The weight loss medications Ozempic and Wegovy may be linked to stomach paralysis and other digestive issues, a study found.(iStock)
DIGESTIVE DANGERS – Popular weight loss drugs like Wegovy and Ozempic could increase the risk of stomach paralysis and other serious gastrointestinal conditions, according to a new study. Continue reading…
‘OUTGROWING’ AUTISM? – For some kids, the disorder seems to disappear by age 6, new research finds. Continue reading…
EARLY DETECTION – A physician breaks down 5 of the most important cancer screenings. Continue reading…
Learn about which doctors and procedures are used for various cancer screenings.(iStock)
STEP IT UP – This daily activity could slash heart disease risk by up to 20%. Continue reading…
‘PUBLIC HEALTH THREAT’ – The CDC warns of a surge in COVID hospitalizations for one certain group. Continue reading…
‘DR. AI’ – Radiologist Bhavik Patel, chief artificial intelligence officer for Mayo Clinic Arizona, shares with Fox News Digital what his role entails. Continue reading…
Radiologist Bhavik Patel, M.D. (pictured here) has been named chief AI officer at Mayo Clinic Arizona.(Dr. Bhavik Patel / Mayo Clinic / iStock)
ABORTION ON DEMAND – These 6 states allow women to get pregnancy-ending medications shipped to their homes. Continue reading…
MORNING-AFTER PILL – This medication could protect high-risk patients after unsafe sex, the CDC says. Continue reading…
OUTRUNNING DEPRESSION – Pounding the pavement could be more effective than antidepressants, a recent study found. Continue reading…
Exercise benefited both mental and physical health, while antidepressants only helped with mental health, researchers found.(iStock)
Crypto data aggregator CoinMarketCap, owned by crypto exchange Binance, has created a novel plugin for large-language model (LLM) based AI chatbot ChatGPT.
According to the October 11 announcement, users can access the feature by signing in to their ChatGPT Plus account and simply enabling the plugin, allowing them to ask the LLM on a variety of crypto-related questions. There is no additional fee to use the plugin, aside from the $20 per month subscription fee for ChatGPT Plus. “The base ChatGPT has limited use to crypto enthusiasts, as data is mostly restricted up to Sept 2021. ChatGPT’s recently-expanded web browsing capabilities likewise have limitations in serving real-time crypto data,” developers wrote.
The LLM is capable of generating answers for simple questions such as “How correlated are Bitcoin and Ethereum in 2023?” to “How do variations in token distribution models (ICO/IDO/launchpads, etc) correlate with observed price volatility?” Through the integration, prompts generated by ChatGPT are sourced directly from CoinMarketCap, with real-time info such as listing, gainers and losers, latest blockchain statistics, etc. The tool is compatible with both desktop and mobile devices.
Multiple exchanges are currently experimenting with AI technologies amid the ChatGPT boom. In July, Cointelegraph reported that crypto exchange Bitget launched an AI-powered feature for its grid trading strategies, leveraging the use of trading algorithms to automate transactions for users. In an interview, Gracy Chen, Bitget’s managing director, revealed that the exchange is using AI tools to handle translation for its multi-language services as well as its customer service department.
Simultaneously, the NASDAQ exchange received approval from the U.S. Securities and Exchange Commission last month for AI-based trade orders. Crypto exchange Binance has also launched an AI-powered nonfungible tokens generator for verified users.
‘IT’S HUMANS I FEAR’: Tech billionaire on journey to immortality welcomes AI as a solution. Continue reading…
NO PRESSURE: IG report calls on VA to fix automated system that led to faulty claims decisions. Continue reading…
Radiologist Bhavik Patel, M.D. (pictured here) has been named chief AI officer at Mayo Clinic Arizona.(Dr. Bhavik Patel / Mayo Clinic / iStock)
DR. AI: Mayo Clinic appoints chief AI officer, a key new role. Continue reading…
MAJOR ADVANTAGE: America’s secret asset against AI workforce takeover. Continue reading…
Businessman chatting through chatbot Online customer service with chat bots for support. automatic command Artificial intelligence and CRM automation software technology
HIGH TECH HEALTHCARE: Google launching new AI-powered tools for doctors. Continue reading…
NON FICTION: ‘Godfather of AI’ warns technology could takeover humanity. Continue reading…
AI FLIGHT SIMULATOR: Air Force pilots will train with video game-like simulators. Continue reading…
POWERING UP: OpenAI looking to make its own AI chips. Continue reading…
AI COCA-COLA: A new AI generated Coca-Cola recipe stumped taste testers. Continue reading…
‘PERSONALLY DISTURBING’: Robin Williams’ daughter, Tom Hanks, Keira Knightley among stars fighting against AI. Continue reading…
Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future with Fox News here.
