zkMe is a decentralized web3 credential network that leverages the power of zero-knowledge proofs to facilitate secure and private credential issuance and verification. The firm’s protocol verifies user credentials without disclosing any personal information to anyone. The firm leverages ZK(Zero-Knowledge) technology in the only KYC(Know Your Customer) solution that is fully decentralized, designed for privacy and compliant with global AML(Anti-Money Laundering) requirements. Through this infrastructure, zkMe allows adherence to the ethos of web3 in regulated crypto businesses.
zkMe has successfully secured $2 Million in a pre-seed funding round that garnered participation from well respected venture capitals including Circle Ventures, The Spartan Group, CMS Holdings, Fenbushi Capital, NGC Ventures and ArkStream Capital among other investment firms.
In the digital transformation era, privacy and security in management of identities and personal information has become a major concern. This concern stems from the fact that in recent days, several online service providers like e-commerce have been penetrated into with huge volumes of customer data being stolen. The data is sometimes very sensitive and private as it includes people’s addresses, credit card payment information, account balances and credentials. In the wrong hands, this information can be misused to adversely affect its owners.
It is pertinent to mention that the breaches in security do not sometimes arise from the primary providers themselves. Some of them emanate from the partners these businesses engage in business with. For instance, an e-commerce site might share some of its data to its suppliers through an extranet. A lapse is judgement of one of the partners or security vulnerability in one of the partner’s systems could lead to identity leaks.
Therefore, zkMe allows users to selectively disclose their credentials to authorized parties without compromising on their privacy and at the same time giving them total control of their digital identities. This allows users freedom to create and manage their digital identities without risk of exposure to identity leaks. This infrastructure has numerous use cases including GameFi integrations and DeFi(Decentralized Finance).
One of the major offerings developed by zkMe is the SSI mobile application that allows users to encrypt and anonymize their data as well as prove claims on their devices using ZKPs. This utility ensures that no one can process their sensitive information apart from themselves. The ZKPs(Zero-Knowledge Proofs) are verified by a network of MPC(Multi-Party Computation) nodes before being minted to a user wallet as a SBT(Soul Bound Token). This in turn allows decentralized applications to query anonymous True/False statements form the zkMe network using the SBT therefore, efficiently verifying a user’s eligibility while keeping their identity safe.
