• The article discusses the potential of VeChain becoming a privacy coin like Monero and ZCash.
• It outlines the concept of Zero-Knowledge Proofs (ZKP), which is needed to implement the ZKP protocol.
• It also mentions projects such as Mina Foundation and Zcash that are currently using this technology in 2023.
Can VeChain Become A Privacy Coin?
The article looks at the possibility of VeChain becoming a privacy coin like Monero and ZCash. Despite recent criticisms, tech pioneers have long advocated for privacy in the blockchain industry, with these two coins pushing its popularity within the crypto sphere.
What Is Zero-Knowledge Proofs (ZKP)?
Zero-knowledge proofs (ZKPs) are cryptographic techniques used in cryptography and computer science. They enable users to prove that information sent to another party is correct without having to display any actual information, making it difficult to trace back. There are two primary ways to implement ZKP on a blockchain: zk-SNARKS and zk-STARKS, both requiring verification input which must fulfill three characteristics: completeness, soundness and zero knowledge.
Projects Using Zero Knowledge Technology
Mina Foundation uses a variant of the ZK-Snark protocol known as ‚plonk‘, offering practical zero-knowledge proofs while keeping their blockchain light with just 22kB size – allowing everyone to run a node without complex hardware requirements. Similarly, Zcash supports its privacy by using zero-knowledge technology within its network.
Although this article does not provide an exact answer on whether or not VeChain will become a privacy coin, it does give insight into how it could potentially be done with existing technologies already present in other networks – namely through implementations such as Mina Foundation’s ‘plonk’ or Zcash’s support for zero-knowledge technology .
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