In early September 2023, the US Financial Accounting Standards Board (FASB) finally approved the commonly accepted accounting practice of mark to market accounting to apply to corporations and businesses holding crypto digital assets.
Previously, companies like Microstrategy and Tesla needed to file crypto digital assets as intangible assets like goodwill and Intellectual Property (IP). If the value of these intangibles went down, they needed to declare a loss. However, if the value of the intangible went up, these companies were not allowed to declare a gain of asset values.
Michael Saylor of Microstrategy, perhaps the most visible Bitcoin bull who has accumulated a lot of Bitcoin for his company, pushed the FASB to make the move. Every time the Bitcoin spot price took a dive during reporting season, Microstrategy had to declare a loss. However, when the spot price rose during reporting season, they could not declare the higher asset price. Saylor felt it was unfair that the negative downside needed to show up in the balance sheet, but not the positive upside.
The new FASB rule puts crypto in a separate digital asset category, where the gain or loss based on the acquisition price, would be declared in a mark to market fashion. Although the rule formally takes effect in 2025, companies that choose to adopt it earlier may do so.
This accounting rule change has massive consequences for Bitcoin and crypto adoption into the corporate treasury world. Previously, management and CEOs felt that acquiring digital assets would penalize their quarterly performance. With this change, corporate finance managers can determine the adequate portfolio allocation based on the upside potential (alpha) and volatility (beta) of the digital asset.
The FASB announcement seems timed with the impending SEC approval of a Bitcoin (or even Ethereum) spot ETF, the world of digital assets will no longer be the market that started with crypto punks and adventurous individuals. A spot Bitcoin ETF will give the corporate holder the protections of the law that the SEC provides. Prior to any approval, the SEC asked all proponents to ensure that the entity selling the ETF (like Blackrock or Fidelity) will be separate from the custodian (like Coinbase), and trade monitor (like the Chicago Mercantile or the NASDAQ).
Recently, Grayscale won a DC Court of Appeals decision against the SEC. The three judge court said that since the SEC had approved a futures ETF, there was no reason why it could not approve a spot ETF which was correlated in most cases to the futures price anyway.
Once corporations, family offices, sovereign wealth, hedge funds and other institutional clients adopt Bitcoin and crypto, the high price volatility may go away because these entities are not prone to sudden selling. Also their tranches of orders will not be in the tens or hundreds of dollars that finicky retail investors do, but in the millions and billions.
The volatility of Bitcoin and other cryptos is really more a function of who is buying and selling these assets. Right now, most holders on the market are retail traders and speculators. With the advent of institutional buyers, it is expected that the volatility could dampen somewhat because these larger parties do not really go in and out of the market that quickly.
Once a spot Bitcoin ETF gives these institutions the protections that the SEC provides to investors, coupled with this accounting change, the market cap and usage of these digital assets could grow substantially over the next few years.
The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
Zain Jaffer is the CEO of Zain Ventures focused on investments in Web3 and real estate.
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.
Apple just made using an iPhone fun again with the new iOS 17.
Many new features come alive with iOS 17, including some that help improve your privacy and security. As with any updates, I recommend downloading the latest software update to keep your iPhone or iPad most secure.
IOS 17 improves on several ways we interact with our iPhones. One thing just got easier. “Hey, Siri” is now just “Siri” to get a voice command going. You can also follow up on a Siri command without saying Siri again.
If you do nothing else, once downloaded and installed, these are the top things you will want to know right away.
Upgrade your iPhone to iOS 17 without waiting another minute
The iOS 17 update is available for iPhone users.(CyberGuy.com)
Go to Settings
Scroll down and tap General
Then click Software Update
You should see a notification that iOS 17 is available to download and install
Tap on Download and Install or Install Now
You may need to enter your passcode and agree to the terms and conditions
The download and installation may take some time, depending on your internet connection
After the update is complete, you will be greeted by a welcome screen and some suggestions to configure your iPhone to take advantage of the new features in iOS 17
iPhone users can customize their posters for their contacts.(CyberGuy.com)
Apple now lets you unleash your creativity to design the screen that appears to others when you call, message or FaceTime.
To set your personalized poster just the way you want it, start by going to your Contacts app.
Select your name or contact card.
Mid-screen, just below the communication buttons, tap “Contact Photo & Poster.”
Confirm you want to share your name and photo with friends by clicking the blue Continue button.
On the next page, you’ll enter your name as you want it to appear to others. Keep in mind that friends, family and professional associates will be your audience.
Choose your poster by using the iPhone camera to take a selfie or tap photos to pick a well-thought-out shot. You also have the option to add a Memoji or less personal monogram instead.
Once you’ve picked the perfect selfie, you can ‘swipe between styles’ to see different filters to remove the background to set the color to black & white. I went with a well-lit shot from the TV studio in New York and will probably create a more casual one next by clicking the blue + sign.
