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TL;DR
There’s a number of demand for a protected type of digital ID within the Web3 house, and the newest entrant within the race is Fractal.id.
The ZK Proof can then reply to the questions under with a sure or no reply.
The concept being: Your particulars are held by one trusted firm/entity (e.g. the state/federal authorities, which already has all that data anyway) they usually create a ZK Proof proving you’re legit.
Full Story
So ICYMI, there’s a number of demand for a protected type of digital ID within the Web3 house, and the newest entrant within the race is Fractal.id.
We don’t know in the event that they’re going to be those to crack the code right here, however it’s price speaking about why that is being tried and what’s scaring people off.
The large downside with Web3 identification in most individuals’s thoughts (us included) is that this:
How can anybody belief these firms/platforms/protocols with their private info?
(The crypto house isn’t precisely identified for its trustworthiness).
An ideal reply doesn’t exist…however the fundamental structure is there.
And it features utilizing Zero Information Proofs (ZK Proofs).
Consider ZK Proofs like this:
Say you randomly get requested out on a date (have a look at you go!). You sort the individuals title into Fb/Instagram and notice you will have a mutual pal…
You hit that pal as much as do some recon (i.e. ask them “Ought to I roll the cube right here and say sure to the date?”).
ZK Proofs act as that mutual pal on the earth of Web3 and crypto.
An internet site/firm/service/protocol can ask:
Is the title we’ve been given actual?
Are they sufficiently old to make use of our service?
Does this individual have good credit score?
Do they earn sufficient to qualify for our companies?
The ZK Proof can then reply to those questions with a sure or no reply.
As an alternative of giving over:
A authorities ID/D.O.B
Social safety quantity/credit score historical past
Or entry to any financial institution accounts/pay stubs
The concept being:
Your particulars are held by one trusted firm/entity (e.g. the state/federal authorities, which already has all that data anyway) they usually create a ZK Proof proving you’re legit.
(All with out snitching on the small print).
The outcome?
Your actual data doesn’t reside on a number of weak servers, which are scattered world wide and owned by personal entities.
It’s a helluva idea! And a giant (potential) step ahead so far as privateness is worried.
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