Zero-Knowledge Proofs Are a More Affordable Solution Than Traditional ID Systems, Says Cysic Founder
Date: 2024-11-04 Author: Gabriel Deangelo Categories: BUSINESS
The crypto industry is currently debating the use of Zero-Knowledge (ZK) proofs in decentralized ID systems. Some experts believe that these solutions are too complex and expensive to be widely adopted.
However, Leo Fan, co-founder of Cysic, a company that develops hardware for Zero-Knowledge proofs, believes otherwise. He argues that despite the high initial costs, Zero-Knowledge proofs are a more cost-effective solution compared to traditional ID systems managed by centralized institutions.
In an interview with Cointelegraph, Fan emphasized that improvements in hardware and optimization of proof generation processes have significantly reduced the cost and completion time of Zero-Knowledge proof transactions. These advances make EK proofs more accessible than traditional ID systems, which require extensive bureaucracy and significant financial investment.
"EK proofs were quite expensive to launch at the beginning of the year, but we are actively working to speed up their generation, which makes them easier for users to use. This allows us to lower the barriers to the adoption of EK," Fan noted.
According to him, the process of creating a EK proof now takes about 10 seconds, which makes this method viable for decentralized identification. Moreover, he emphasizes that EK proofs can be considered a "public good" since they provide a high level of privacy while maintaining the basic functions of identity verification.
Application of EK technologies in other countries Fan also noted the successful implementation of a EK digital identification system for 3.6 million residents of Buenos Aires in Argentina. On October 21, the government announced the inclusion of QuarkID in its existing miBA digital identity platform, giving residents greater autonomy over their biometric data.
In August, Worldcoin’s World ID system, which includes iris-scanning devices, was installed in Vienna, Austria. These devices convert biometric data into cryptographic evidence that can verify a user’s identity.
Later that month, the Malaysian government entered into an agreement with Worldcoin to implement similar technology in the national ID system. The collaboration also includes Tools for Humanity and MyEG, a company that specializes in facilitating access to government services.
