What is Zero-Knowledge Proof (ZKP)?

A Zero-Knowledge Proof (ZKP) is a type of cryptographic proof that provides users with a higher degree of privacy when engaging in digital transactions. In essence, ZKPs enable one party to prove to another party that they know a specific value, without conveying any other information apart from the fact that they know that value. In short, these proofs allow for information to be accurately verified without sharing any details about the underlying information and the identities of the transaction participants.