The recent FTX situation has thrown a whole range of discussion points on the table in so far as decentralisation, safe CEXes (see the twitter space here) and the problem of trust in crypto generally. Phil Kelly, COO of O(1) Labs has written an excellent Medium article entitiled ‘Composable Identity with ZK: Avoiding Web3 data monopolies, and marketing and phishing empires‘.
The article gives an insight into the power of ZK (zero knowledge) to leverage many different kinds of use cases in Web3 and specifically by utlilising snarkyJS the typescript library that forms the basis of zkApps (dapps built on Mina Protocol).
New use cases under development include:
Phil Kelly – O(1)Labs
- Pseudonymous KYC, to help DeFi protocols with needs related to the regulatory environment.
- Proof of credit score / credit score range, to help open up DeFi undercollateralized lending.
- Proof of unique liveness, to prevent sybil attacks and overclaiming of economic benefits.
- Proof of token ownership / experience (e.g., I voted in five DAOs, or I achieved a return of over x% on my crypto portfolio) to support privileged interactions with DAOs, games, NFT drops, DeFI protocols, or for gated, anonymous access to a shared communication group.
We are not qualified brokers/dealers, or investment advisors. This website and its associated content is not a service for the giving or receiving of financial or investment advice. None of the content constitutes – or should be understood as constituting – a recommendation to enter in any securities, cryptocurrency, or cryptoasset transactions or to engage in any of the investment strategies presented in my discussions or content provided. We do not provide personalised recommendations or views as to whether a stock, cryptocurrency, cryptoasset or investment approach is suited to the financial needs of a specific individual.