The company behind the privacy currency Zcash, Electric Coin Company (ECC), said it has come up with a solution that can solve Zcash's biggest flaws. The program, announced today, is called Halo, which provides a way to create private transactions without the need for trusted settings.
Trusted settings are a potential drawback, and if the blockchain network is compromised or manipulated, it may allow an organization to control the entire blockchain.
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Imagine a locksmith who made a padlock and he gave the key to you; and you must believe that the locksmith did not have an extra key, and believed that he would not enter the room. Zcash's system creates a seemingly believable scene in which there are many backdoors that people don't like. Today, ECC engineer and cryptographer Sean Bowe announced Halo, which may solve this problem.
At present, the creation of zero-knowledge proof requires trusted settings, and the zero-knowledge proof is a complex encryption technique for Zcash to implement private transactions. (You can hide the user data of the blockchain while trading normally.) Although Zcash tries to make this process decentralized as much as possible, let more participants participate – which helps to reduce hacking. Probability – but for this new privacy coin, this is still an important flaw.
The program is designed to achieve Zcash's secure and private trading goals without the need for trusted settings. Bowe's proof of use of this new technology verifies other proofs without the involvement of any third party.
ECC says this enables a "practical, scalable, and trust-free password verification system."
ECC is opening up Halo for free:
“This paper and prototype have been licensed under the open source and there are no patents or other restrictions on their use.”
It's a good thing to think about how bad ECC is in dealing with the Zcash Foundation's dispute over the Zcash trademark with the non-profit organization.
Although Halo has not yet been deployed, ECC has bold expectations for this new technology. The company said that this is not only good for Zcash, but also good for the entire structure of the decentralized Internet.