Hong Kong, Hong Kong--(Newsfile Corp. - November 6, 2023) - zCloak Network is pleased to announce its newest omni-chain KYC service, Legit ID. zCloak is a platform dedicated to building Real-World Identity (RWI) infrastructure for Web3. According to zCloak, this advancement aims to reshape identity and asset-backed protocols in the digital realm.
"Balancing regulation and compliance with Web3's inherent values of decentralization and openness is essential," says Dr. Zhang, the founder of zCloak Network. "What we are doing right now is like bringing law and order to the wild west."
Throughout its history, the crypto and Web3 landscape has celebrated its dedication to openness and anonymity. The emergence of DeFi protocols and the digitization of tangible assets have indeed brought about a profound transformation in the financial sector. Yet, with this exciting frontier lies a set of formidable challenges.
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Navigating the Regulatory Landscape in the Digital Realm
In the digital realm, the presence of global regulations and compliance can be seen as a double-edged sword for unregulated, malicious activities. In fact, the very essence of decentralization raises legitimate concerns regarding investor protection, privacy, jurisdiction, and transparency.
Recognizing the growing need for regulation in the Web3 ecosystem, governments and regulatory agencies are seeking solutions that find a middle ground between decentralization and accountability.
As the focus shifts toward the tokenization of real-world assets, greater attention is being given to Know Your Customer (KYC) and Anti-Money Laundering (AML) solutions as potential answers to these regulatory complexities.
Although KYC and AML are essential for verifying lawful transactional data and thwarting illicit blockchain activities, conventional KYC techniques have encountered opposition within the Web3 and cryptocurrency realm. This resistance stems primarily from their incongruence with the principles of user autonomy and privacy.
This emphasizes the necessity for a revamped KYC system that adheres to global regulations while preserving user privacy. That's where Legit ID comes into play. Legit ID is a service born from the company's extensive work in Web3's zero-knowledge proof and identity domain.
The motto, "KYC once, recognized everywhere" summarizes the core feature of Legit ID. It involves a one-time KYC verification stored on the user's device, which can be validated universally.
Developed based on zCloak's zkID protocol, Legit ID harnesses zero-knowledge proof technology and decentralized identity, guaranteeing a secure, privacy-oriented, and adaptable KYC process.
Features of Legit ID
One of the standout features of Legit ID is its ability to ensure omni-chain availability. This means that KYC data, stored off-chain using the W3C DID and VC protocol, can be effortlessly shared with smart contracts operating across multiple blockchains, including Ethereum, Solana, Sui, and any Layer 2 or 3 network, all without incurring bridging fees.
Another aspect of Legit ID is its provision of real-time AML updates. These dynamic AML/CTF alerts deliver instant notifications, which are meant to shield businesses, investors, and users against potentially risky or insecure addresses.
Furthermore, Legit ID offers fine-tuned identity information. The system allows for customization, enabling each verifier to fine-tune criteria and verification processes.
About zCloak
zCloak was founded by Dr. Xiao Zhang in 2021.
The network is a privacy-preserving computing platform that aims to change the way individuals and organizations manage their online data by navigating the storage and computation of user data away from centralized servers.
For more information about Legit ID and zCloak Network, visit the platform's website. To stay up to date on zCloak's latest news and advancements, follow the company's social media channels:
Twitter
Discord
YouTube
Press Contact:
Jamie Kingsley
jamie@theprgenius.com
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