Turn on setting to automatically delete two-factor codes
Apple is now amping up a focus on your security with a feature that automatically deletes the numerous two-factor codes that come into your messages and email to verify your identity. I recommend that you turn on this option to “Clean Up Automatically” to keep things clean and secure.
Go to Settings
Scroll down and tap Passwords
Then click Password options
Now, toggle on Clean Up Automatically to auto-delete two-factor codes sent by message or email
Call screening is back with a new live voicemail feature
When someone calls and is sent to voicemail, the moment they begin leaving a voice message, a live transcript of what they are saying appears on your screen. I’ve tested this incredible retro new feature and love it. You now have the option to interrupt their message and accept the incoming call.
The new iPhone update has 25 new ringtones.(CyberGuy.com)
To change your iPhone ringtone
Go to Settings
Scroll down to Sounds & Haptics and tap it
Then click Ringtone
After years of the same classic Apple iPhone ringtones, fresh, new, modern themes are available. Give your iPhone inbound ringtone, notifications and alert sounds a makeover immediately.
One feature of the new iPhone update is live voicemail.(Apple)
There are 25 new bold sounds. Some make it a lot easier to hear your iPhone ringing, and others have modern, softer edges for a more discrete sound.
When you have picked the perfect ringtone, continue < back to select sounds for notifications and alerts.
‘Check In’ to alert a friend when you arrive at a meeting spot
You can check in with your contacts to let them know when you have arrived.(Apple)
Your iPhone will alert them when you get there. To use the all-new Check In from your Messages app:
Go to your messages app
Select the person you want to share your location with
Tap the + sign next to the field for typing a message
Tap ‘More’
Then tap Check In and follow the steps to notify a friend you arrived automatically
FaceTime someone who doesn’t pick up? No problem.
Apple has enabled a feature that lets you leave a video voicemail message on FaceTime for someone who doesn’t answer or declines your inbound call. For the person who misses your call, they can watch your video message and then have the option to tap “Message” to send a quick note back to you or “FaceTime” to return the video call.
FaceTime calls are now available on Apple TV 4K.(Apple)
If you have an Apple TV 4K, the new tvOS 17 lets you put your FaceTime calls on the big screen while using your iPhone as the camera. You will see it on Apple TV along with a refresh control center from the on-screen menu.
You can make your own custom stickers with the iOS update.(CyberGuy.com)
Go to your Photos app
Press and hold on an object in any photo
When the outline appears, tap the “Add Sticker” message that appears
Your new custom sticker will be stored in the sticker drawer for you to use on any text message or email. Add special effects to your sticker to make it move to create what Apple calls Live Stickers.
Touch iPhones top edge to top edge to share your contact info
You can share your contact information by tapping your iPhone to another.(Apple)
It feels like you are making your iPhones kiss each other with this new trick called Name Drop to easily share contact info with another person. No more menus or buttons to initiate when you want to pass each other’s digits.
Touch the top edge of your iPhone to the top edge of the other person’s iPhone
You should feel a slight vibration and hear a sound when they connect
A preview of your contact poster will appear on the other person’s iPhone
They can tap on it to see more details and accept or decline your contact info
If they accept, your contact info will be added to their Contacts app. If they decline, nothing will happen
The new iPhone update allows you to share an AirTag with others.(Apple)
An amazing feature will now let me remove one of the two AirTags around our dog Rosie’s collar. Previously, only one person could view the whereabouts of an AirTag. Now, you can add anyone else using iOS 17 by:
Going to the FindMy app
Tap the AirTag item you want to share
In the Share This AirTag box, tap Add Person and follow the easy steps
IOS 17 is here, and, oh boy, the wait was well worth it. This update comes full of surprises and introduces many new features that are sure to make you fall in love with your iPhone all over again.
What I love most is that you can design your own contact poster, make your own custom stickers, see live voicemails and choose from 25 new ringtones and sounds. What’s not to love? Don’t miss out on all these cool new features and download it today.
What feature are you most excited to try out and why? Let us know by writing us atCyberguy.com/Contact
For more of my tech tips & security alerts, subscribe to my free CyberGuy Report Newsletter by heading toCyberguy.com/Newsletter
Kurt “CyberGuy” Knutsson is an award-winning tech journalist who has a deep love of technology, gear and gadgets that make life better with his contributions for Fox News & FOX Business beginning mornings on “FOX & Friends.” Got a tech question? Get Kurt’s CyberGuy Newsletter, share your voice, a story idea or comment at CyberGuy.com.
The stock market in Asia and Europe had a contrasting day where a majority of the stock markets across the Asia-Pacific region climbed across the board while European markets had a mixed day. While South Korea’s bullish rally drove Asian markets, European shares faced downward pressure from underperforming luxury stocks.
