First Private Transactions Verified on Ethereum’s Byzantium Testnet

This technology is most famously used by the zcash network

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Developers have completed an essential phase toward passing the zcash privacy functionality onto the Ethereum network.

The zkSNARK transaction was verified on the Byzantium testnet.

Throughout analysis for the approaching Byzatium upgrade to Ethereum, an effort was built to create the superior privacy characteristics of zcash to the ETH network.

To attest a set of data is correct without truly showing what that data is, a zero-knowledge Succinct Son-interactive Arguments of Knowledge (zkSNARK) is used.

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Want to learn more about zkSNARKs? Click the image above.

This technology is most famously used by the zcash network.

Since then, developers have tried to incorporate the privacy feature into ETH.

There are some downsides to this technology though.

One shortcoming being that the computations for zkSNARKs are pricey. About 92 times more expensive in comparison to the zcash equivalent.

ETH being 1,933,895 gas compared to a non-private transaction costing around 21,000 gas on zcash.

The future is bright but there’s still work to be prepared before private transactions are achievable on ethereum.

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