Perfect Online Privacy

Perfect Online Privacy

Hey Everyone,

                      Today's topic will help you protect your privacy more than the incognito tab you use lol. There is a tool available that can provide perfect online privacy, for example, you don't need to provide your date of birth to prove that your 18 years or above or don't have to prove that you have enough balance or your account details to initiate an undisclosed financial transaction. This helps in limiting privacy theft, identity theft of individuals and accounts will be safe from breaches.

What is this tool and how our privacy can be protected? 

This tool is zero-knowledge proof, an emerging cryptographic protocol. Researchers were working on it for decades and they have finally found a way to create an influence in it due to the growing interest in cryptocurrencies as cryptocurrencies are not as secure as we think.

The companies working on this are JPMorgan Chase, Zcash, ING and most of the credit goes to ZCash as they have developed a method called zk-SNARK this algorithm needs zero interaction of knowledge between the two parties and allows the users to perform transaction anonymously. This is not possible with most blockchain technologies and "Etherum" the second largest block-chain tech in the world has appreciated it by calling it an absolutely game changing tech.

This technology can eliminate the privacy concern and security for big financial institutions which depend on the absolute privacy of their transactions. As banks can use blockchain to perform transactions without sacrificing their client's privacy.

Although everything is said there is always some disadvantages. People with a lot of untaxed revenue can save their money in selected banks(like swiss) and perform transactions making the government almost impossible to track it and also this zero-knowledge proof is heavy and slow and for secure configuration, they require a "cryptographic key" which could compromise the entire system in the wrong hands.

Fact Flash:

 Many people might have heard about bitcoins and I just want to share some really interesting facts about it. The first ever bitcoin was used to purchase a pizza, the founder of bitcoin is still unknown, there are only 21 million bitcoins ever made not more not less and if you lose your bitcoin private key you lose all your bitcoins so don't.

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.....................Keep Calm and Love TECH...................