ZK-SNARKs

PivotSwap leverages zk-SNARKs, an acronym for 'Zero-Knowledge Succinct Non-interactive Argument of Knowledge' introduced in a 2012 paper. Just like ZKPs, zk-SNARK is a cryptographic proof that allows one party to prove to another that they know a secret without revealing the secret itself. zk-SNARK is a key element in creating PivotSwap with unprecedented levels of privacy and scalability.

What ZK-SNARKs do:

- Succinct: Proofs are small and efficient, taking up minimal storage and verifying quickly.

- Non-interactive: No back-and-forth communication is needed. The prover generates a single proof based on the verifier's requirements, which the verifier can check independently.

- Argument of Knowledge: The prover can convince the verifier they possess certain information (knowledge) without revealing the specific content of that information.

Applications of zkSNARKs:

- Privacy: PivotSwap uitlizes zk-SNARKs to enable private transactions, hiding sender, receiver, and amount information while still ensuring the validity of the transaction on the blockchain.

- Privacy-preserving verification: PivotSwap users can prove the ownership of their assets without revealing sensitive details.