30s Summary

Leo Fan, co-founder of ZK hardware company Cysic, has shared his views on zero-knowledge (ZK) proofs in a chat with Cointelegraph. Despite initial high costs, Fan believes advancements in technology have made it cheaper and easier to produce ZK-proofs, with costs now significantly lesser than traditional ID systems run by centralized institutions. He also outlined that ZK proofs can currently be generated in around 10 seconds, ideal for decentralized identification. Fan highlighted recent adoptions of ZK-powered digital IDs in Buenos Aires and Vienna, and Worldcoin’s agreement with the Malaysian government to integrate its iris-scanning technology into the official ID process.

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There’s been some talk about Zero-knowledge (ZK) proofs when it comes to decentralized identity applications in the cryptocurrency world. Some folks feel that ZK is just too pricy and complicated.

But Leo Fan, who helped start the ZK hardware company Cysic, thinks that’s not really the truth. He’s convinced that while ZK did cost a lot in the past, it’s still more cost-effective than the old ID systems that were ran by centralized institutions.

During a chat with Cointelegraph, Leo talked about how advancements in technology have made it easier and cheaper to generate ZK-proofs, which he believes are still less expensive than a traditional ID system run by big bureaucracies that could cost billions of dollars. Leo had this to say:

“At the beginning of this year, it did cost a lot to use Zero-knowledge proofs, but we’ve been working hard to speed up the process to make it more user-friendly. In that sense, we’re lowering the cost barrier to use ZK.”

According to Leo, it now just takes about 10 seconds to generate a ZK proof, which makes it a pretty solid choice for decentralized identification. It’s like a “public good” that can keep privacy intact while also serving the necessary function of proving ID when that’s needed.

Leo also shared his excitement over Buenos Aires, Argentina recently starting to use ZK-powered digital ID for their over 3.6 million citizens. Additionally, Worldcoin set up some equipment to gather biometric data in Vienna, Austria. These machines scan potential users’ irises and change the unique information into cryptographic proofs to establish identity.

Not long after that, the Malaysian government inked a deal with Worldcoin to include the company’s iris-scanning orbs into their official ID process. The collaborative effort included Tools for Humanity and MyEG, a company that specializes in linking population and government services effectively.