Galxe Unveils New Web3 Identity Framework Utilizing Zero-Knowledge Proofs
In Brief
Galxe, the platform focused on fostering Web3 communities, has made public its forthcoming Galxe Protocol.
This protocol operates as a decentralized self-sovereign identity framework that is powered by Zero-Knowledge Proof technology.
It grants users the ability to own and manage their personal data and credentials confidentially while maintaining anonymity.
In its quest to revolutionize the issuance and validation of credentials within the Web3 ecosystem, Galxe strives to empower its community with full control over their personal data and identity through the new Galxe Protocol.
The Galxe Protocol is established as a decentralized self-sovereign identity platform that utilizes Zero-Knowledge Proof capabilities. According to Galxe, this framework allows users to securely handle, own, and share verifiable credentials without sacrificing their anonymity.
Recognizing the importance of credentials, Galxe points out that these validate an individual's qualification. Credentials can take various forms, including certificates, licenses, and deeds.
'Credentials from your on-chain activities could encompass your contributions to a liquidity pool, your voting history on the blockchain, and your engagement in Galxe campaigns, among others. They not only represent your achievements and value but also define your unique on-chain identity,' the platform noted in a statement. blog post .
Galxe emphasizes that this innovative protocol will allow users to turn their identities and private information into assets. This could include social media followers, user avatars, their gaming accomplishments, and more.
How the Protocol Works
In its efforts to enhance user experience, Galxe plans to reorganize existing features into distinct yet interconnected modules.
The Galxe Protocol outlines four key roles: Credential Holder, Issuer, Verifier, and Credential Type Designer.
Currently, Galxe is responsible for creating and providing numerous Credential Types for project integration. Owners of campaigns then validate and issue credentials to qualifying participants, who become the Holders.
The protocol enables the deployment of a series of on-chain smart contracts. Additionally, SDK tools are available to help developers create and utilize contracts for off-chain credential issuance and verification.
This innovative system streamlines credential generation and validation, increasing efficiency by using soul-bound tokens (SBTs). These tokens are intricately associated with specific pieces of data, eliminating the need for complex coding.
Moreover, the platform pointed out the potential applications for SBTs:
- Empowering Social Media Users: Users might have the capacity to voluntarily verify and share their identities and interests, effectively avoiding unsolicited advertisement targeting.
- Age Verification: In the U.S., users 21 and older can confirm their age without disclosing excessive personal data. Instead of showing information found on a typical ID, users can present a verified credential that solely confirms their age.
Addressing Multi-Platform Identity Management
Galxe claims that its protocol successfully addresses the issue of managing multiple digital identities across various platforms. Additionally, it assures that users can consolidate their profiles or create Zero-Knowledge Proofs concerning their overall identity without compromising their private information.
With a network of over 3,000 partners collaborating on credential data, Galxe proudly states that it has issued more than 100 million credentials to over 12 million unique users involved in reward-driven campaigns and on-chain loyalty initiatives.
As the platform continues to grow and diversify its range of credential types, it anticipates an increased demand for verification services. By leveraging zk-SNARKs, a subset of Zero-Knowledge Proof, Galxe aims to maintain efficient verification processes, even as demand escalates.
Disclaimer
In line with the Trust Project guidelines , please remember that the information on this page is not intended as legal, investment, financial, or any form of advice. It's vital only to invest what you can afford to lose and to seek independent financial counsel if you have uncertainties. For more details, we recommend checking the terms and conditions and the help pages provided by the issuer or advertiser. MetaversePost is dedicated to delivering precise and impartial reporting, though market conditions can change unexpectedly.
