Cryptocurrency’s scalability and privacy is one of the most pressing issues across any blockchain ecosystem — whether that’s Bitcoin, Ethereum, or a DeFi token. In this article we go over how Snapps solve the industry’s greatest challenges.
What are Snapps?
Snapps are a new type of decentralized application (dapp) that use cryptography to conduct trustless blockchain transactions. Using the power of zk-SNARKs, or zero knowledge Succinct Non-interactive Arguments of Knowledge, Snapps can prove knowledge without needing to expose all pieces of information. Only the bare minimum of details need to be shared, no more than is absolutely required, to complete the transaction. You have complete control over which data you want to share and under what terms or conditions you want to share it.
Blockchain Scalability Needs Privacy
In today’s digital world we are increasingly concerned about the element of privacy. Many times, more information is exposed than is required for the most simple transactions, with no expectation that the information will be kept safe. In fact, the number of data breaches in the USA alone has totaled over 1,000 consistently every year since 2016 (Statista).
Consider this: how much detail do you share with the bank when you apply for an online loan? Typically, you are required to exchange information such as proof of income, social security number, and credit score without knowing whether or not your personal information would be kept safe.
Mina is specifically addressing the issue of confidence with Snapps, or a SNARK-powered app. In the case of an online loan, Snapps will allow you to keep your credit score and other sensitive details private by only showing that you meet the necessary requirements and not revealing the underlying data.
Snapps are More Scalable and Privacy Centric Dapps
The types of privacy-enabled transactions offered by Mina’s Snapps are not only highly secure and private, but also highly scalable, even in comparison to Ethereum dapps.
As a reminder, in order to check the execution of a dapp, all nodes and miners on the Ethereum network must perform the same calculation, wasting both energy, time, and money. Mina allows a Snapp to be executed only once by its author, after which all other nodes will verify the SNARK proof associated with it. Additionally, because the SNARK and verification is small in size, verifying the execution of a Snapp is fast and energy-efficient, no matter how complicated the proof is.. As technological improvements drive SNARK proving time down, we’ll see more efficiency improvements with regards to traditional smart contract computations.
How do Snapps solve blockchain’s scalability and privacy issues?
With Snapps, computations are run once by a single person rather than the whole network — making it energy efficient, and cost effective.
And finally, with Snapps you won’t be beholden to centralized players anymore. No more handing over your personal data.
Stay updated on Snapps’ progress by signing up for our newsletter.