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Zero-Knowledge Proofs, Explained | Cointelegraph

1. A zero-knowledge proof is a digital protocol that allows for data to be shared between two parties without the use of a password or any other information associated with the transaction. In its most basic sense, a zero-knowledge proof (also commonly referred to as ZKP) can be thought of as a protocol through which a digital authentication process can be facilitated without the use of any passwords or other sensitive data. As a result …

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Researcher Breaks Grin’s ‘Privacy’ Spending Just $60 Per Week

Mimblewimble, a privacy-focused blockchain protocol, is allegedly not private at all. According to an expert at blockchain research firm Dragonfly Research, Mimblewimble’s privacy is fundamentally flawed, which he reportedly proved by discovering the exact addresses of senders and recipients for 96% transactions of Mimblewimble’s privacy-centric coin Grin (GRIN). Ivan Bogatyy, a researcher at United States-based Dragonfly Capital Partners, published a Medium post on Nov. 18 in which he claimed that he was able to break …

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Zcash’s Halo Breakthrough Is a Big Deal – Not Just For Cryptocurrencies

Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers. An underappreciated, sideline payoff from cryptocurrency R&D is that it also generates advances within the sector’s component technologies. The most important are occurring within the field from which the term “cryptocurrency” derives. Cryptography – essentially, the …

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Zcash Will Get a Gateway Into Ethereum’s DeFi Ecosystem

When cryptocurrency fans gathered in Osaka, Japan, this week for the Devcon developer conference, the halls were filled with buzz about smaller projects seeking access to ethereum’s decentralized finance smorgasbord, especially loans and financial products, via interoperability. “Connecting to other chains doesn’t seem to be an ethereum developer’s priority,” Summa co-founder James Prestwich told CoinDesk. “But other chains seem to want to connect to ethereum.” For example, Josh Swihart, VP of marketing and business development …

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South Korea’s Upbit Becomes Latest Exchange to Delist Privacy Coins

Another cryptocurrency exchange has delisted a slew of privacy coins following recent regulatory requirements from the international body the Financial Action Task Force (FATF). According to a notice from Korea exchange Upbit, transaction support for monero (XMR), dash (DASH), zcash (ZEC), haven (XHV), bittube (TUBE), and PIVX (PIVX) will end Monday, Sept. 30. At the beginning of September UpBit posted a notice of investigation by the exchange over the same coins. The exchange was determining …

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You Can Now Prove a Whole Blockchain With One Math Problem – Really

The Electric Coin Company (ECC) says it discovered a new way to scale blockchains with “recursive proof composition,” a proof to verify the entirety of a blockchain in one function. For the ECC and zcash, the new project, Halo, may hold the key to privacy at scale. A privacy coin based on zero-knowledge proofs, referred to as zk-SNARKs, zcash’s current underlying protocol relies on “trusted setups.” These mathematical parameters were used twice in zcash’s short history: upon …

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The Company Behind Zcash Announces Proposed Solution to Trusted Setup

Electric Coin Company (ECC), which launched and supports the development of privacy-coin Zcash recently published a paper called: Halo: Recursive Proof Composition without a Trusted Setup. On Sept. 10, ECC announced in a blog post that engineer and cryptographer Sean Bowe had discovered a way of “creating practical, scalable and trustless cryptographic proving” techniques, which claims to end a 10-year-long pursuit by the cryptography communities. He called the solution Halo. Halo takes away the need …

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As Crypto Markets Go Cold, Who Will Pay for Open-Source Code?

Earlier this year IBM purchased Red Hat, the oft-referred to model for how open source can thrive, for $34 billion. Long the consultant to enterprises, IBM is going through a transitional period as a business and needs a boost. Red Hat’s open-source software offers IBM the ability to better compete in cloud services offered by Amazon, Microsoft and Google. Why is this important? Red Hat is one of the most name-checked examples of how open-source …

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Zcash Developer Electric Coin Co. Reveals Q1 Financial Loss

The Electric Coin Company (ECC), the for-profit company that supports the development of the zcash cryptocurrency has issued its Q3 transparency report, revealing it has so far avoided layoffs during the bear market despite financial losses. According to the report, the company ran an average monthly deficit of 30 percent in Q1. The ECC took in $449,000 per month while expenses averaged $635,000. In a July letter, EEC CEO and Zcash co-founder Zooko Wilcox said the …

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