Vitalik Buterin’s latest post on Ethereum Research , outlines an on chain scaling solution, without any additional layers, using zk-SNARKS, the encryption algorithm behind the popular privacy token ZCash. According to Vitalik, by using zk-SNARKS it is possible to scale Ethereum to 500 tx/sec.
In Vitalik’s solution, there will be 2 parties involved in the entire transaction,
Relayers will group multiple transactions into one transaction by creating ZK-SNARK to prove the validity and publishes the ZK-SNARK onto the blockchain. Everything will be managed by a Smart Contract. This way multiple transactions are stored on the blockchain in a highly compressed form.
Actually, what I propose does not have data availability issues. Here's a quick writeup: https://t.co/hRjhSyah0B
— Vitalik Non-giver of Ether (@VitalikButerin) September 22, 2018
Relayers would earn money through the group’s transaction fee. According to Vitalik, anyone can become a relayer, as every transaction is happening on the chain.
“There are two classes of user: (i) transactor, and (ii) relayer. A relayer takes a set of operations from transactors, and combines them all into a transaction and makes a ZK-SNARK to prove the validity, and publishes the ZK-SNARK and the transaction data in a highly compressed form to the blockchain. A relayer gets rewarded for this by transaction fees from transactors.”
zk-SNARKs are a zero-knowledge proof encryption algorithm. That means after encryption, the data exists but what the data is never revealed. Properties of zk-SNARKs are,
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