Beldex is currently using the cryptonote privacy protocol with PoS consensus algorithm to validate transactions. Now, we are planning to upgrade to the next level to increase the transaction speed. This implementation not only increases the transaction speed but also gives more privacy to the transaction. Here we can see what Beldex is going to do.
ZK-Rollups is a concept used in blockchain to make a transaction fast and a privacy layer to it. It is usually built on layer 2 on the blockchain to increase scalability of the network. Generally, ZK-rollups make use of zk-SNARKs to verify transactions and relay this to the layer 1 blockchain by combining hundreds of transactions as a single transaction. Thus, the transaction time and network fees will be reduced. PoS along with ZK-rollups will increase the privacy and security level in transactions. They can make transactions in a flash of a second with a very low fee. Let us see about zk-SNARKs in detail.
zk-SNARKs is abbreviated as Zero-Knowledge Succinct Non-Interactive Argument of Knowledge. In simple terms it can be explained as Succinct uses to verify the proof concept in a short and easy way with the help of Non-Interactive method devoid of communication between the prover and the validator. One can prove using this Argument without any Knowledge of the underlying context.
Let us discuss with an example to understand in detail about it. There are many doors in the room. Each door will lead to different places at any given time. Now John wants to prove to Harry that one door will lead to New York. John knows the door that leads to NY at this instance, so he can open the door to NY and prove it to Harry without telling him where the doors adjacent to it leads to. Now both the parties will know that New York is at the other end of the door John opened.
If Harry gets a chance to open the door to New York again, it would lead to another place since the doors can lead to any given place. Here the existence of New York has been proved to Harry but he doesn’t know the context on how or where to find New York again.
Why Beldex is Researching zk-SNARKs:
Currently, Beldex uses the cryptonote privacy protocol for adding a privacy layer to transactions. Beldex is researching zk-SNARKs to increase the transaction speed and the transaction anonymity set. zk-SNARKs provide infinite anonymity sets which exponentially compliments speed and privacy. Simultaneously, the fees are reduced in the network because users need not wait in a queue to complete the transaction. The prover can show the hash to the verifier and tell that transaction has been sent. The verifier encodes it and finds the hash. The transaction amount, sender and receiver address will not be known to the verifier. Hence, it is proved without any real knowledge of the transaction. Beldex is researching zk-SNARKs to make your transactions truly private and scalable for BVM.
Beldex, the Future of Privacy.
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