What is #ZK ? What is it about Zero-Knowledge technology that gets the attention of both #CZ and #VitalikButerin ? (PART 1)
Suppose you go to the movies with a purchased ticket (with your name printed on the ticket), the ticket checker wants to authenticate that you are the owner of this ticket so he asks you to present your ID (citizen identification card). But there is too much information on the ID that you don't want to be exposed, you just want to verify your name, this is the same problem with Blockchain. It is necessary to find a technique to share only the data that the individual wants to share, instead of revealing all the information.
Zero-Knowledge Proof (ZKP) is a technology that allows proving the authenticity of information without providing all relevant information.
Specifically, in a ZK transaction, the authenticating party can prove that it has secret information that the receiving party wants to know without revealing this information to the receiving party.
For example: you go to the bank to withdraw money, to withdraw money you need a password, but you don't want to let the bank staff know your password. So you will ask the employee to ask other related questions without revealing the password (for example: date of birth, phone number, address,...). With this method, others will be able to prove that you know about your bank account without revealing any confidential information. This is a basic example of the Zero Knowledge Proof method.
