Introduction
Introducing Zero Knowledge Credentials (ZKCreds) on cheqd, one of the first Decentralised Identity networks to implement this groundbreaking feature. ZKCreds leverage the power of Zero Knowledge Proofs (ZKPs) to enable a more privacy-preserving online experience.
The Power of Zero Knowledge
Zero Knowledge Proofs (ZKPs) allow users to selectively share necessary information without revealing additional personal data. By combining ZKPs with Verifiable Credentials (VCs), cheqd offers privacy, flexibility, and trust.
AnonCreds: Privacy-Preserving Verifiable Credentials
AnonCreds, a widely-used Verifiable Credential format, form the foundation of ZKCreds on cheqd. They enable users to prove credential validity without disclosing sensitive claims or attributes, providing varying levels of privacy.
Expanding Compatibility: ZKCreds on cheqd
Previously tied to the Hyperledger Indy blockchain, cheqd has made AnonCreds compatible with their platform. Developers can issue AnonCreds on non-Indy chains, leveraging cheqd's features and expanding their networks' value propositions.
Tokenomics Impact
The integration of ZKCreds on cheqd not only enhances privacy but also impacts tokenomics. A proportion of identity transaction fees on cheqd are burned, ensuring equilibrium and managing the total supply of the $CHEQ token.
The Journey: Implementing ZKCreds on cheqd
The journey to incorporate ZKCreds began with the release of the AnonCreds MVP in September 2022, allowing the storage of required resources on the ledger. This breakthrough was made possible through the implementation of DID-Linked Resources.
Future Developments and Education
cheqd will guide partners through integration using the Aries Framework Javascript. Webinars and workshops will be hosted to educate developers on building ZKCreds on cheqd.
Conclusion
With ZKCreds, cheqd has ushered in a new era of privacy in Decentralised Identity networks. Users can now enjoy a more secure and private online experience while retaining control over their personal data. By leveraging AnonCreds, cheqd has made significant strides in ensuring privacy, trust, and flexibility in the digital realm.
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