The president rippled Monica Long He highlighted decentralized identities as another area that XRP could dominate. This came as I explained why these decentralized identities are game-changers.
Ripple CEO reveals another key area for XRP
in Share XCryptocurrency expert John Squire drew attention to the statement of the CEO of Ripple in which she indicated that decentralized identities will enable users to take back control of their identities from web2 companies. Using decentralized identities, individuals will be able to tokenize their identities on a network such as XRP Ledger (XRPL).
Long noted that this tokenization will make these decentralized identities portable and enable individuals to delegate access to whomever they want. Description of John Squire Decentralized identities As a game changer. He noted that individuals will be able to transfer their identity, KYC, and even DNA into a private portable token on the XRP Ledger using zero-knowledge proofs.
The critic added that decentralized identities will enable everyone to prove everything without revealing anything. The XRP Ledger is already making progress with zero-knowledge proofs as the network looks to provide privacy to network users. Cryptographic analyzer Pompey recently highlighted How the network made history with the first zero-knowledge (ZK) privacy transaction to go live on the testnet.
The critic stated that the DNA Protocol was responsible for these ZK privacy transactions on the XRP Ledger. The protocol converted real-world data into ZK proof, and was verified on-chain with no sensitive information exposed. Pompeo added that with plans to implement Proof of ZK on XRPL, banks, governments and institutions can now confirm everything. This includes KYC, medical records, financial data, and compliance, without ever seeing the actual data.
ZK technology is a game changer for XRPL
Head of Research at Ripple, Anchal Malhotra said It would be great if XRP Ledger implemented zero-knowledge technology. She noted that this will enable many use cases and that there are many innovative applications they can create using this technology. ZK’s technology will enable several privacy features, which will further attract organizations to the network.
Cryptographic analyzer Minus pointed ZK’s technology will enable privacy without sacrificing compliance. Furthermore, he said, this would lead to selective detection and “insane scalability.” This way, he added, “institutions can finally have their cake and eat it too.”
It is worth noting that the XRP Ledger is already moving to implement privacy features natively on the network, incl Allowed domainswhich enables organizations to restrict access to authorized users. The network has also enabled multi-purpose secret tokens (secret MPTs), which hide balances and transaction amounts.
At the time of writing, the price of XRP is trading at around $1.31, down over the past 24 hours, according to Data From Coin Market Cap.
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