Web engineers have been working for a long time to determine if there is a way to prove something is true without revealing any data that substantiates the claim. Zero-knowledge proof (ZKP) technology has enabled the deployment of cryptographic algorithms for verifying the veracity of claims regarding the possession of data without unraveling it. These proof mechanisms have led to advanced mechanisms that enhance privacy and security. Leveraging blockchain deals with problems related to centralization, while the lack of privacy in decentralized applications (DApps) can be balanced with cryptographic ZKP algorithms. This article provides a primer on zero-knowledge proofs, portable …

Decentralized identity (DID) and compliance services will become a “key infrastructure” to the success of decentralized finance (DeFi) and the transition of real world financial assets onto the blockchain according to Fabrice Cheng, CEO and co-founder of Quadrata. Speaking with Cointelegraph, Cheng said the key driver behind the demand for DID will come from Web3 protocols, which will utilize the DID of users to build better products that are “catered” to existing customers and also “targets new sets of customers.” Quadrata provides a Web3 identity solution which allows users to perform KYC compliance without sharing personal data, it recently partnered …

As the Web3 industry matures, Zero-knowledge Know Your Customer (zkKYC) is becoming more widely discussed as a means to comply with strict financial regulations while maintaining user privacy, according to the partner of a venture capital firm. In an interview with Cointelegraph, John Henderson, partner at Australian-based venture capital firm Airtree Ventures said the successful implementation of a zkKYC system would be “great news for both regulators and consumers” and could increase cryptocurrency adoption: “Institutions and retail users are more likely to participate in DeFi if they can be confident that they are complying with their AML/CTF obligations.” Henderson explained …

As users take advantage of online services and explore the internet, they eventually create a digital identity. This type of identity is then tied to central entities like Google and Facebook, which make it easier to share data with new services through simple sign-in buttons. While these digital identity management systems are convenient, they are relying on centralized intermediaries that hold and control user data. Personal identifiers and attestations are in their hands, and they can decide — or be forced — to share this information with other parties. Blockchains offer a solution: decentralized digital identities. These allow individuals to …

Web3 payments platform Fuse has partnered with ChromePay, an identity-based payment solution, to launch a new suite of payment products in Africa — a move designed to boost financial inclusion on the continent. The partnership centers around ChromePay’s decentralized identity service, also known as a DID, which the companies claim will enable millions of Africans to participate in the Web3 economy. By utilizing the Fuse blockchain, ChromePay will offer users a variety of Web3 payment services powered by its DID solution. As part of the partnership, Fuse has also awarded ChromePay a grant for an undisclosed amount to build out …

Decentralized identity protocols Several identity protocols, from crypto startups to big tech solutions, deal with decentralized identification, and each has its specifics and features. Though the decentralized identity technology is fairly new, initiatives and players in the decentralized identity space, software for implementing decentralized identity wallets and supporting services are plentiful. They range from the Hyperledger open-source developing community, through a range of decentralized identity protocols and startups, to some of the biggest names in the industry. Decentralized identity protocols and private identity stores such as uPort or 3Box are called identity hubs. Recently, the Ethereum-based uPort platform split into …

Should I share my Bitcoin address publicly? It is not a problem to share public keys, but make sure the private key cannot be found by third parties. Transactions can be sent to the public key, which is completely secure. It is safe to share your Bitcoin address publicly. This way, it is possible to safely complete donations or payments. No cryptocurrencies can be stolen through a public address. The only way by which stealing crypto is possible is if someone has managed to get hold of the private keys. Bitcoin wallets always make a difference between public keys and …

Sovereign identity has been a hot topic in blockchain and cryptocurrency, especially with the rise of the creator economy. Currently, there are two types of digital identities— federated and centralized whereby data is in the control of the service provider. Self-sovereign digital identity is often cited as a human right that can reclaim agency using blockchain technology, but what frameworks exist that aid in governing it? On Aug. 2, NFT Steez, a bi-weekly Twitter Spaces hosted by Alyssa Expósito and Ray Salmond, met Marjorie Hernandez, the co-founder of LUKSO and The Dematerialized to discuss the state of blockchain-based identities and …

Although there is still an apparent lack of women in the Web3 sector, blockchain-based games geared toward women may help drive inclusivity. A recent report from the Entertainment Software Association found that 48% of gamers in the United States identify as female. It has also been noted that nearly half of all gamers in the world are women. The interest that women have taken in the billion-dollar gaming sector is notable. This, combined with the massive growth being projected by the GameFi industry, is a key reason why a number of Web3 games are being built specifically for female users. …

The Metaverse has become one of the biggest buzzwords of the year as a number of brands, companies and even countries begin to explore virtual worlds to conduct business. Even though Metaverse development is still underway, a recent report from the technology research and advisory firm Technavio found that the Metaverse will hit a market share value of $50.37 billion by the year 2026. Another report predicts that the growth of the Metaverse will be driven by e-commerce, which is expected to reach a market share of $60.47 billion by the year 2026. E-commerce across social media platforms is also …

Digital identity has been a fraught subject since the earliest days of the internet. Web2 bridged the gap between people’s offline lives, online identities, and creative and consumer habits, which has given way to a thoroughly integrated internet experience designed to be as personalized and targeted as possible. As a new phase of virtual interaction and digital identity appears on the horizon — one even more interconnected than Web2 — we need to rethink personalization and ownership with an eye to what did and didn’t work in the world of Web2. While there is no blueprint for the Web3 identity …

Crypto and Know Your Customer (KYC) guidelines seem to be an unhappy marriage — pseudonymity in the digital currencies’ DNA doesn’t match the old-school centralized protocols of traditional finance, but cohabitation is inevitable for the maturing industry. The tension never really goes away, but even before recent months’ market failures for crypto, the regulators have been clearly hogging the blanket, nudging the established platforms toward more strict authentication procedures and cutting the privacy-hardline players off the market. Cardano co-founder Charles Hoskinson expressed a popular opinion from the industry side in the United States Congress when he told legislators that no …