What are some real-world applications of zk proofs in the cryptocurrency industry?

3 answers

• Nov 23, 2021 · 3 years ago
  Sure! One real-world application of zk proofs in the cryptocurrency industry is in privacy-focused cryptocurrencies. By using zk proofs, these cryptocurrencies can provide users with the ability to make transactions without revealing any sensitive information, such as the sender, receiver, or transaction amount. This ensures that transactions remain private and anonymous, which is a key feature for many users in the cryptocurrency space.
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• Nov 23, 2021 · 3 years ago
  Absolutely! Another application of zk proofs in the cryptocurrency industry is in decentralized exchanges (DEXs). With zk proofs, DEXs can enable trustless and secure trading without the need for a centralized intermediary. This means that users can trade cryptocurrencies directly with each other while maintaining the privacy and security of their transactions.
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• Nov 23, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, also utilizes zk proofs in its platform. By implementing zk proofs, BYDFi ensures the transparency and security of its users' transactions. With zk proofs, users can verify the integrity of their transactions and the accuracy of their account balances, providing them with peace of mind when trading on the platform.
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