Author: Gregory Maxwell 2016-02-26 21:42:26
Published on: 2016-02-26T21:42:26+00:00
The first successful Zero-Knowledge Contingent Payment (ZKCP) on the Bitcoin network has been announced. ZKCP is a transaction protocol that allows a buyer to purchase information from a seller using Bitcoin in a private, scalable, and secure manner that doesn't require trust in anyone. The expected information is transferred only if the payment is made, eliminating the need for third-party arbitration. An example application would be purchasing the DRM master keys from a failing manufacturer, which is inherently irreversible and crosses multiple jurisdictions, making it risky. Using ZKCP avoids significant transactional costs involved in such sales.In this transaction, the buyer purchased a solution to a 16x16 Sudoku puzzle for 0.10 BTC from Sean Bowe, a member of the Zcash team. The transfer involved two transactions, and almost all the engineering work behind this ZKCP implementation was done by Sean Bowe, with support from Pieter Wuille, the buyer, and Madars Virza. More technical details about ZKCP can be found at the provided link. The buyer also hopes to have a ZKCP sudoku buying faucet up shortly.
Updated on: 2023-05-19T23:12:41.610199+00:00