Assumptions behind the zero-knowledge proofs checked on Ethereum's older, cheaper curve, BN254, which gives somewhat less security than today's targets.
The idea:SNARK verifiers on BN254 check a few pairing equations that only a prover who really ran the computation should be able to satisfy. Proving that formally takes strong assumptions, including "knowledge" assumptions: anyone who outputs a valid proof must, in effect, know a valid set of inputs. And the curve itself is smaller than ideal, at about 100 bits of security.
Why it matters: Most ZK rollups and privacy apps rely on it today.
The details
On the map: on BN254
Groth16 and PLONK verifiers on BN254 rest on q-type and knowledge assumptions in idealized models: assumptions that an adversary who produces a valid proof must actually "know" a valid witness[1, 2].
BN254 security is about 100 bits after the 2016 number-field-sieve improvements[3], below the usual 128-bit target[4]. It is still used because Ethereum has had cheap precompiles for it since 2017 (KE)[5, 6].
This assumption gives key exchange on its own, so it needs more than one-way functions and falls if public-key encryption is impossible.
References
Jens Groth. On the Size of Pairing-Based Non-interactive Arguments. Advances in Cryptology – EUROCRYPT 2016. doi:10.1007/978-3-662-49896-5_11
Ariel Gabizon, Zachary J. Williamson and Oana Ciobotaru. PLONK: Permutations over Lagrange-bases for Oecumenical Noninteractive arguments of Knowledge. IACR Cryptology ePrint Archive, Paper 2019/953. eprint.iacr.org/2019/953
Taechan Kim and Razvan Barbulescu. Extended Tower Number Field Sieve: A New Complexity for the Medium Prime Case. Advances in Cryptology – CRYPTO 2016. doi:10.1007/978-3-662-53018-4_20
Razvan Barbulescu and Sylvain Duquesne. Updating Key Size Estimations for Pairings. Journal of Cryptology, 2019. doi:10.1007/s00145-018-9280-5
Christian Reitwiessner. EIP-196: Precompiled contracts for addition and scalar multiplication on the elliptic curve alt_bn128. Ethereum Improvement Proposals (Final), 2017. eips.ethereum.org/EIPS/eip-196
Vitalik Buterin and Christian Reitwiessner. EIP-197: Precompiled contracts for optimal ate pairing check on the elliptic curve alt_bn128. Ethereum Improvement Proposals (Final), 2017. eips.ethereum.org/EIPS/eip-197