Zcash releases new privacy tech: improved zk-SNARKs

Zcash developers launch new privacy tech called zk-SNARKs
13 September 2017   3417

Zcash team has done a really great job recently. Thus, a couple of days ago they reported on the news about Atomic Trades development. 

Now, the developers announce its next major upgrade, the new privacy technology called zk-SNARKs.

Matthew Green, Ian Miers and I are happy to announce that we have made significant performance improvements to the zk-SNARKs that Zcash uses. These improvements are being published open source, free of patents, for the broader crypto community.

Sean Bowe 
Zcash developer

Thus, Zcash uses the bleeding-edge cryptographic technique zk-SNARKs to hide balances and user addresses. Now, a living prototype of a new form of zk-SNARK is released. It is believed, that this would ead to the huge improvements in speed.

As reported, Jubjub, an elliptic curve which is efficient to perform operations on inside of zk-SNARK circuits, is built over the new BLS12-381 curve.

We achieve record-breaking performance for fixed-based exponentiation.

Sean Bowe 
Zcash developer

According to the team, "fast elliptic-curve cryptography in this context allows to use more efficient primitives for commitment schemes and collision-resistant hashes". Combining the various techniques, the team can get a rough idea of the performance improvements.

Zcash zk-SNARK perfomance improvements Zcash zk-SNARK perfomance improvements

Thus, this rough estimate indicates an 80% reduction of proving time, and a 98% reduction in memory usage which is a key requirement for opening up mobile support for Zcash shielded addresses.

Therefore, Zcash will be rolling out the technology in an upcoming upgrade, Sapling, expected in 2018. The change is scheduled to occur as a hard fork, meaning all users and miners will need to upgrade their software to take advantage of it.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   346

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.