As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen countless trends come and go. The latest buzzword is zero-knowledge (ZK) proofs for decentralized identity solutions. While I appreciate the innovation, I find myself leaning towards more practical and user-friendly approaches.
Zero-knowledge (ZK) proofs, or methods used to confirm data without disclosing its exact content, are now commonly employed in developing decentralized identity systems.
As a diligent analyst, I’ve observed that while there’s much buzz surrounding ZK-proofs, Ingo Rübe, CEO and co-founder of KILT Protocol, has shed light on the challenges in adopting these complex technologies by governments and institutions due to their highly technical nature.
During an interview with CryptoMoon, the CEO of KILT outlined a method where decentralized identifiers, like biometric details, could be conveniently shared and validated on the blockchain using Merkle Trees – a well-known data structure within computer science. This process is said to offer significantly more simplicity, speed, and efficiency compared to ZK-proofs.
Rübe further contended that the open-source software often employed in Zero-Knowledge (ZK) solutions might, under certain circumstances, function like a hidden threat leading to a catastrophic data leak exposing confidential user information.
“Companies which use zero-knowledge proofs, normally take a library from someone else, and this someone else has been making some open source stuff where nobody takes the responsibility. So what happens if this thing doesn’t work like we intend to work?”
The CEO proposed an ideal solution: “Store the authenticity of your credentials on a widely accessible, open-source blockchain platform without needing permission.” He further emphasized that it’s crucial for users to have control over their digital identities, which are kept securely on personal devices and verified through decentralized blockchain networks.
Decentralized identity solutions: the future of identification
Rübe pointed out that varying methods for decentralized identity solutions were effective in distinct, one-of-a-kind scenarios, such as Zero-Knowledge proofs (ZK-proofs), but he underlined that employing ZK-proofs for decentralized identity was similar to using a bazooka to swat a fly.
Regardless of the significant technical hurdles, numerous businesses and administrations are testing out identity systems built on Zero Knowledge (ZK) technology. In October 2024, Buenos Aires, the capital city of Argentina, unveiled plans to deploy a decentralized identification system for its residents, utilizing ZKsync Era as the underlying platform.
Lately, on October 17th, World (previously known as Worldcoin or WLD), has unveiled the next evolution of its biometric data-collecting devices, and highlighted additional methods for individuals to authenticate their identities. Notably, they are promoting their World ID Credentials program, which enables people with NFT-compatible government passports to register their identity on the World platform.
Read More
- DYM PREDICTION. DYM cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- Top gainers and losers
- SKEY PREDICTION. SKEY cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- MPL/USD
2024-10-23 21:58