South Korea leads Asian stock rally
South Korea took the lead on Wednesday among Asia Pacific stocks aided by a surge in its tech stocks. South Korea’s Kospi closed the day with a 1.98% gain at 2,450.08 points hitting a two-week high while chip giant Samsung Electronics jumped 2.71%.
Japan’s Nikkei 225 scaled a notable 0.6% to reach 31,936.51 points, its highest level in over two weeks. This stability can be attributed to a recent Reuters Tankan survey, which indicated consistent business morale among major Japanese firms.
Nikkei 225 index daily price chart. Source: Investing.com
The Hang Seng index in Hong Kong surged 1.4% in the final hour of trading, on track to rise for the fifth straight session. In Hong Kong, investor optimism was boosted Wednesday by a Bloomberg report that the government is considering increasing building investment to bolster the economy.
Hang Seng index daily price chart. Source: Investing.com
Mainland Chinese markets finished higher, with the benchmark CSI 300 index rising 0.28% to 3,667.55 points.
European stocks show mixed returns
European equities fell on Wednesday, with luxury conglomerate LVMH dragging the sector lower on disappointing sales, while Novo Nordisk surged after a favourable update on its diabetes treatment Ozempic.
The pan-European stock index STOXX 600 rose 0.1% to a one-week high while most regional markets were neutral. France’s blue-chip index FCHI underperformed most others registering a decline of 0.6% on daily charts.
LVMH fell 6.6% to a 10-month low after reporting a 9% increase in third-quarter revenue, indicating slower growth as a big wave of post-pandemic spending eases. Shares of Hermes and Kering plummeted more than 2% each.
Vintage Finance is dedicated to the in-depth exploration and reporting of traditional financial news, tracing the journey of global markets and economies from Stone Age to Stoned Age.
FormerNFL player Sergio Brown was arrested by law enforcement on Tuesday in connection with the death of his mother, whose body was found near a creek behind her home in Illinois last month, police said Wednesday.
Brown, 35, was taken into custody after trying to re-enter the United States into California from Mexico by the San Diego Police Department Threat Management Unit and several other agencies, including local and federal, after a warrant for his arrest was issued in Illinois.
Sergio Brown of the Colts reacts after breaking up a pass intended for Jermaine Gresham of the Cincinnati Bengals on Oct. 19, 2014, at Lucas Oil Stadium in Indianapolis.(Kirk Irwin/Getty Images)
He was arrested on a first degree murder charge in connection with the homicide of his mother, 73-year-old Myrtle Brown. He is currently awaiting extradition to Illinois.
Myrtle Brown was found dead near a creek behind her home in Maywood, Illinois, on Sept. 16, an area just 12 miles west of Chicago. Family members had reported Brown and his mother missing.
Police were still attempting to locate Brown late last month when he appeared in videos on social media discussing the reports about his mother’s death.
“Fake news. Fake news. Fake news,” Brown said in the video in which he tagged ESPN. “It has to be the FBI that came into my house on Bob Marley’s death day with the 511 haze and gas unwarranted. They kidnapped me twice from home – the Maywood Police Department. It had to be the FBI or the Maywood police.”
Sergio Brown of the Colts on the sideline during the Jacksonville Jaguars game at Lucas Oil Stadium on Sept. 23, 2012, in Indianapolis.(Michael Hickey/Getty Images)
“I thought my f—ing mama was on vacation in Sinaloa. That’s f—ing fake news. Get the f— out of my goddamn face. She’s retired, and you want to come to me? The FBI had to do it. They have some power to do some s— like that. What the f— is going on? That’s fake news.”
He posted a second video the following day.
Maywood police spokesperson Carmen Rivera told The Associated Press at the time that they were aware of the videos and investigating.
As late as last week, it was reported the former NFL defensive back was seen in a video partying in Mexico.
The Cook County Medical Examiner’s Office ruled Myrtle Brown’s death a homicide, saying she was injured during an assault.
Sergio Brown of the Buffalo Bills warms up before the Pittsburgh Steelers game on Dec. 11, 2016, at New Era Field in Orchard Park, New York.(Brett Carlsen/Getty Images)
Brown signed with the New England Patriots as an undrafted free agent in 2010. He played with several teams across his seven-year career, including the Indianapolis Colts, Jacksonville Jaguars and the Buffalo Bills.
He last played in the league in 2016.
Fox News’ Ryan Gaydos and The Associated Press contributed to this report.
Former NFL player Sergio Brown was taken into custody by police on Tuesday nearly a month after his mother’s body was found near a creek in Illinois, and he was reported missing by law enforcement, according to online records.
Brown, 35, was taken into custody on a felony fugitive arrest charge, according to the San Diego Sheriff’s Department.
