RNS.ID was built on Ethereum and is migrating to zkSync because to lower transaction costs, decentralization, and security. It is the first operational on-chain application for government IDs that use zero-knowledge proofs, a novel method for scale and privacy.
RNS.ID is a decentralized application development platform. It allows developers to create safe applications that use personal data, such as a home address. It can potentially expand the use cases of decentralized apps, a long-term aim of zkSync and the larger crypto sector.
According to the company, RNS.ID uses ZK-proofs to merge users’ fragmented identity property data to produce encrypted proofs from metadata. Customers can also create their own minimal disclosure identifying information system for restricted purposes, reducing personal data loss and decreasing the chance of identity theft.
The integration of zkEVM with RNS.ID aims to enable the deployment of self-sovereignty-based solutions in the emerging field of digital identification.
The integration also hopes to employ blockchain technology to offer identity verification in order to ensure user privacy while engaging with the Web3 ecosystem. Attempts to obtain further quotes on the development were not immediately returned.
Leading cryptocurrency exchanges such as Binance, Coinbase, and Bybit currently accept RNS.ID IDs. It may be used to meet Know Your Customer (KYC) regulations, which historically rely on a single organization to maintain sensitive data, posing a security risk.
RNS.ID also worked with the Republic of Palau to make it the first sovereign state to give digital residency IDs to everyone. It is touted to be the first national identity card produced on the blockchain as “soulbound ID NFTs.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…
The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…
Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire
Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…
As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…
With the crypto market reaching new peaks, many are eager to discover digital currencies poised…
This website uses cookies.