In a recent AMA session, Charles Hoskinson, the co-founder of Cardano (ADA), said that 2020 is going to be the year of the SNARK. He mentioned there are several cryptocurrency projects working with this technology and that this solution is very powerful.
During the AMA he has also talked about how Cardano is moving forward and about the new partnership with New Balance signed a few days ago.
2020: The Year of the SNARK
Charles Hoskinson said that they are super excited at Cardano to explore these solutions and how to look into this.
Moreover, he said the team has been working months and months analyzing Zcash’s Halo and implementing SNARK solutions for Cardano.
Although there is nothing official about what they are working on, Hoskinson said there will be an announcement at some point.
About it, Hoskinson mentioned:
“Halo is definitely a big breakthrough all due credit to the Zcash team, the Electric Company did a great job there, and we are so excited to see SNARKS with untrusted setups in the cryptocurrency space.”
He has also mentioned that 2020 is going to be the year of the SNARK for different cryptocurrency projects in the market.
For example, UseTheBitcoin reported that Tezos (XTZ) is ready to add zk-SNARKs through a protocol amendment in the near future. This is going to help the network reach higher privacy levels.
zk-SNARKs is a feature that allows participants to prove certain information without having to reveal it to another party. Thus, it is possible to prove a statement without having to show the real information behind it.
At the same time, Tron (TRX) is another project that is currently working in order to implement privacy features through zk-SNARKs. They are also trying to improve users’ privacy when they send and receive funds.
Although zk-SNARKs provide increased privacy for users, this is not a 100% privacy feature. It is still possible to track specific transactions.
Cardano is one of the most promising projects in the cryptocurrency market. The team behind this blockchain is now testing its Shelley network in Beta mode to understand how it works before releasing the official version.
We have also reported at UseTheBitcoin that Cardano partnered with New Balance in order to fight against counterfeit products. With this new solution built by Cardano, New Balance customers can easily check whether the shoes they are buying are genuine or not through an app.