Summary
- BitcoinOS launches BitSNARK ZK verification protocol to boost privacy.
- The protocol preserves privacy in transactions and smart contracts without altering Bitcoin’s core protocol.
According to the latest official reports, BitcoinOS (BOS) announced that it had open-sourced BitSNARK, the zero-knowledge (ZK) verification protocol for use on Bitcoin.
BitcoinOS is the “operating system for a Bitcoin-powered world,” according to the project’s official website. “BitcoinON is not a smart contract platform, it is the endgame for all smart contract platforms.”
BitSNARK is the first protocol that brings zk-SNARKs to Bitcoin. This acronym stands for Zero-Knowledge Succinct Non-Interactive Argument of Knowledge and refers to a proof construction where one can prove possession of certain information without revealing the information and without any interaction between the prover and the verifier.
Enabling Privacy Preservation
According to an official press release, the protocol enables privacy preservation in transactions and smart contracts on the blockchain without having to sacrifice the core protocol of Bitcoin.
BitSNARK is reportedly used alongside two other innovations:
- Grail Bridge – An asset bridge that securely transfers assets between Bitcoin mainnet (L1) and Rollups (L2)
- Merkle Mesh – The Merkle Mesh/Tree is a cryptographic data structure used to effectively verify the authenticity of large data sets (Merkle Tree-based Mesh Authentication Protocol).
The role of these innovations is to expand Bitcoin’s role in the following areas:
- DeFi
- Cross-chain apps
- Privacy-first technology
What This Means for Bitcoin Blockchain
The Bitcoin blockchain has been limited to basic transactions without protection elements apart from the cryptographic wallet addressed.
What zk-SNARKs brings new is the verification of data and the BTC blockchain transactions without revealing sensitive data such as personal/financial details.
Expanding the tech beyond platforms such as Ethereum will allow the following on the Bitcoin blockchain:
- More complex dApps
- Privacy-oriented actions
CEO and co-founder of BitcoinOS explained recently that this development can help Bitcoin evolve into a network that is secure and versatile. He said that they hope others can perform the following:
- Evaluating how the mechanism works
- Experimenting with it
- Collaborating for further improvements and innovations
BitSNARK In-Depth Details
Introducing the ZK verification protocol on the Bitcoin blockchain will lead to the following results:
- Enabling decentralized atomic swaps – Allowing 2 people to trade tokenized assets across different blockchains without relying on a centralized intermediary
- Allowing cross-chain transactions – Transactions between different chains
- Enabling two-way pegging – A 2way peg (2WP) protocol allows transfers of crypto from a main blockchain to a second one and vice-versa without the need to rely on a third party
BitSNARK will also incorporate economic incentives to maintain honesty on the Bitcoin blockchain without overwhelming it with complex computation.
Both provers and verifiers have something to lose, and this is the main element that keeps the system fair, preventing malicious actors from compromising the verification process, according to the official release.