Details surrounding his arrest were not immediately known.
Myrtle Brown, 73, was found dead near a creek behind her home in Maywood, Illinois on Sept. 16, an area just 12 miles west of Chicago. The Cook County medical examiner’s office ruled Myrtle Brown’s death a homicide Sunday, saying she was injured during an assault.
This is a breaking news story. Check back for updates.
How secure is your mobile phone connection? This is a question Kathleen is asking, as she wants to know the difference between mobile data and WiFi security.
“For my cellphone, is it more secure to use the mobile data connection or is it more secure to use the WiFi from (spectrum/cable) for my phone connection? Thanks, Kathleen”
We’re all concerned about our security and personal details being protected from those who shouldn’t have access to them. Because having a safe and stable WiFi connection isn’t always readily available to us, many people like Kathleen wonder if it’s still safe to use cellular data.
What’s the difference between using cellular data and a WiFi network?
Using cellular data means that your cellphone is using its data plan in connection with the cellular networks and cellphone towers around it to get service. If your cellular data is turned off, then you won’t be able to receive messages, install software updates, surf the web, and more.
Using cellular data means your phone is also connected to a cell tower.(CyberGuy.com)
Using a WiFi network means your phone is connected to a router that uses radio waves to operate and give you high-speed internet. It deletes the issue of using up all your data, however, it doesn’t cover as large of a range as using cellular data would.
Although WiFi networks can be made to be secure, overall they are still not quite as secure as using cellular data. Cellular networks use encryption protocols that are much more difficult to break, however, you can still make sure that your WiFi network is securely configured so that your chances of getting hacked become extremely low. Here are some of my tips for securing your WiFi network.
There are a few steps you should be taking to make sure that your WiFi network is as safe as it can be from hackers who want your private information. Here’s what you can do.
One of the easiest ways for a hacker to make their way onto your WiFi network is by guessing your password correctly. The more complicated your password is, the less likely they will be to guess it. Consider using a password manager to keep track of all your passwords instead of relying on a single password, which, if stolen, can expose you.
Use a guest network for other people visiting
Did you know that you don’t actually have to give guests your password if you have a guest network? If possible, to do with your router, you should create a guest network that others can use while they’re in your home so that you don’t have to share your WiFi password with anyone who doesn’t live with you, which could reduce your risk of being hacked. If you feel comfortable you can also easily share your WiFi password with guests. And for more information on how to see if someone is stealing your WiFi click here.
Some of the latest encryption protocols you can use are WPA2 and WPA3. Make sure you’re using those protocols and not something older like WEP as those security measures are not up-to-date and can be easily hacked into. To encrypt your network with WPA2 or WPA3, you need to access your router’s administrator console and change the encryption settings. Here are some steps you can follow:
Connect your computer to your router using an Ethernet cable or Wi-Fi.
Open a web browser and enter the IP address of your router in the address bar. You can find the IP address on the label of your router or in the user manual. It is usually something like 192.168.0.1 or 192.168.1.1.
Enter the username and password to log in to your router’s administrator console. If you don’t know them, you can try the default ones or look them up online. You can also reset your router to factory settings if you forgot them, but this will erase all your custom settings.
Look for the Wireless or Wireless Settings menu and then click on Security.
Choose the WPA2-PSK or WPA3-SAE option from the encryption settings. If you can’t find them, consider updating your router’s firmware or getting a new router that supports them.
Set a strong password for your network that is at least 12 characters long and contains a mix of letters, numbers and symbols. Avoid using common words or personal information that can be easily guessed.
Save the changes and restart your router if needed.
To check if it worked, look for the padlock icon next to the name of your network in your device’s network settings. You will need to reconnect all your devices to the network using the new password.
Make sure your firmware is updated
The firmware on your router is also important because the more up to date it is, the less likely you are to be hacked. Manufacturers for these routers will often release updates to correct vulnerabilities in their security system, so make sure yours is always up to date.
Avoid using public WiFi
Using public WiFi can be dangerous because there is very little protection on those networks. You’d be better off using your cellular data in those circumstances, and you should always avoid visiting websites that will require you to enter your private information such as your online banking site.
Both private WiFi networks and cellular data plans provide a great deal of security, so double-check the pros and cons list we provided above and see which one feels better for you. Just remember, if you do decide to use a WiFi network to help you save money and get potentially faster speed, make sure you’re taking those extra steps to secure your network and keep those hackers out.
How do you choose between cellular data and WiFi for your mobile phone connection? Let us know by writing us atCyberguy.com/Contact
For more of my tech tips & security alerts, subscribe to my free CyberGuy Report Newsletter by heading toCyberguy.com/Newsletter
Kurt “CyberGuy” Knutsson is an award-winning tech journalist who has a deep love of technology, gear and gadgets that make life better with his contributions for Fox News & FOX Business beginning mornings on “FOX & Friends.” Got a tech question? Get Kurt’s CyberGuy Newsletter, share your voice, a story idea or comment at CyberGuy.com.
