What is zkPass? The security protocol is backed by Binance Labs
In the 5th Incubation Program, zkPass is the project chosen by Binance Labs to invest with the participation of many other large funds in the market. So what is zkPass? What makes zkPass stand out? Who is behind this potential project?
What is zkPass?
zkPass is a privacy protocol that allows Web3 projects to enhance user privacy protection by providing advanced identity verification (KYC) solutions, by combining uses 3 main technologies: Multi-party computation (MPC), Zero-knowledge Proof (ZKP) and Three-party transport layer security (3P-TLS).
In addition, the platform also provides TransGate solution to help users verify sensitive data such as legal identity, financial records, health information... safely and securely.
By providing the above solutions, zkPass can integrate into many different applications, such as Decentralized Identifiers (DID), healthcare systems, lending protocols, etc.
By combining the use of three outstanding technologies in today's technology field such as MPC, ZKP and 3P-TLS, zkPass stands out among countless other protocols with the following points:
- Privacy Protection: By using ZKP technology, zkPass gives users full control over personal data and only reveals what they want instead of having to provide all the information, which helps users can protect sensitive information in many different aspects of life.
- High security: zkPass uses the MPC decentralized network, where nodes take on the role of verifying the correctness of data, to ensure data integrity and validity, thereby minimizing cases of fraud. Fraud or impersonation of a user's identity may occur.
- High compatibility: With 3P-TLS technology, zkPass is compatible with any website using the HTTPS protocol without API integration or complicated licensing requirements.
- Diverse applications: It can be seen that zkPass's solution provides not only applications in the Web3 world but can also be integrated into Web2 use cases such as healthcare, education, e-commerce... from That opens up "paths" to help connect new users more easily.
What is zkPass's token?
At the present time, the project has not announced official information about the zkPass token. Coin98 Insights will update as soon as there is an announcement.
Roadmap
zkPass first launches to users in 2022. Currently, the project's development roadmap in 2024 in Q1-Q2 is to launch the V1 protocol.
Team, Investors and Partners
Project team zkPass was developed by a group of technology engineers, blockchain and marketing experts in Asia, some prominent members include:
- Bing Jiang: Previously held the position of engineer and vice president of technology and mobile development at NTT DoCoMo, Japan. Later, he is a full-stack engineer and is currently the technical team leader of zkPass.
- Joshua Peng: He received his Ph.D. in Structural Engineering and Computing, University of Missouri, currently in charge of strategic and architectural design at zkPass.
- Annie Muser Z: Previously worked at PWC, Citi Global Markets Asia, Mason Stevens... At zkPass, she is responsible for macro market analysis, token development, and the project's financial situation.
On August 3, 2023, zkPass announced to the community about successfully raising capital of 2.5 million USD at Seed Round with the participation of major investment funds in the market, led by Binance Labs and contributions faces of OKX Ventures, SEQUOIA, dao5, SIG DT Investments, Inc., lelandventures, cypher_capital, BlockchainFF.
zkPass announced that it has developed partnerships with many projects with outstanding technology in the crypto market such as CyberConnect, Linea, zkSync...
Some projects similar to zkPass include:
- Mina Protocol: Is a Layer 1 blockchain that uses zk-SNARKs to provide scalability and security for decentralized applications (dApps).
- StarkNet: Is a Layer 2 scaling solution on Ethereum using zk-STARKs with the purpose of providing scalability and security for dApps.
