Cardiff, United Kingdom, 18th July 2024, ZEX PR WIRE, Three Protocol, a new project is building an alternative to centralized digital ID’s and KYC with no-KYC zero-knowledge proof, decentralized, digital ID’s (ZKi3s) in online marketplaces, announced its main features rivaling those of industry-established brands, such as Polygon ZKP, Starknet, zkSync, and DOP. The project aims to help users engage in secure, private digital interactions within a fully decentralized, trustless environment.
Zero-knowledge proof (ZKP) IDs are increasingly in demand in the emerging Web3 economy. Blockchain-based systems can ensure better performance and security in this landscape than the traditional Web 2.0 has to offer. Their focus on scalability, decentralization, and privacy offers a bridge for Web 2.0 online marketplaces toward Web3. Meanwhile, the latter’s reliance on national identification and KYC requirements affects user safety and privacy. Moreover, imposing verification excludes many from participating in online economic activities, especially those who are unbanked or lack proper identification.
Three Protocol eliminates KYC (Know-Your-Customer) or national identification requirements for marketplace access, allowing the unbanked and debanked communities to engage in online commerce. Signing up requires only a crypto wallet and the implementation of Zero-Knowledge Proof Psudoanonymised digital IDs. Therefore, a user’s profile on the blockchain is only a SHA256-hashed immutable entry on blockchain technology.
ZKi3s are no-KYC, zero-knowledge proof blockchain entries showing the owner’s online relationship history reputation, which forms the basis on which all Three Protocol systems function. Individuals can mint their own ZKi3s without providing national ID, biometric details, or passing KYC verification.
A ZKi3 is used to send ZK-Stark proofs between a review issuing protocol (e.g., an online marketplace) and an issuing protocol. This can occur whenever a user desires to collect a review or reputation score for any digital relationship or transaction. The ZKi3 is never visible publicly on the blockchain, ensuring the user’s transactions remain private.
Three Protocol confirmed that the algorithmic formulae for ZKi3s will be made open source. Therefore, any digital platform or online marketplace can integrate ZKi3s via a permissionless process.
Three Protocol also uses a Neural Network AI model employing cutting-edge alphanumeric AI algorithms to build a real-time updated product, a service, and a real-world assets interface for users. Furthermore, Three Protocol introduces the concept of DAIOs (Decentralized Artificial Intelligence Organizations) to implement open-source updatable AI systems and ensure users make informed decisions when voting.
ZKP ID providers take different approaches to the main aspects that define a ZKP ID system’s performance. These aspects include government access, privacy, KYC requirements, open-source nature, use of ZK-STARKs, and trustlessness. Here is how Three Protocol regards these manners and how it ranks against other leading projects, including Polygon ZKP, Starknet, zkSync, and Data Ownership Protocol (DOP).
Government Access
Three Protocol prioritizes the user’s control over their data and activities. Its decentralized ZKP digital ID technology maintains such sensitive information inaccessible to third parties. Besides Three Protocol, only a handful of other ZKP providers have this approach. On the other hand, projects like Polygon ZKP, zkSync, and DOP prioritize regulatory compliance over user autonomy and self-sovereignty.
Privacy
Three Protocol employs cutting-edge ZK-Stark technologies to guarantee the user’s identity remains anonymous. This feature sets this project apart from other similar initiatives. For example, Polygon ZKP considers its system’s scalability more important than keeping the user’s ID secret. Meanwhile, zkSync utilizes ZK-Rollups to prevent third-party access to user information but still requires KYC from its users. Lastly, DOP adopts a selective transparency and regulatory compliance policy and disregards user confidentiality.
KYC Requirements
One of the most appealing aspects of ZKP identification is that it often doesn’t require KYC verification. Three Protocol ensures its users enjoy this benefit and keep their sensitive information secret. Apart from Three Protocol and DOP, only a few other projects follow the same practice. At the other end of the spectrum, projects like Polygon ZKP, Starknet, and zkSync require users to pass Know-Your-Customer procedures, affecting user inclusivity and privacy.
Open Source Code
Three Protocol is among the industry’s top ZKP DID providers, along with Polygon ZKP, Starknet, and zkSync, maintaining an open source code. This feature allows the project’s growing community to contribute and scrutinize its development, thus enhancing its trustworthiness.
ZK-STARKs (Zero Knowledge Scalable Transparent Argument of Knowledge)
Three Protocol utilizes ZK-STARKs to provide security against privacy threats and enhance performance levels without affecting decentralization. Only a few other projects follow this practice, e.g., Starknet. However, more prominent brands, like Polygon ZKP, zkSync, and DOP, do not consider ZK-STARKs a priority.
Trustless
Three Protocol uses tri-signature smart contracts and DAO governance to ensure a fully decentralized and trustless experience. Moreover, it provides unbiased dispute resolution and self-custody, setting an industry standard with this approach, which only a few other brands, such as Starknet and zkSync, also follow.
About Three Protocol
Three Protocol is Tectum Labs’s first incubated project. Its mission is to modify the current paradigms of online marketplaces through decentralization and create financial inclusivity for individuals without access to traditional banking services.
The project uses the Three Protocol Neural Network AI model to create marketplaces that increase the efficiency and accuracy of searching for products, services, real-world assets, and clients based on personalized user queries.
Three Protocol integrates cryptocurrency utility to broaden the purchasing power and utility of cryptocurrency holders. Its implementation of an AI-driven DAO should also help increase equity and fairness in the user-online marketplace relationship.
Lastly, Three Protocol uses a unique blend of privacy, self-custody, and decentralized governance that sets it apart from other ZKP ID providers. Its services cater to users and developers who value anonymity, trustlessness, and decentralization.
Follow the project for the latest development updates at these links: Website | X (Twitter) | Telegram | LinkedIn |
The Post Introducing Three Protocol: Building An Alternative To Centralized Digital ID’s and KYC with No-KYC Zero Knowledge Proof, Decentralized Digital ID’s first appeared on ZEX PR Wire
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