In a world increasingly anxious about privacy and exploitation of one’s personal data by governments, corporations, social media platforms and banks, zero-knowledge proofs may offer some relief.
Indeed, this emerging cryptographic protocol could partially remedy two rapidly growing global deficits: privacy and truth.
ZK-proofs have already found a home within the cryptocurrency and blockchain sector — enabling scaling protocols to make Ethereum transactions faster and cheaper, for example. But this may just be the beginning.
One day, ZK-proofs could help convince your bank that your income is above a certain threshold — to qualify for a mortgage, for example — without revealing your actual income. Or prove to the election authorities that you are a resident or citizen without giving them your name, driver’s license or passport.
ZK-proofs open up a new world of potential applications, including “anonymous voting, decentralized games, proving personal information without fully disclosing your personal information, and fighting against fake news by proving the source of the news,” Polygon co-founder Jordi Baylina tells Magazine.
To this point, some in the cryptographic community already view ZK-proofs as a potential weapon in the looming struggle against false information, including AI-altered documents, images and identities.
“We may have a technological battle for truth coming up where ZK can play a critical part,” prize-winning cryptographer Jens Groth tells Magazine. “There is this idea of proof-carrying data,” i.e., data that carries within itself proofs of correctness including origin and provenance data, “so nirvana would be that all data we get are verified data.”
In some industry sectors like finance, ZK-proofs may profoundly alter how business is conducted. “We see this revolutionizing the audit industry,” Proven co-founder and CEO Rich Dewey tells Magazine in connection with ZK-enabled proof-of-solvency protocols, like the one his tech firm has developed. “The only question is the timeline.”
Requiring fewer resources
Even though ZK-proofs were first presented back in the 1980s by researchers Shafi Goldwasser, Silvio Micali and Charles Rackoff, only in the past decade have they had their “big breakthrough,” according to Baylina.
“Now it’s possible to prove any generic statement.” This statement — sometimes called a circuit — “can be programmed with a specific language and can be anything,” Baylina says.
ZK-proofs are computationally complex, which has arguably slowed their development, but their core intuition seems simple enough. As described in a forthcoming paper by the Federal Reserve Bank of St. Louis:
“By using a zero-knowledge proof (ZKP), a party can prove to other parties that a computation was executed correctly. There is no need to replicate the computation—only the proof needs to be verified. Ideally, verifying a ZKP needs significantly less resources than re-executing the computation.”
What follows are some of the promising ZK-proof use cases on the table today — beyond the strict confines of the crypto sector — that may or may not involve the use of blockchains.
ZKPs require fewer resources when re-executing a computation. (Federal Reserve Bank of St. Louis)
Verifying digital voting
Electronic voting has been slow to catch on globally, but if and when it does, the odds are that ZK-proofs will play a prominent part. ZK-proofs are already being used in e-voting systems in trials in a number of Swiss towns and cantons, Dahlia Malkhi, distinguished scientist of Chainlink Labs, tells Magazine.
“ZK-proofs can add verifiability to an online election, allowing anyone to check that the votes were counted correctly,” explains Malkhi, without revealing how individuals voted — a key concern with electronic voting, she says.
Cryptographic electronic voting systems have been around for decades, Malkhi adds, but their adoption has been moderate. On the technical side, one of the challenges has been “the compromise of end-user devices, which ZK-proofs don’t protect against.”
There are other obstacles, too, that are beyond ZK-proofs purview or ability to control — which also may suggest their limitations.
Electronic voting requires a credible “digital identity” system, i.e., a link to “real world” information that isn’t always easy to secure. (Think of all those voting rolls on aged paper ledgers.) “ZK by itself cannot bootstrap e-voting,” Malkhi says.
Cryptographer Groth, like Malkhi, cites the need for some sort of “trust anchor” to make ZK-proofs impactful in everyday life. “Zero-knowledge proofs often need a hook to reality.”
Electronic “ballot boxes” like this could benefit from the added security of ZKPs. (Fred Miller)
Maybe one day, thanks to ZK-proofs, someone will be able to prove that they are older than 18 years of age or a United Kingdom citizen without having to pull out a driver’s license or passport, Groth tells Magazine, but “you cannot prove you’re over 18 out of thin air. You need the trust anchor that establishes your age,” he says, i.e., some authority that verifies your citizenship or birth year, adding:
“In the future, organizations may issue ZK-friendly trust anchors, but right now, it is not common practice, so you have a bit of a chicken-and-egg problem.”
