zkSync to support RNS.ID's On-Chain KYC Solution

AMSTERDAM, Nov. 21, 2022 /PRNewswire/ — RNS.ID (https://rns.id/), the Republic of Palau’s official blockchain identity for its Digital Residency Program, draws the attention of zkSync as it launches its On-Chain KYC with its privacy engine – a trustless and verified identity compliance in Web3.

Considered the key innovation to RNS’s digital ID program, zkSync is looking to support its functional privacy features for on-chain legal ID by implementing zero-knowledge proof and Merkle root-hashed ID properties. These features give users and businesses the full autonomy of their own information and data that are completely secure while providing the users with reduced transaction time during the KYC verification process.

The On-Chain Trustless KYC Solution

This method eliminates the user’s multiple verification processes by different requirements. This functionality creates a “mask” of one’s personal information through ZK Proofs without revealing one’s sensitive data, enabling unrestricted access to and use of the web3. RNS API allows multi-single integration points to the security features in the onboarding process.

This solution for the new KYC paradigm for zero-knowledge proof implementation is verifying identification without penetrating customer privacy; leveraging self-sovereign and zero-knowledge proofs is on the frontier of research.

The Advantages

While it is believed to provide support to the growing ecosystem of infrastructure among crypto enthusiasts, it will also pave the way to its marketing support and expansion of the geographical reach of RNS’ digital ID program and future digital projects and initiatives.

On the other hand, zkSync’s continued innovation and rollups offer enhanced privacy, ease of use, lower fees, and scalability.

This on-chain trustless KYC breakthrough provides an avenue to both platforms’ system integration of on-chain identity verification and programmable privacy features of blockchain native identity. It also aims to support global exchanges and bring trustworthy customers easily to its platform.

zkSync‘s L2 to L3 ‘Opportunity’

zkSync’s rollups bring Ethereum to a higher level of scalability, security, customization, and high performance while maintaining its low fee.

As the precursor to Layer 3, Layer 2 or zkSync 2.0 promises to provide every project with the complete security of Ethereum and be permanently future-proof. In its quest to offer constant solutions to Ethereum‘s network performance, zkSync is set to deploy an architecture upgrade called the L3 ‘Opportunity’ or zkSync 3.0 early next year on a public testnet.

The Layer 3 ‘Opportunity’ prototype will provide significantly higher security, limitless customization, and trustlessly linked yet cheaper blockchain technology. It will inherit the full features of its predecessor, L2, but a better version, especially in security – shielding from fraud and hacks in a very hostile digital environment. It shall also be an upgrade to perform faster transaction speed, reduce data cost, and ease of use, making app creation 10x easier.

About RNS ID

RNS ID (https://rns.id/) is the world’s first Web3 legal identity platform. The RNS platform gives users universal access to virtual government services. It offers global citizens unprecedented access to borderless economic freedom and a new democratic paradigm in a borderless digital world.

As the first in the world to serve as the national identification deployed as ID NFTs on the blockchain, it is developed to support the application and issuance of a sovereign-backed ID program, which is open to almost anyone across the globe.

RNS.ID partnered with the Republic of Palau, the first opportunies sovereign nation in the world to issue digital residency IDs to global citizens. It is the first national identification card issued on the blockchain as soulbound ID NFTs. Applicants, after passing KYC, will also receive a physical plastic ID card that’s mailed globally.

Currently, RNS ID is supported by over 80% of crypto exchanges in the world, such as Binance, Coinbase, Bitmart, Kucoin, Gate.io, Bybit, Huobi etc. Other reported use cases are boarding an airplane (within jurisdiction borders), hotel check-ins, membership signups, and identity verifications at different institutions like Airbnb, etc..

To date, there are around 95000 users from 81 countries around the world who have signed up as digital residents of Palau through RNS ID.

Interested global citizens may apply for Palau Digital Residency at www.rns.id.

About Cryptic Labs

Cryptic Labs is an innovative blockchain research institute and commercial accelerator focused on solving fundamental problems in blockchain, security, privacy, and trust. It was tapped to spearhead Palau’s Digital Residency Program.

zkSync’s Layer 3 ‘Opportunity’ link:

https://blog.matter-labs.io/zksync-l3-pathfinder-to-hit-testnet-in-q1-2023-367a425592db

RNS Official Accounts: https://rns.id
Email: [email protected]
Discord: https://discord.com/invite/rns
Twitter : @RNS_global

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SOURCE Cryptic Labs

zkSync to support RNS.ID's On-Chain KYC Solution WeeklyReviewer

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