Already in the early years of Bitcoin existence, users realized that it was a pseudonymous, not an anonymous network. And if you link a pseudonym (address) with a person's name, then you can track the entire chain in an open ledger (blockchain). Using zk-SNARKs, transactions take place without public disclosure of data, without placing them on the ledger. In such a network, there will be no blockchain explorer, and only the owner can check the balance using his private key.

What's in the future for zk-SNARKs?

The most interesting is the ability to use zk-SNARKs over the Ethereum network and its virtual machine. Confidential transactions, where balances and balances are hidden, but only the sender and recipient are visible, open up new scenarios for using the blockchain.

Polygon, one of the largest [L2] of the Ethereum network acquired startup Mir for a record $400 million for the new market to focus on building zero-knowledge systems. Moreover, more recently, in August of the same 2021, Polygon absorbed Hermez Network in a deal for $ 250 million.

zk-SNARKs, like Bitcoin, over the years of development can acquire the status of an advanced technology and go beyond the image of a “shadow economy” tool.