According to a report by Mina Foundation, Zero-Knowledge ProofZKP will play a significant role in the finance industry and that web 3 projects will become popular, as the technology offers enhanced privacy and scalability.
Evan Shapiro, CEO of the Mina Foundation, commented on the survey results and told CryptoSlate:
The majority of the sample group were crypto traders 66%, while the rest were 22% and developers 11%. Almost all participants know what ZKPs were, while 80% of the developers said they built with them.
The results showed that scalability and privacy are the most potent applications of ZKPs.
When participants voted for the main advantage of ZKPs, 30.7% chose privacy, 18.2% chose scalability and 46% chose both. The report states that the industry s attention is shifting towards privacy and that there is a slight difference between privacy and scalability.
Scalability is one of the main problems of a large number of distributed ledgers likeBitcoin andEthereum. They depend on their hardware and infrastructure for their performance. ZKPs can be implemented to provide more lightweight applications that can run on mobile phones.
ZKP restrains information by definition and leveraging the technology will allow them to enhance their data privacy capabilities.
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90.1% of participants said they found cryptocurrencies that use ZKPs more attractive. The illicit activities took up only a tiny portion of the market, but they increased significantly in the last year. The shift towards privacy and the implementation of ZKPs in cryptocurrencies could indicate the rising awareness of scams and attacks.
52.1% of participants said they were more willing to use a dApp with implemented ZKPs in addition to cryptocurrencies.
Shapiro noted these results and said :
Most respondents believe that ZKP is essential to the future of the metaverse, Web 3, and finance industry.
The participants were asked to rate the importance of ZKPs to the Metaverse and Web 3. Most of the participants — 77.7% — gave ZKP a score of eight or higher on the importance scale. The finance industry could benefit from ZKPs the most, according to 40.6% of the participants. In addition to this, 34.9% said that all industries, including finance, health care, social media, e-commerce, gaming entertainment and collectibles, could see significant benefits from incorporating ZKPs.