Tuesday, January 31, 2023

Digital identity platform integrates with zkSync for on-chain KYC

RNS, a digital Web3 identity platform developed to support the application and issuance of sovereignty-backed IDs, announced on Nov. 30 that it is integrating with zkSync for on-chain Know Your Customer. RNS. indicated in a release shared with Cointelegraph that its on-chain KYC solution is designed on a “privacy engine” to encrypt users’ identity attributes or properties into different “hashed slices” with multiple signature verifications.

RNS aggregates users’ fragmented identity property data and uses ZK proofs to generate encrypted proofs from metadata. Additionally, the company stated that RNS enables users to create their own “minimal disclosure identifying information system” for constrained usages, thereby preventing a breach of personal data and reducing the chances of identity theft. 

ZkEVM’s integration with RNS is intended to enable self-sovereignty-based solutions in the realm of digital identity, an emerging space in the digital world. The integration also seeks to leverage blockchain technology to allow identity verification without revealing users’ sensitive data to allow users to maintain privacy while they interact with the Web3 ecosystem. 

At present, the company said RNS is supported by over 80% of crypto exchanges, including Binance, Coinbase, Bitmart, KuCoin, Gate.io, Bybit and Huobi, among many others.

RNS also partnered with Palau to make it the first sovereign country to issue digital residency IDs to global citizens. It is said to be the first national identification card issued on the blockchain as “soulbound ID NFTs”. 

Related: How Web3 resolves fundamental problems in Web2

It appears countries around the world are slowly beginning to take interest in Web3 by incorporating blockchain technology into their structures. On Nov. 29, Cointelegraph reported that Dominica launched a digital identity program and national token in partnership with Huobi. 

Dominica’s government has agreed to a partnership with Huobi to issue Dominica Coin (DMC) and digital identity documents (DID), with DMC holders set to be granted digital citizenship in the country. DMC and DID will be issued on Huobi Prime and will serve as credentials for a future Dominica-based metaverse platform.