ZK Proofs: Web3’s Automated Bullsh*t Detector.
TL;DR
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There’s a variety of demand for a protected type of digital ID within the Web3 house, and the newest entrant within the race is Fractal.id.
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The ZK Proof can then reply to the questions beneath with a sure or no reply.
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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) and so they create a ZK Proof proving you’re legit.
Full Story
So ICYMI, there’s a variety 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, nevertheless 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 recognized for its trustworthiness).
An ideal reply doesn’t exist…however the primary 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 understand you have got a mutual good friend…
You hit that good friend 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 good friend on the earth of Web3 and crypto.
An internet site/firm/service/protocol can ask:
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Is the title we’ve been given actual?
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Are they sufficiently old to make use of our service?
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Does this particular person have good credit score?
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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 a substitute of giving over:
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A authorities ID/D.O.B
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Social safety quantity/credit score historical past
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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) and so they create a ZK Proof proving you’re legit.
(All with out snitching on the main points).
The consequence?
Your actual data doesn’t reside on a number of susceptible servers, which can be scattered all over the world and owned by personal entities.
It’s a helluva idea! And a giant (potential) step ahead so far as privateness is anxious.
