Organizing Principles

December 01, 2022


Read more

Stress Test for WBTC

November 29, 2022


Read more

Tailwinds

November 21, 2022


Read more

Sunlight Through the Trees

November 17, 2022


Read more

digital
daily

digital daily: Back to the 90s

Back to the 90s: Stanford professor Dan Boneh is fond of using an academic paper from the 1990s to make a point – today's “cutting edge” zero-knowledge technology is an old concept born of necessity, originally called "proof-of-compute." The paper states that "… a single reliable PC can monitor the operations of a herd of supercomputers…." Or, more practically, that a growing collection of low-powered mobile devices could perform lightweight proofs, showing that powerful central computers had done their jobs. This breakthrough was the root of zero-knowledge, and for thirty years, it languished in obscurity. Why? Because unexpectedly, Moore's Law put a supercomputer in every pocket. The problem of low-powered mobile devices disappeared. Today, the challenge has reemerged in a new format. Decentralized blockchains offer super-powers – trustless computing and internet-scale value transfer. But they can't keep pace with anticipated demand at the scale of mass adoption. To integrate decentralized blockchains with the velocity of global financial transfers, micro-transactions, identification checks, access passes, and more, we need centralized computers capable of quickly handling the flood. The math behind zero-knowledge allows us to bundle these high-volume transactions and submit them to a decentralized blockchain in efficient packages that can be proven correct by an independent user. Decentralization, at scale, is what zero-knowledge math helps us achieve. It is a thirty-year old idea whose application has finally come. Like so many technologies fetishized as "cutting edge," it isn’t new. The future is back to the 90s.

BACK