Dubai, UAE, 28th November 2023, Zero-knowledge technology (Zk) has the potential to revolutionize many areas where privacy and security are paramount. Specifically, Zk proofs are becoming increasingly popular in applications that require identity verification. Zero-knowledge identity (Zk-ID) is an innovative approach that provides a secure and trustworthy way for users to authenticate themselves without disclosing any personal data that hackers often seek. This way, users will not need to disclose such sensitive information as login credentials, personal identification numbers, biometric information, etc.
Zk-ID can lead to a rethinking of how digital identities will be managed in the near future as more and more users start to interact with multiple applications on a daily basis, particularly fintech ones. By allowing users to confirm their identities without exposing sensitive information, Zk-IDs will considerably reduce the risk of identity theft and fraud.
“With its ability to provide robust identity verification while maintaining user privacy, Zk-ID has the potential to transform the way we interact with digital services and applications.”- Mike Shishko, co-founder of Kinetex, noted.
The Kinetex team has been exploring Zk’s potential throughout this year, both in Kinetex developments and at international hackathons in Europe. At ETHDam in Amsterdam, Mike Shishko and Tigran Bolshoi, another Kinetex co-founder, presented a concept for a Sybil-resistant NFT marketplace and launchpad. This concept was awarded by 1inch Network and Sismo, two notable DeFi projects, with the latter being a privacy-preserving protocol based on Zk.
In a short interview given after the ETHDam, Shishko expressed their fascination, stating that this technology can bring immense value to all decentralized products, including Kinetex. Zk can help the DeFi project to provide robust verification and identification systems while preserving user privacy, which is highly valued by many crypto enthusiasts. Moreover, it is arguably one of the most defining qualities of crypto, which has been hard to maintain.
Bolshoi agreed with Shishko that introducing Zk can offer the privacy and security the crypto community has long sought. For example, thanks to Zk technology, Kinetex can create efficient and truly decentralized products without compromising user safety. The team is currently working on incorporating Zk technology in the new Kinetex mode, Flash Trade, which will provide enhanced security and gas optimization. Furthermore, Bolshoi and Shishko plan to continue developing Zk-based solutions to expand the technology’s use in Kinetex, including identity management.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Funds Spectrum journalist was involved in the writing and production of this article.