Binance’s Web3 Reality Show Winner: zkPass and the Future of Decentralized Identity Verification

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Crypto exchange Binance has announced the winner of its Web3 reality show, titled “Build the Block,” held in the metaverse. Within the show, startups competed with each other to win an investment from Binance Labs. In an announcement sent to Cointelegraph, the Binance team said that zkPass won the contest after receiving the highest votes in the competition. The decentralized identity verification solution that preserves privacy came out on top after competing with many other finalists.

The startup aims to provide an identity verification solution for Web3 applications, based on multi-party computation and zero-knowledge proof technology. Joshua Peng, the co-founder of zkPass, said that the investment will help them build a decentralized infrastructure. Peng explained, “We are not only thrilled to be a part of the first pitch ever done in a real-time metaverse series, but especially honored to win Build The Block and have the opportunity to work closer with Binance Labs.”

Binance chief business officer Yibo Ling, who also participated as a judge in the contest, said that they are looking forward to seeing the growth of the competition’s winner. “We’re looking to build the foundations to sustainable ecosystems that allow scalability, specifically those enabled by zero-knowledge proof techniques,” Ling said.

Apart from zkPass, four other contestants received investment offers from Binance Labs. This includes a decentralized privacy-preserving data lake called Mind Network, a project called Kryptoskatt that simplifies Web3 finance, decentralized finance (DeFi) platform creator Bracket Labs, and operating protocol DappOS.

In other news, blockchain protocol Anoma has secured funding to continue developing its architecture. On May 31, the Swiss nonprofit secured $25 million to build a generalized “intent-centric” blockchain architecture. Anoma co-founder Adrian Brink said that the platform’s third-generation architecture provides better composability and ease of use when compared to existing smart contract protocols.

As Web3 applications continue to grow in popularity and demand, decentralized identity verification solutions like zkPass play a crucial role in preserving privacy and maintaining a secure environment. While there is optimism surrounding such innovative solutions, some challenges remain, including scalability and user adoption. It will be interesting to see how zkPass and other similar projects develop and integrate into mainstream use, as the world becomes more immersed in the world of cryptocurrencies and blockchain technology.

Source: Cointelegraph

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