Zero-knowledge proof (ZKP) has emerged as a critical security component in Web3 and blockchain because it ensures data integrity and increases privacy. It accomplishes this by allowing verification without exposing data. ZKP is employed on cryptocurrency exchanges to validate transaction volumes or values while safeguarding the user’s personal information.
In addition to ensuring privacy, it protects against fraud. Zero-knowledge cryptography, a class of algorithms that includes ZKP, enables complex interactions and strengthens blockchain security. Data is safeguarded from unauthorised access and modification while it moves through decentralised networks.
Blockchain users are frequently asked to certify that they have sufficient funds to execute a transaction, but they may not necessarily want to disclose their whole amount. ZKP can verify that users meet the necessary standards during KYC processes on cryptocurrency exchanges without requiring users to share their paperwork. Building on this, Holonym offered Human Keys to ensure security and privacy in Zero Trust situations.
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