The Story So Far
Zero Knowledge Proofs (ZKPs) are of growing importance for decentralized systems. Initially gaining popularity with projects such as ZCash, they are most widely known today as a scaling solution for Ethereum.
Utilizing ZKPs, Layer 2's (Scroll and Polygon for example) also known as Rollups are developing zkEVMs (Zero Knowledge Ethereum Virtual Machines). These zkEVMs process a bundle of transactions and produce a single, small proof (KB in size). This proof can be used to verify to the entire network that all the transactions in this bundle are valid and correct.
However, their utility doesn't stop there. ZKPs allow for all sorts of interesting applications.
Private Layer 1 - Mina for example hides the details of transactions and data on its blockchain allowing users to just prove the validity of their transactions without revealing specific information about the transaction itself. neptune.cash and Aleo are also very interesting projects.
Decentralized Cloud - FedML and together.xyz are allowing ML (Machine learning) models to be trained in a decentralized way, outsourcing computation to the network and validating the computation using ZKPs. Druglike is building a more open drug discovery platform utilizing similar techniques.
Decentralized Storage - Filecoin is revolutionizing cloud storage and ZKPs are at its core, allowing storage providers to prove that they have stored the correct data over a period of time.