Cryptocurrencies could not exist without cryptography.
Advances in this field can have far-reaching impacts on blockchain technology and its potential.
Zero knowledge proofs: more than just privacyDirector of research at blockchain firm Blockstream and mathematician Andrew Poelstra told Cointelegraph that zero-knowledge proof systems are "One of the most exciting areas of development" in the cryptography space.
Blockchain firm Suterusu is currently working on implementing ZK-Proof-enabled privacy as a second-layer solution on top of Bitcoin and Ethereum's blockchains.
The firm's system allows for moving the cryptoasset from the main blockchain on its second-later network and the move it while concealing "Both the sender and receiver identity and also the transaction amount." Furthermore, the solution supports smart contracts.
Mostly, post-quantum cryptography designs algorithms in a way that attempts to nullify the advantages of quantum computing when compared to traditional computing.
"Satoshi saw this coming, which is why he created one way hashes as addresses instead of public keys, as public key cryptography is susceptible to quantum brute force attacks. This is also why there is a change address strategy for every wallet."
Developments in cryptography and their impact on cryptoYaffe said that multiparty computation is one of the most active areas of research in cryptography.
"Using all of the above I expect future blockchain products would resemble a blob of information for an outside viewer while users actually holding the keys will be able to see the full history of their transactions. Some of these technologies are not ready for mainstream usage yet but in the last few years there were many improvements in this area and it keeps improving quickly."
While not a sidechain, Sidhu's Syscoin bridge allows users to move value across blockchains without intermediaries or custody just with cryptographic principles.
The Future of Crypto: The Latest Cryptography Advances Set to Change Blockchain
Published on Feb 20, 2020
by Cointele | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.