What is zkPass? Learn about security protocols and KYC for Web3 applications

zkPass is a protocol that allows users to verify their identity with Web3 applications without revealing personal information. So what is zkPass? Let's find out in the article below.

What is zkPass? Learn about security protocols and KYC for Web3 applications

What is zkPass?

zkPass is a private data protocol that allows Web3 applications to verify user information while protecting their privacy. This protocol is built on core technologies: Multi-Party Computation (MPC), Zero-Knowledge Proof (ZKP) and Three-party Transport Layer Security (3P-TLS).

zkPass provides the TransGate feature, allowing users to selectively and privately authenticate their data on any HTTPS website to the web3 world. It can include many different types of data such as: legal identity, financial records, healthcare information, social interactions, work experience, educational and skills credentials, etc. All of these types of verification can be performed securely and privately without disclosing or uploading any sensitive personal data to third parties.

Highlights of zkPass

zkPass has the following highlights:

Privacy protection: zkPass allows users to prove their personal data without revealing any private details.

Verifiable: The three-party TLS protocol is redesigned from the standard TLS protocol to ensure the origin of personal data.

Highly compatible: zkPass can work seamlessly with any HTTPS website, no API or license required.

Anti-fraud: Decentralized network of MPC nodes divides Session Keys to verify the authenticity, integrity and validity of data, preventing malicious activities such as identity theft and data tampering .

Memory efficient: Uses VOLE-based IZK, allowing ZKP generation in milliseconds right in the web browser, saving resources.
The zkPass security project has completed a $2.5 million Seed Round with many big names in the industry, including: Binance Labs, Sequoia China, OKX Ventures,...

Binance Labs, Sequoia...announce investment of 2.5 million USD in zkPass protocol

Specifically, on August 3, 2023, zkPass - a privacy protection and identity verification (KYC) protocol for Web3 applications - announced a Seed Round capital call worth 2.5 million USD.

Investors participating in this round include: Binance Labs, Sequoia China, OKX Ventures, dao5, SIG DT Investments, Cypher Capital, Leland Ventures and Blockchain Founders Fund.

zkPass is a security enhancement project for Web3 applications with the aim of providing a secure and privacy-preserving identity verification (KYC) solution.

zkPass's solution is the combination and application of three technologies: zero-knowledge proof (ZKP), Multi-party computation (MPC) along with third-party transport security - giving users the ability to provide personal data, or upload documents yourself on any website without disclosing information.

zkPass technology can be used for areas such as:

Decentralized Identifiers (DID);

Privacy-based healthcare data market;
DeFi protocol uses off-chain data for credit applications.
This funding will be used to support development of the pre-alpha testnet, which currently has 190,000 registrations on the waiting list.

Binance Labs established a $500 million investment fund in June 2022 to incubate and support nascent projects.

zkPass is a not too strange name when it is on the list of 5 projects selected by Binance Labs to invest in the 5th season of the Incubation Program on June 20, 2023.

There were more than 900 projects registered to participate in this 5th incubation round, but only 12 projects were selected for the review round. In the end, only 5 projects were invested in, showing the severity and strict requirements of the program.

This is the latest action of Binance Labs on their path to "hunt for gems" in the Web3 security segment. This fund's latest capital injection was worth 10 million USD into the Radiant Capital project, an inter-chain lending protocol built on LayerZero's infrastructure 2 weeks ago.

Sequoia China was founded in 2005, is the Chinese branch of venture capital fund Sequoia Capital, which announced the successful mobilization of 9 billion USD for 4 new funds focusing on domestic startups in July. 2022.

This move further reinforces Sequoia Capital's move to shrink its crypto fund by 65% from $585 million to $200 million with the goal of "core focusing on supporting young startups" because larger companies are facing challenges. face many challenges in the current market period.
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Development roadmap

Currently, the project's development roadmap is to launch the V1 protocol in Q1 and Q2 of 2024.

Development team

zkPass development team
zkPass's development team includes a group of technology, blockchain engineers and marketing experts in Asia, including the following outstanding members:


Bing Jiang (Tech lead): used to be a developer and vice president of technology at NTT DoCoMo, Japan's largest mobile telecommunications service provider.

Joshua Peng (Strategy lead): A PhD student at the University of Missouri, a famous university in the United States.

zkPass investors

zkPass has raised 2.5 million USD in the Seed round with the participation of investment funds such as Sequoia, Binance Labs, OKX Ventures,...

Tokenomics

Currently zkPass has no plans to issue tokens, Coin68 will update when more information is available.

summary

Above is all information about the zkPass project. Through this article, hopes readers will grasp basic information about the zkPass project to make their own investment decisions. Wishing you a successful investment!