

Conceal and Reveal: The Evolution of Privacy Coin Technology - Bitcoin News

Conceal and Reveal: The Evolution of Privacy Coin Technology - Bitcoin News


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The technologies that blockchain architects originally envisioned for privacy coins are now being utilized by an array of crypto stakeholders, from enterprises to exchanges.

As for how zk-Snarks can be deployed outside of privacy coin transactions, look no further than smart contracts.Quras, for example, is using the technology to provision privacy-enabled smart contracts that run on its eponymous VM.

Applications include concealing information pertaining to credit history; enabling healthcare and medical information from IoT devices to be shared confidentially; and facilitating sealed auctions that are executed using smart contracts.

Expounding on why private smart contracts are desirable, he told news.Bitcoin.com: “Smart contracts have the potential to automate business processes ranging from calculating insurance premiums to powering decentralized synthetics markets, but for this to happen, there needs to be privacy built in.

Broadcasting information on-chain nullifies any benefits that might otherwise have been gained through using blockchain, since publicly verifiable smart contracts enable observers to frontrun markets and steal competitors’ proprietary algorithms.

They can be used in proof of solvency, for instance, with one research papernoting: “A Bitcoin exchange with 2 million customers needs approximately 18GB to prove solvency in a confidential manner … Using Bulletproofs and its variant protocols … this size could be reduced to approximately 62MB.” The same paper lists a total of eight use cases for bulletproofs, including smart contracts and crypto derivatives.

Privacy coin tech follows the same adoption curve as other disruptive technologies: first it’s used by criminals, outlaws, and geeks.

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