SUTER - The Next Big Privacy Coin?

By FarewelltoMinds | Farewell2Minds | 17 Feb 2020


It’s always a risk to go for small market cap altcoins. Their closest analog being penny stocks, investing in these is even more of a risk then a top 20 crypto project, and those are volatile themselves. 

I went in and dropped some ethereal on Suterusu (SUTER). The market cap is tiny, the price is below a penny, and by this alone the alt coin is high-risk/high reward. 

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SUTER’s primary goal is privacy. It aims to enable privacy on blockchains and it does this by using ZK-SNARKs. 

Wait…what?

What the hell is a ZK-SNARK?

It is an acronym that stands for: Zero Knowledge -Succinct Non-interactive Argument Knowledge.

ZK-SNARKs allow a user, like you, to interact with unknown 3rd parties in a way that is secure. What you need to interact with other people in a blockchain is trust, generally through accepted protocols. 

Zero Knowledge (ZK)

The ‘zero’ in this ZK refers to the fact that a user can affirm knowledge of something without divulging what that knowledge is. A user can claim a value is present, or a condition is met, without stating what that value or condition is. 

The user proving this, and the person verifying the value in question, do not have to interact. This allows for privacy. 

For example, say you want to purchase a computer for $100. You want to do this over a blockchain. But you don’t want to show everyone just how much money you really have. You just want to prove that you have, at least, $100. In this case, the zero knowledge here is that you (the buyer) and the seller both acknowledge you have the minimum balance required for the transaction.

SNARK

What about the Succinct Non-Interactive Argument Knowledge part?

Ok. Jane has a private key. Doug wants Jane to prove she has that private key. Doug wants to prove that Jane’s identity is in fact true. 

Doug sends a message to Jane. The message is encrypted. The encryption is based on Jane’s public key.

Only Jane can decrypt the message, using her private key. 

Jane decrypts the message. Doug sends another to ensure Jane is not an imposter. 

This process of encryption/decryption ‘succinctly’ performs as an ‘argument’ of ‘knowledge’ between two parties that don’t have to directly ‘interact’ with each other. 

Summary

Zero Knowledge because the value in question remains hidden (Doug never knows Jane’s private key).

Succinctly because they repeat the process until they are sure. 

Argument because the two parties submit a question to one another through encrypted messages. 

Knowledge because the question is about a value (in this case, the existence of the private key). 

Non-interactive because the two parties do not have to meet face to face, but can interact from afar. 

Anyway, this technology is pretty far out, and has a lot of crazy implications that I’m sure people smarter then me can figure out. And SUTER aims to bring this to blockchains and smart-contracts. This technology can help make blockchains more private, something that remains lacking in 2020. If I can see a public address on the BTC blockchain, I can see the amount of funds in question. That is not privacy. 

You can find out more here


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FarewelltoMinds
FarewelltoMinds

Trying my best to stay rational in an irrational world.


Farewell2Minds
Farewell2Minds

Crypto news, unheard of alt coins, investments as gamblings and self-hating decentralized financial musings

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