Vitalik Buterin: Beware of 'ZK' Buzzword Used by Scammers

IconCrypto News Terminal24 Apr, 2024

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Vitalik Buterin: Beware of 'ZK' Buzzword Used by Scammers

Vitalik Buterin, the creator of Ethereum (ETH), has warned against the misuse of the term "ZK" (zero-knowledge proofs) by scammers. Buterin noted that while ZK is a legitimate concept, it has become a buzzword that is being exploited to mislead investors. Buterin cited the example of ZKCasino, a decentralized gambling dapp that was accused of being a scam. ZKCasino was built on zkSync but did not use ZK proofs in any meaningful way. Instead, it simply used the ZK buzzword to attract investors. Investors should be wary of projects that use the ZK buzzword without providing a clear explanation of how they are actually using ZK proofs. Buterin emphasized that ZK is a complex technology that is still under development, and that investors should not assume that all projects that use the term are legitimate. Previously on 24 April 2024, Vitalik Buterin, the creator of Ethereum (ETH), pointed out that "ZK" – the abbreviation for zero-knowledge proofs – has become a buzzword that is "bandied about by so many people in various places" and which "we have to adapt to now."

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