Centrifuge and zkSNARKs in action with Lucas Vogelsang
Dec 11, 2019
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Lucas Vogelsang, co-founder of Centrifuge, discusses his journey to co-founding the company and the role of privacy in his thinking. They also explore building with zkSNARKs, improving access to finance through blockchain and decentralization, the future of borrowing and lending in blockchain, challenges of scalability on Ethereum, the importance of privacy for businesses on blockchain, and developing in the rapidly changing zero knowledge space.
Centrifuge aims to create a decentralized platform for secure data exchange in the financial supply chain.
Privacy is a top priority for Centrifuge, allowing businesses to have control over their data and protect sensitive information.
Centrifuge is actively exploring the use of zero-knowledge proofs to enhance privacy and security in their network, leveraging tools like Socrates and staying up to date with the latest advancements.
Deep dives
Building a decentralized network for secure data exchange
Centrifuge aims to create a peer-to-peer network and protocol for secure and private data exchange. They are focused on building the infrastructure for data to exist and be exchanged securely. Their goal is to allow businesses to have complete control over their data and choose how much information they want to share. They use a combination of off-chain messaging and on-chain anchoring to ensure data integrity. By tokenizing payment obligations from invoices, they provide verifiable proof without revealing sensitive information. Centrifuge is exploring the use of zero-knowledge proofs to further enhance privacy and enable more complex computations while protecting data.
The Importance of Privacy in Business Transactions
Privacy is crucial for businesses in blockchain-based transactions. Centrifuge recognizes the significance of privacy for businesses and has designed their system with privacy as a top priority. They believe that businesses should have control over their data and should be able to choose what information to disclose. By maintaining privacy, businesses can protect sensitive financial and transactional information, prevent competitors from gaining leverage, and maintain competitive pricing. Centrifuge's focus on privacy ensures that businesses can engage in blockchain-based transactions with confidence and security.
Centrifuge's Approach to Zero-Knowledge Proofs
Centrifuge is actively exploring the use of zero-knowledge proofs to enhance privacy and security in their network. While they are still in the early stages of development, they are working with tools like Socrates to incorporate zero-knowledge proofs into their system. Zero-knowledge proofs allow for the verification of specific information without revealing the actual data. For example, Centrifuge is considering using zero-knowledge proofs to prove the credit rating of a business without disclosing the actual business name. This approach enables businesses to share relevant information while maintaining privacy and confidentiality. Centrifuge is actively looking at the evolving landscape of zero-knowledge proof technology and will adapt their system accordingly to ensure the highest level of privacy and security.
Centrifuge's Use of Socrates and Other Tools
Centrifuge has been working closely with the Socrates team and using their tools for building zero-knowledge proofs. Socrates provides a user-friendly programming language and tooling to simplify the development of zero-knowledge proofs. While Socrates initially had a strong focus on Ethereum, they have been working on expanding their capabilities to support other backends, such as Wasm. Centrifuge also acknowledges the rapidly changing landscape of zero-knowledge proof technology and is leveraging tools like Bellman and bulletproofs to address specific needs within their system. They strive to stay up to date with the latest advancements in zero-knowledge proof research and implement them in their infrastructure.
Navigating the Rapidly Changing Landscape
Centrifuge understands the fast-paced nature of blockchain technology and the rapidly evolving landscape of zero-knowledge proofs. They are aware of the continuous advancements and improvements in the field and approach it with caution and adaptability. While they are developing their product using existing established tools and technology, they remain open to incorporating newer advancements as they mature and gain wider adoption. Centrifuge's focus is on providing a secure and privacy-enabled network for businesses, and they will continue to stay informed about the latest developments in zero-knowledge proofs to enhance their offering.
In this week’s episode, we catch-up our friend Lucas Vogelsang from Centrifuge. Centrifuge is an open, decentralized platform to connect the global financial supply chain. We chat about the journey Lucas took to co-founding this company, how privacy plays a role in his thinking and we discover what it means to be a project building with zkSNARKs today.
Nucypher is currently looking for an engineering lead to work on a new open-source cryptosystem for privacy-preserving smart contracts. This is a new product and so you will get to work on some cool primitives like fully homomorphic encryption and zero knowledge proofs. For more about lead engineer role, check out the ad here: https://news.ycombinator.com/item?id=21693548
