On October 31st, the lightest blockchain protocol in the world, Mina, revealed their plan to develop a new verification policy, zkApp, in collaboration with their KYC (know your customer) service provider.
One way @MinaProtocol is thinking about this is by working with KYC service providers to commit Merkle roots of their databases. [1/3] https://t.co/iZOGVXObHA
— Joon Kim 🪶 (@itsjoonkim) October 31, 2022
Joon Kim, one of the network’s board members, announced this information on his Twitter page late in the day.
They made this decision with the aim that it would increase security on the platform, in turn building their customer population.
The reason for stepping up on security is not far-fetched because, time and again, crypto platforms have continued to suffer devastating losses from cyber attacks.
The most recent attack was on the Binance exchange, the largest crypto exchange in the industry by market capitalization.
The hacker exploited a bug that made the network vulnerable, carting away about $570 million.
This and many more events are making all crypto networks tighten their security, leaving no room for the slightest loophole because it can spell doom.
Among the efficient ways of strengthening network security is KYC, a system that scrutinizes users to ensure their identity is not forged through biometric tests, identity cards, e.t.c.
These latest verification processes will be more thorough and efficient. All users who do not meet the qualifications of zkApp will not be eligible to transact on the network.
The new system will also help the network to follow government regulatory policy, which requires an individual to reveal essential information about themselves before they can access a financial transaction.
Many crypto enthusiasts have shown interest in this new development, and they are pretty thrilled because of the benefits it will bring in their quest to curb hacker activities in the industry.
One such enthusiast is the founder of Ethereum, Vitalik Buterin; he tweeted about the ZKPs and even gave some suggestions that could improve it.
This suggestion could be put into consideration because Joon retweeted his tweet, but we can’t say for sure.
