And they’re not the only ones who have problems will the trusted setup.
In addition to the trusted setup issue, ZCash and zkSNARKs is not quantum resistant. Token sales listed from persons that ICOholder has no relationship with are shown only to help customers keep track of the activity taking place within the overall token sector. The “trusted setup” is a procedure where certain public parameters were setup with a “master private key”. ICO Token Price: 0.00 USD, 0.00 ETH, 0.00 NEO Advantages. Really, what StarkWare is aiming to do is improve upon ZKsnarks.
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- Polychain Capital
- Naval Raviknt
- Vitalik Buterin
We still need to enhance what currently exist for it to scale, we also face more problems when it comes to privacy vs transparency.
Stepping back, zk-snarks are an evolution of a cryptographic technique first described in the 1980s. They have a solid team and they compete with a lot of existing projects including quarkchain, solana, algorand, liquidity network, taraxa and thunder token. He describes zk-starks as “preferable” and told CoinDesk that monero will be looking to integrate the tech if and when it’s usable. Groups as diverse as banking consortium R3 and ethereum have had zk-snarks on their list for exploration, despite their different needs and technologies. One significant technological weakness in ZCash is that it requires a “trusted setup”.
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Unlike zk-snarks, zk-starks don’t rely on public key cryptography at all.
If ethereum is to implement zk-snarks as formerly planned, it’ll have to run an equivalent of the zcash security ceremony – but one that can scale to thousands of participants. And zk-starks could find a similarly broad reception – the new technology promises to be cheaper, faster, more scalable and more secure than zk-snarks. That setup can be compromised and used to forge new ZCash. They are the founders of ZCash, a privacy cryptocurrency. At a meeting of the team behind the monero cryptocurrency last week, suspicion was high about a new item on the roadmap – so-called “zk-starks.”
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The token sale schedule and the hard cap have not been released yet.
One of the key problems zk-starks can solve relates to the need for zero-knowledge blockchains to create a “master key,” according to Ben-Sasson. Actually, all zk-starks need to function is one algorithm similar to that performed by computers when mining the bitcoin blockchain. Wait for the real blast.” People have been asking me to review Starkware Industries. For the jury, it will be important to understand different aspects, such as: Why a new token and why an on-chain solution? Currently, zk-snarks are being considered for sidechains which would increase privacy by allowing payments to occur from separate blockchains –and which would then self-destruct following the transaction.
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Speaking to CoinDesk, Ben-Sasson said he was “a big believer in transparent proofs,” and has been “passionately researching” the topic for 15 years.
As we shift into a new world of technology using Cryptocurrencies like Bitcoin, Zcash, Monero, Litecoin, Dash, etc the Blockchain space is facing many issues with scalability and privacy. StarkWare is a team based in Israel headed by Eli Ben Sasson who is currently a professor of computer science at Technion – Israel Institute of Technology. Other relevant assessment factors will be the process of issuing tokens, pricing, and lockups for the team and partners. The transparency of Bitcoin and the blockchain enabling its use case as a cryptocurrency enables anyone, anywhere to tabulate the total accounting of the ledger. STARK could be a viable alternative to familiar systems with trapdoors or master private keys such as Intel Software Guard Extensions (SGX) and zkSNARKs respectively.
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Further, in order to destroy the key, a coordinated effort is required in what is known as the trusted setup.
But to implement the idea, monero would have to face the problem of the trusted set up – making the zk-starks concept an enticing one. Private chains may become irrelevant as privacy and transparency are built-in features of future blockchains. Main Sponsor of the event is ICO Engine, the Eidoo platform for launching new Initial Coin Offering projects. At the starting grid, 20 aspiring token sales will try to win more than one million dollars and services put on the table by the organizers.