BitSNARK, an open-source ZK verification, enables private transactions and advanced DApps on the Bitcoin blockchain, while maintaining its core features.
BitSNARK is an open-sourced zero-knowledge (ZK) verification technique for usage on Bitcoin, which was announced by BitcoinOS (BOS).
The BitSNARK protocol is the first to introduce Succinct Non-Interactive Argument of Knowledge, or zk-SNARKs, to the Bitcoin ecosystem.
A press release provided to Cointelegraph claims that the protocol preserves privacy in blockchain transactions and smart contracts without changing the fundamentals of Bitcoin.
“BitSNARK is used alongside two other innovations, Grail Bridge and Merkle Mesh, to expand Bitcoin’s role in DeFi, cross-chain applications and privacy-first technology.”
Consequences For Bitcoin Blockchain
Historically, the BTC blockchain has only been able to process simple transactions and hasn’t included any privacy safeguards other than cryptographic wallet addresses.
With the help of zk-SNARKs, data, and BTC blockchain transactions may be verified without disclosing private or sensitive user information.
By extending this technology beyond Ethereum-based platforms, the BTC blockchain will be able to host more sophisticated decentralized apps (DApps) and privacy-focused activities.
The CEO and co-founder of BitcoinOS, Edan Yago, stated in a Q&A with Cointelegraph that the advancement can assist BTC in “evolving into a network” that is adaptable and safe.
“We hope that others can evaluate how it works, implement it, experiment with it and collaborate to improve and innovate together. We also believe it will create discourse and debate, which in turn will help innovation move faster.”
Details of BitSNARK Integration
The press release claims that two-way pegging, cross-chain transactions, and decentralized atomic swaps would be made possible by implementing the ZK verification protocol on Bitcoin.
Additionally, BitSNARK will use “economic incentives” to ensure “honesty” on the Bitcoin blockchain without putting too much strain on the network’s processing power.
“Provers and Verifiers both have something to lose, which keeps the system fair and prevents malicious actors from compromising the verification process.”
Things To Think About
Though there are certain things to take into account, adding zk-SNARKs to the blockchain seems like a logical step after the first ZK-proof was successfully verified on the BTC mainnet on July 24.
Notwithstanding the potential benefits of zk-SNARKS on BTC, the Bitcoin community has demonstrated resistance to change over time, as evidenced by the 2017 Bitcoin Cash fork.
Since the community values security and decentralization over utility, the addition of zk-SNARKs could make adoption difficult and increase the danger of security breaches because it introduces more complexity, which some may find superfluous.