Zcash releases new privacy tech: improved zk-SNARKs

Zcash developers launch new privacy tech called zk-SNARKs
13 September 2017   1657

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.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   137

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.