Mihailo Bjelic, the lead developer of the cryptocurrency project, NEM, has suggested that adding zero-knowledge proof technology could enhance the network’s security while keeping transaction fees low. Here are the most important points to know about this suggestion:
1. Zero-knowledge proof technology is a cryptographic technique that allows one party to prove to another party that they know a specific piece of information without revealing that information. This means that transactions can be verified without revealing any sensitive data, making it more secure.
2. By implementing zero-knowledge proof technology, NEM could potentially reduce the risk of hacks and attacks on the network. This would increase user confidence and attract more investors to the platform.
3. Despite the added security benefits, implementing zero-knowledge proof technology would not significantly increase transaction fees. This is because the technology is designed to be efficient and cost-effective.
In summary, Mihailo Bjelic’s suggestion to add zero-knowledge proof technology to NEM could significantly enhance the network’s security while keeping transaction fees low. This would make the platform more attractive to investors and increase user confidence in the system.