Recover your privacy through a highly tamper-proof blockchain ecosystem by 2022

The Horizon blockchain was created to enable zero-knowledge secure systems, best known as ZKPs, that allow transactions on a blockchain network to be validated without disclosing confidential transaction information to the public. The process, according to the company, is untrustworthy and decentralized without any third-party validators

They have now been embraced as a key component of blockchains such as Horizen, which uses ZKP encryption to allow private blockchain transactions to be verified on public chains, while keeping the details of each transaction hidden.

Zk-SNARK’s and private / public blockchain technologies

The Horizon platform comes with built-in zk-SNARKs (a unique type of ZKP), which allow private and public blockchains to be created and used. zk-SNARKs also unlocks blockchain scalability beyond the privacy benefits.

Because the Horizen network does not require the use of third-party validators to authenticate transactions, it requires far less computing power and is highly scalable and reliable. It is ideal for business situations because it allows users to trust each other without having to rely on third parties to authenticate transactions.

Rob Viglione, co-founder and team leader at Horizen and Horizen Labs, notes, “If privacy is one of the main barriers to enterprise adoption of blockchain technology, zero-knowledge evidence represents the ultimate solution to pave the way for embracing blockchain as a whole. ”

Horizon audit system

ZkAudit is a blockchain-based audit solution created by Horizen Labs, the development arm of Horizen, to allow audits to be performed on private companies in a completely decentralized, transparent and privacy-preserving way using ZKPs.

The ZkAudit service has helped organizations such as Celsius, a leading cryptocurrency lender. It is also possible to use a blockchain-based solution that allows you to quickly validate evidence on reserves without compromising sensitive information or relying on expensive third-party auditors.

Celsius’ public audit system has enabled the company to act as a reliable partner for defi projects and public blockchains, even though it provides a centralized service.

How does the blockchain achieve zero-security knowledge privacy?

The first step towards greater privacy is to use a new address for each transaction you receive. Each time you click “receive”, most wallets will create a new address for you.

Using multiple payment methods and changing addresses makes it significantly more difficult for an attacker to link your transactions and establish a correlation.

If your business takes users’ privacy seriously, using a cryptocurrency with privacy features will provide the essential extra protection. One of the most effective privacy technologies available is the Zero-Knowledge Proofs-enabled cross-chain protocol offered by Horizen.

Anyone who knows the secret can check the evidence, but no one else can. You do not have to give them the data for a confidential transaction; instead, you provide proof that you have transferred the nodes and miners instead of the actual transaction data.

A description for using Zero-Knowledge Proofs for cryptocurrency transactions is as follows: You build evidence that the transaction you want to send will be validated by a verification node, without revealing any of the transaction data itself.

Zk-Proofs hides both sender, recipient and amount for the recipient. Another great application for zk-Proofs is proof of identity. For example, you can demonstrate your age to a third party without disclosing any personal information such as your date of birth.

Conclusion

There are a number of acceptable reasons to perform private financial transactions. If you have a medical condition and require frequent purchases of prescription drugs, you have solid reasons to conduct these transactions privately.

If you have a company, you do not want your competitors to know about your income streams, or if you are buying a gift for your spouse, you may not want him or her to discover it until they receive the gift.

There are several compelling reasons to do business privately, and we believe that privacy is a fundamental human right. The Horizon blockchain is one of the best ways innovators explore the “I have nothing to hide” concept.