The post This Worldcoin Competitor Is Using ZK Proofs to Preserve Anonymity appeared on BitcoinEthereumNews.com.

Rarimo has launched RariMe, a Worldcoin competitor that uses zero-knowledge (ZK) proofs to preserve the anonymity of its users. Described as a self-custody identity wallet, Rarimo says it unlocks private but verifiable identities. While Worldcoin makes use of specially-created technology called The Orb to scan users’ eyeballs to create a unique identifier, the RariMe app simply scans a user’s passport to verify identity. This creates an incognito profile and generates zero-knowledge proofs that proves a user’s age, citizenship, or humanity. Zero-knowledge proofs have been a major area of focus in privacy and cryptography for years, but have more recently become a growing area of interest for blockchain projects. The crux of the technology is that information can be verified without having to actually share it. But the enhanced privacy that the technology offers has sometimes fallen afoul of regulators. Earlier this year Binance warned it might need to (but ultimately didn’t) delist Zcash (ZEC), a privacy coin that leverages ZK proofs. Binance, and other exchanges, have grappled with this before. In May 2023, the exchange announced that it would delist several privacy coins including Monero, Zcash and Horizen in France, Italy, Poland and Spain, before backtracking on a number of the affected cryptocurrencies a month later. Typically, most digital platforms would use a third party to approve identity credentials. But RariMe’s use of zero-knowledge proofs to confirm uniqueness means users are kept anonymous and no personal information is ever shared outside of the RariMe platform. At the time of writing, RariMe is compatible with MetaMask and can be integrated with platforms like Coinbase, Civic, Gitcoin and Zealy. Now that RariMe has launched, early adopters will be able to receive reserve tokens via the referral scheme as well as unlock different levels and access special rewards. The platform has already seen 34,820 incognito accounts created…

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Filed under: News - @ June 28, 2024 7:10 pm