Zk-SNARK stands for Zero Knowledge Succinct Non-Interactive Argument of Knowledge. ZK proofs allow a party called prover to prove its possession of certain information to another party known as verifier without revealing the actual information.
In simple terms, one party is granted the ability to prove a piece of particular information or knowledge without explicitly mentioning the information. With the creation of Z-cash, Zk-SNARKs have gained prominent attention. This crypto project was created to help trade cryptos with complete anonymity on the blockchain network.
Some of the important features of Zk-SNARKs are
i. There is no need for back and forth communication.
ii. The information remains private during the entire communication.
iii.They are proof of knowledge and are easy to verify.