Our newly formed partnership with O(1) Labs enables a deeper research into the usage of zk-tech. Improving privacy for dApps but also Apps in web2.
We’re continuing our journey inside the web3 space. With our year-long contributions for MakerDAO, we’ve placed a solid foundation and built up expertise. Last year, we won a Hackathon at EthGlobal with our On-Chain Review Tool. This year, we’re continuing our exploration into zero-knowledge technology as it fits Sidestream’s values to preserve user privacy. In that regard, we’re happy to collaborate with O(1) Labs, which has supported the leading zk-Ecosystem Mina since day 1.
Short Recap: What is zk-tech?
Zero knowledge technology, often abbreviated as zk-tech, enables proving knowledge of a piece of data without actually revealing the data itself. This powerful capability has profound implications for privacy, security, and efficiency across various domains.
In the realm of cryptocurrencies, zk-tech has gained significant traction due to its ability to enhance privacy and confidentiality on public blockchains. One of the most prominent applications of zk-tech in crypto is in the construction of zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge), which allows for the creation of privacy-preserving transactions and smart contracts. By leveraging zk-SNARKs, users can execute transactions and perform computations on a blockchain without disclosing sensitive information such as transaction amounts or contract details, perfectly fitting in the DeFi space for example.
Web2 projects could utilize zk-tech to enhance user privacy, safeguard sensitive data, and improve the overall security posture of their platforms. For instance, social media platforms could implement zero-knowledge proofs to enable users to authenticate their identities without exposing personal information, while e-commerce platforms could adopt zk-SNARKs to facilitate private and secure transactions.
What are we building right now?
Our overall goal is to explore zk-tech and build (decentralized) applications using this solution. We want to push initiatives to preserve user data and lift the standard of data sensibility. As a first step, we brainstormed together with O(1) Labs on streamlining the adoption of zk-proofs for identity verification. We’ve derived an idea from that, with which we’re participating in the Mina’s zkIgnite Grant Program.
The idea is to enable verifying user ownership and other data (like birthdate/age), without the need to have to publish personal data to the requesting party. The idea depends on the individual identity document, which varies depending on user residency. To prove the case itself as well as the architecture we build around it, we’re using the German National ID together with the official AusweisApp. This acts as a blueprint which can be adopted with any other ID fitting the requirements.
After the service is launched, dApps as well as Apps can use our service to request the identity of a user, without actually receiving the data – only mathematical proofs are necessary. One example revealing the magic of zero knowledge technology!