Privacy safeguards for CBDCs
Today, the world seems awash with central bank digital currency projects. According to the Atlantic Council, 130 countries representing 98% of global GDP are now exploring state-issued digital money.
But CBDCs come freighted with privacy questions, and some fear they could be misused by governments to surveil their own populations, for instance.
That is why high privacy guarantees are “at the core of most CBDC projects today,” Jonas Gross, chairman of the Digital Euro Association, tells Magazine.
ZK-proofs can be part of the solution, he adds, and it is for this reason that “various central banks are studying [ZK-proof] applications — for example, in the U.K., Japan and South Korea.”
“If privacy is a top priority, ZK-proofs should be considered,” Remo Nyffenegger, a co-author of the St. Louis Fed paper cited above and research assistant at the Center for Innovative Finance at the University of Basel, tells Magazine.
Indeed, the European Central Bank published a regulatory proposal for the digital euro in late June “and states therein that zero-knowledge proofs should be considered in the CBDC tech stack,” he adds.
Again, there may be limits on what exactly ZK-proofs can do by themselves. “I don’t see using ZK-proofs [alone] as sufficient because ongoing political discussions show that not all CBDC-related data will be obfuscated if ZK-proofs are used,” Gross comments. “High privacy also needs to be supported by regulation and educational efforts around the actual degree of privacy of a CBDC.”
Exposing an altered photo
AI apps are now so powerful that distinguishing between machine-generated images or documents and those created by human beings is already problematic. Things will only get worse, but ZK-proofs may offer at least a partial remedy.
“Blockchain tech and ZK-proofs could be used as built-in safeguards in these systems to verify the origin, authenticity, and ownership of AI-generated files and manage some of the risks associated with AI-generated content,” says Malkhi, while Groth adds:
“There is interesting new research showing applications of ZK-proofs to demonstrate, for example, you’ve not altered a photo too much — i.e., combating fake news.”
High-end cameras that digitally sign photos along with metadata like location and timestamp are already on the market and can establish authenticity, continues Malkhi. The current problem is that these digital files are often enormous — much too large to post on a news service’s website, for instance.
But with ZK-proofs, their file size can be substantially reduced, making them practical to use online while preserving critical verification elements. “It could prove that the recording or image has not been altered, maybe [including] even the date, without revealing identity or location or whatever,” adds Baylina.
Proof-of-solvency with ZK-proofs?
Many believe that finance will be the first major business sector to be impacted by ZK-proofs. Indeed, 41% of respondents in Mina Foundation’s “State of Zero-knowledge Report 2022” agreed that finance was the industry “most in need of ZKPs,” far ahead of healthcare (12%), social media (5%) and e-commerce (3%).
In March, Mexican cryptocurrency exchange Bitso announced a partnership with tech firm Proven to implement a “proof of solvency” solution that relies on ZK-proofs. This protocol will soon enable investors, regulators and others to know whether the exchange is solvent — i.e., its obligations are less than its assets — based on daily reports.
One of the more ingenious aspects of Proven’s protocol is that it involves the exchange’s customers in the process of keeping the exchange honest. It’s a sort of crowd-sourcing version of auditing.
Co-founders Dewey and Agustin Lebron tell Magazine that every day, an exchange (e.g., Bitso) publishes a cryptographic proof-of-solvency attestation. And when it does, each individual client/user of the exchange is issued a “receipt” that reflects that individual’s unique holdings. Millions of digital receipts might be issued on a daily basis.
What if one day a customer doesn’t receive a daily receipt, or it’s wrong? That user might take to Twitter or some other social media venue and complain or ask questions. Have others experienced something similar? A thread might grow.
This protocol relies on the law of big numbers. Bitso, for instance, has some five million users, and the presumption is that a critical mass of complainants might surface quickly, collectively waving a red flag that might prompt further investigation.
This ZK-proofs-based protocol has another advantage, too, according to Bitso. It provides “a proof-of-solvency that can be confirmed without revealing all of that information to a third party. All an auditor needs to do is run the zk-SNARK protocol to come to the conclusion that the proof is true.”
According to Groth, the use of ZK-proofs to demonstrate financial solvency “gained more traction after the FTX implosion.” Indeed, if such a protocol had been available last year, the Bahamas-based exchange’s meltdown might have been avoided, some say — or at least its wrongdoing would have come to light sooner.
Interestingly, FTX Japan, now rebranded as Liquid Japan, has been using Proven’s proof-of-solvency technology since its recent re-launch in early September. “With the adoption of Proof of Solvency, we can now prove it [solvency] in a cryptographic manner that is verifiable by 3rd parties,” notes the company, adding:
“We are starting to work on increasing the frequency of publishing the Proof of Solvency to 1x day by the end of 2023.”
