Cryptocurrency facts and it's latest advances which set to change the blockchain

Without cryptography, the existence of Cryptocurrencies could not prevail. It has reached far impacts on blockchain technology and its potential. The following latest cryptographic advances are examined based on the opinions of industry experts.

Zero-knowledge proofs: more than just privacy:

(ZK-Proof) zero-knowledge proof systems are “one of the most exciting areas of development” in the cryptography space. This is a known and appreciated kind of cryptography for being the basis of privacy-preserving solutions.

“Adequate zero-knowledge proofs, it can significantly enhance both its privacy and performance when they are applied to decentralized anonymous payments’’

“ZKP can also be used to generate small data sets Instead of generating large blocks of transactions and propagating them through the network miners which only show the account balance changes and also cryptographic proof that no double contribution occurred.”

ZK-Proof-enabled Bitcoin sidechains:

So far Bitcoin sidechains had only limited success and In fact, only $77 million of Bitcoin — about 0.054% — were locked on side chains as of mid-October 2019 And some of the experts gave an apparent reason for the slow sidechain development that there’s a greater financial stimulus to creating altcoins compared to building on Bitcoin.

ZK-Proofs can make Bitcoin more private:

Firstly, the system of the firm allows it to move from the main blockchain to the crypto and on its second later move it while concealing. “The transaction amount and both the sender and receiver identification’’. Moreover, smart contracts are supported by the solution. And also the cryptocurrency space should focus more on privacy.

Post-quantum cryptography:

Generally, the algorithm's designs of post-quantum cryptography mostly in a way that endeavors to nullify the advantages of quantum computing when compared to traditional computing. And also Bitcoin was designed with the threat of quantum computing in mind.

Developments in cryptography and their impact on crypto:

one of the most active areas of research in cryptography is multiparty computation (MPC). It enables entities which do not trust each other and might even be careless or malicious to perform together with computation and agree on the result.