Blockchain

zkSync Integrates With The Digital Identification Protocol RNS.ID

RNS.ID, a Web3 KYC identity platform, has announced a merger with zkSync. The merger expands the use of zkSync-based Digital ID solutions on several exchanges, including Binance and Coinbase.

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.”

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.