zCloak Network May Monthly Update

May. 2023 Volume 2 Issue 4

Welcome to zCloak Network’s Monthly Update for May. During last month, the zCloak team updated a few functions on products, kept our AMA series holding successfully, and actively sought potential cooperation opportunities. Let’s have a quick look at what we achieved in May. FYI, this series of monthly newsletters are dedicated to keeping our community members up to date, so please follow us and stay tuned for more information!

Product and Technology

ZKP Infrastructure

The zkVM in zkID wallet has been updated to support general purpose computation on user credential data. Now it is possible to import your credentials into your wallet and pick the zkProgram you need to run and generate a ZKP for it. The zkPorgram generator supports no-code zkProgram generation. Just specify your requirements, and a zkPogram will be generated for your users.

zk-SBT Smart Contract

In May 2022, zCloak Network introduced the concept of zk-SBT right after the publication of the SBT paper from Vitalik. Now the smart contract of zk-SBT has been developed and launched on the testnet of Optimism. When you perform a ZKP computation in your wallet, you can choose to turn the computation result into an SBT and mint it in the testnet. A zk-SBT represents some attributes of you, e.g. an adult from Asia, without disclosing any of your personally identifiable information. The information within the SBT is interoperable with any smart contract in the same chain. The zk-SBT primitive is the first of its kind and has opened the door for the use of private identity information in a blockchain environment.

Valid Name

zCloak’s Valid ID platform opened up registration of Keys and Roles for entities onboard.

Role stands for a member of the organization. Each member of the organization will automatically receive a second-level domain name with the organization’s valid name as a suffix.

For example, announcement.zcloak.vid

The Key function is for establishing a connection between any on-chain address such as payment address, project smart contract address, or published NFT address with the organization’s identity. Each key will also automatically receive a second-level domain name with the organization’s valid name as a suffix.

For example, zCloak’s payment address can be, payment.zcloak.vid.

Wallet Connect Function

In addition to signing in with zkID Wallet and Metamask, Valid Sign now also supports Wallet Connect as a sign-in method. By scanning the QR code with a Wallet Connect-compatible wallet, users can easily use the Valid Sign function to sign their messages in order to prevent fraud. Starting from mid-May, we were able to provide users with another sign-in method for a painless experience using existing accounts.

QR Scanning Function of zkID Wallet

zkID Wallet has updated a new function — — Credentials QR Scanning. It enables users to selectively present information on their credentials via a QR code, and strengthens security protection with the built-in time stamp: the QR code will be updated every second to prevent others stealing their credentials with a screenshot.

Events

DAO Montenegro: New Organization, New World

From May 21 to May 23, DAO Montenegro successfully threw a series of events in Podgorica, and zCloak participated as one of the sponsors. zCloak was honored to have showcased our project, including conveying our core concept of Real-World Identity (RWI) for Web3 and the platforms which have been built. During the event, great marketing exposure was achieved. It was worth mentioning that Vitalik also joined the event, and spoke about Network State, where zCloak also wants to dive into helping original web3 organizations implement their identity expression in a decentralized way.

Odaily: Web3 New Wave

On May 26, Odaliy and AWS held an assembly for Web3 projects in Xiamen, and zCloak was invited as one of the speakers to give a speech about our organizational identity solution — Valid ID. During the speech, we presented to the audience and investors the current Web3 trust issue, the traditional Web2 solution and its shortcomings, and finally our original solution suitable for the Web3 world. Later in the day, we had a short demo of Valid ID detailed functions for the audience. During the event, we also actively sought potential cooperation opportunities among projects to co-build the web of trust in Web3.

AMAs

Upchain DAO: Who is who? The Answer for Web3 Trust Issue

On May 20, Upchain DAO held a geek open class and the founder of zCloak, w3tester, was invited as the lecturer. Over 40 community members joined the class and shared opinions. During class, w3tester introduced the background of Web3 trust issues and current solutions, which are not perfectly applied to the Web3 world. He also shared zCloak’s reflection on identity, including personal identity and organizational identity. What’s more, w3tester also mentioned that the starting point for trust lies in the organisation’s identity. That’s also the reason that Valid ID aims to anchor the real-world identity of institutions to solve the current trust issues in Web3.

Solv: Real-World Asset(RWA)

On May 24, Solv Protocol organized an AMA with the topic “Is RWA a new opportunity or a financial bubble?”, representatives from dForce, zCloak Network, Solv Protocol, and Nomura Laser Digital presented as speakers.

In the beginning, w3tester shared his idea on Real-World Asset (RWA), mentioning that the concept was very popular around 2018, and lots of authoritative financial institutions highly advocated for its application in mainland China. However, due to the risk of sensitive business information leakage, companies still tend to use traditional asset management methods. Besides, he also mentioned that blockchain technology can definitely serve as the basic infrastructure for RWA. And with the development of the Web3 world, he believes there have merged lots of solutions to solve the problems which were caused by identity issues.

Finally, w3tester summed up the obstacle of real-world assets on-chain as the problem of trust. Meanwhile, he also addressed that the popularity of DID and VC can help to build the web of trust, so there is great potential for RWA to be the next hot business model of Web3.