Bitcoin continues its ascent but what about Ethereum?

Bitcoin continues its ascent but what about Ethereum?

Bitcoin continues its inexorable rise by crossing the 7000 USD announced, and getting closer to 10000 USD?

But we chose to tell you about another event that might go unnoticed, while it is important to the planet crypto currencies.

This is the Devcon 3 meeting that took place a few days ago and where we talked a little bit about new technologies and their future.

ZK-snarks

At Devcon 3, there was talk of zk-snarks, these new technologies that allow the confidentiality of smart contracts, and which came into being thanks to the Ethereum developers through Byzantium.

This technology is based on more advanced cryptography that will allow greater privacy protection.

For example, it was presented at this meeting, the “open vote Network”, which allows the anonymous vote on the platform Ethereum.

This being only one of the many possibilities offered by these new technological advances. Thus other decentralized Ethereum applications, respecting privacy could emerge.

Jacob Eberhardt, author of Zokrates and developer of zk-snarks, said:

“It’s a bit like the first days of Ethereum, we do not know what will happen, but everyone can guess the potential.”

It has developed a zk-snarks compiler that will easily create the famous smart contracts and give life to projects such as open voting respecting the anonymity of voters.

Problems with zk-snarks

There is still a problem, however, that of the “trust system”.

This is the security system of zk-snarks, which protects against malicious behavior, but which remains expensive and does not reach a maximum of security for the moment, especially on the Ethereum Blockchain.

But to counter this, Sean Bowe, Ariel Gabizon, and Ian Miers, researchers at zcash, have proposed a new set up ceremony that could reach hundreds of thousands of participants. And according to them, the more participants there will be, the more secure the system will be.

When it comes to cost issues, Eberhardt predicts that over time this cost should decrease. According to him, the expensive calculations could be done off-line, then stored on the Blockchain in a shortened translation of these calculations.

Professor Eli Ben Sasson of the Israel Institute of Technology says he is working on an equivalent technology of confidentiality, but faster and that would reduce storage.

But much remains to be done to come up with a solution that Ethereum continues to wait for.

Eberhardt the summary as follows:

“It’s beautiful, it has this inherent property of confidentiality. It combines two unresolved properties into a single technology. “

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