Originally published on: November 01, 2024
Zero-knowledge (ZK) proofs are transforming decentralized identity applications in the crypto industry, sparking debates about their cost and complexity. Despite historical concerns about the expenses associated with ZK proofs, Leo Fan, co-founder of Cysic, a ZK hardware company, argues that these proofs are actually more cost-efficient than traditional ID systems run by centralized institutions.
In an exclusive interview with Cointelegraph, Fan highlighted the advancements in hardware and improvements in proof generation, leading to significant cost reductions and faster finality times for ZK proofs. These proofs are now completed in around 10 seconds, making them a practical solution for decentralized identification. Fan described ZK proofs as a “public good” that prioritizes privacy while maintaining the necessary screening functions for ID verification.
The recent implementation of ZK-powered digital IDs for 3.6 million residents of Buenos Aires, Argentina, was also commended by Fan. This integration of QuarkID into the miBA digital identification system grants individuals more control over their biometric data, aligning with the growing trend of empowering users with autonomy over their personal information.
Worldcoin’s innovative World ID orbs, which utilize iris-scanning technology to secure biometric data and convert it into cryptographic proofs, are revolutionizing official identification systems. From Vienna, Austria to Kuala Lumpur, Malaysia, governments are embracing these cutting-edge solutions provided by companies like Worldcoin, Tools for Humanity, and MyEG.
As ZK proofs continue to gain traction, their potential applications extend beyond identity verification, encompassing voting systems and financial transactions. Stay informed about the latest trends and developments in blockchain and crypto by subscribing to our Crypto Biz newsletter for exclusive insights delivered to your inbox every Thursday.