A snapshot of Liquid’s proof-of-solvency widget. (Liquid)
“Immutable” tracking of goods
“ZK-proofs can become very relevant in the context of digital identities, whether they are issued by the government or private entities,” adds Nyffenegger. They could prove that you are not included on some government sanctions list without revealing who you are, for instance.
ZK-proofs potential use in supply chains is also frequently cited. But the difficulty here, as with e-voting, is that this requires connecting to a trustworthy “real-world information” source, which can authenticate the date an order was shipped from the factory, for instance.
“ZK-proof-based supply chain tracking systems haven’t been battle-tested long enough in live environments,” notes Malkhi, adding that that could soon change:
“The potential of ZK-proofs here is vast — helping to improve transparency and reduce the potential impact of fraud by enabling the immutable, real-time tracking of goods.”
It should be added that while blockchains provide some of ZK-proof’s first exciting use cases, the technology does not require blockchain technology to work — but they are surely helpful.
“They are just a very suitable tool for blockchains because they provide proofs of correct computation — which aligns well with the need for verifiability on blockchains — while hiding as much information as possible,” Johannes Sedlmeir, a researcher at the University of Luxembourg’s Interdisciplinary Centre for Security, Reliability and Trust, tells Magazine.
With a blockchain platform, a verifier can check if a certain “hash” appears somewhere on the blockchain “and hence binds me as a prover,” he adds.
Blockchains aren’t required for Proven’s proof-of-solvency protocol to work, Lebron tells Magazine, though it’s always useful to have validators on-chain. It appears to be more of a “like to have” than a “need to have” circumstance.
Obstacles remain
What obstacles still need to be overcome before ZK-proofs become commonplace? Malkhi has already cited the challenges with “bridging to the real world,” and this would well prove the biggest hurdle to surmount before ZK technology becomes mainstream, in her view.
However, other barriers remain that might require laws and regulations to overcome. Will ZK claims be accepted in court, for instance?
Scaling also remains a challenge in many use cases given that there is, at present, no “standardized way to ‘program,’” says Malkhi, making it difficult for developers to integrate proofs into their apps.
To this last point, Proven’s protocol with Bitso requires some five million unique “receipts” to be issued monthly (though soon daily) to Bitso users, but Proven says this isn’t an issue. “We figured out how to scale,” co-founder Lebron says.
Complexity is another potential sticking point. “For small- to medium-size assertions, we already have a good ZK system,” cryptographer Groth tells Magazine. “For large assertions, we still need to improve efficiency.” ZK-proofs like SNARKs can be cheap to verify, “but the prover pays a large performance overhead compared to native computation,” he adds.
Becoming “magnitudes cheaper”
The user experience needs to improve, too. “Using a technology secured by ZK-proofs for an everyday activity like buying groceries should be so seamless that the user doesn’t even know,” says Baylina.
“The other thing we need is time,” Baylina says. Protocols like Polygon’s zk-Ethereum Virtual Machine are still new but are becoming more usable all the time. “As Polygon zkEVM matures, over the next year, we anticipate it will become orders of magnitudes cheaper.”
Given these potential roadblocks, how long might it take before the technology becomes commonplace?
“I believe five years is too short of a time frame owing to the current TRLs [technology readiness levels] of ZK-proofs,” says Sedlmeir, referencing the finance sector specifically. While ZK-proofs have matured rapidly in recent years, they “are still complex to implement and prover performance is still a significant bottleneck.”
There might be a transition period as ZK-proof works in tandem with traditional protocols, as in financial auditing. Proven’s Dewey envisioned working “hand in glove” with traditional Big Four audit firms for a time.
Vast potential
In sum, ZK-proofs still face challenges. They can’t work in isolation. They still need to be attached to a truth source or “oracle.” Doubts about computational complexity, usability and scalability remain as well.
But if these hurdles are surmounted, ZK-proofs could offer a 21st-century solution to not only the “fake news” challenge but also the privacy quandary as with CBDCs, providing just enough anonymity for users to comfortably use state-issued digital money but enough accountability so governments can be assured fraudsters or money launderers aren’t infiltrating their networks.
As the technology and the underlying infrastructure improve, summarizes Malkhi, “ZK-proofs have vast potential to enable an internet where the majority of contracts are underpinned by cryptographic guarantees.”
Subscribe
The most engaging reads in blockchain. Delivered once a
week.
Andrew Singer
Andrew Singer has been a regular contributor to Cointelegraph since October 2019. He has been a professional business writer and editor for more than 30 years, including 25 years as founder and editor-in-chief of Ethikos: The Journal of Practical Business Ethics, which still publishes. In 2017 he obtained a Master’s degree in statistics from Columbia University — which spurred his interest in AI, machine learning, and blockchain technology. He currently lives in Peekskill, New York and likes to hike in the Hudson Highlands.
