According to a cryptocurrency executive, zero-knowledge proofs can be used to solve the “biggest problem” plaguing the internet today: privacy.
Speaking to Cointelegraph at the Ethereum Community Conference (EthCC), Brennan Schlueter, Head of Marketing at privacy-focused infrastructure platform Eleo, said that while ZK proofs have become a popular solution for providing the blockchain with increased scalability through ZK Rollup, they have the potential to reshape the entire internet.
ZK proofs allow information to be transferred between two parties, with the originator only needing to reveal the relevant information to the recipient. For example, to prove that a person is of legal age to enter a bar without revealing their actual age or identity to a security guard.
Schlueter said that the modern Internet was not built to prioritize the privacy of its users.
“If data has to change hands, if data has to be kept, we will always have vulnerabilities,” Schlueter explained in reference to how easily a user’s privacy can be breached online.
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ZK proofs solve this privacy problem not only for Web3, but for the entire Internet, Schlueter said.
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“With zero-knowledge proofs, we can really start to see how data can be protected from the very beginning by revealing information,” he said.
“I think it largely changes the path that we’re taking with the Internet.”
ZK certs can make life a lot easier for developers and data administrators because they no longer have to choose between creating a private environment or customizing the user experience, explains Schlueter, adding:
“The way we currently structure the Internet, these two things are incompatible.”
Tiancheng Xie, chief technology officer at ZK-powered interoperability platform Polyhedra, told Cointelegraph that artificial intelligence tools can also benefit from the privacy and censorship-resistant properties ZK Proof provides.
— Cointelegraaf (@Cointelegraaf) 19 July 2023
Schlueter said finance, identity and gaming are other industries benefiting from ZK Proof
He claimed that more financial institutions are looking to ZK solutions to strengthen privacy where the companies see fit.
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Additional reporting by Ziyuan Sun.
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