Volume 2 Issue 9, 2023
Welcome to zCloak Network’s Monthly Update for November. Last month, zCloak Network achieved significant progress in product iterations and collaborative projects. Besides, several offline events are also worth paying attention to. Let’s briefly go through all of them. FYI, this series of monthly newsletters is dedicated to keeping our community members up to date, so please follow us and stay tuned for more information!
Product and Technology
zCloak Network has been developing Project DESFT with Solv Foundation in stealth mode for over 6 months. This month the project has been revealed in the SFF 2023. The project aligned with the UNDP UTC framework and obtained support from the MAS of Singapore and Bank of Ghana.
Our teams have worked together to develop a prototype platform for corporate identity, credentials and their tokenization using the ERC-3525 standard. The project aims to enhance their participation in global trade and the digital economy by enabling them to establish a credible reputation and credit history in cross-border transactions. This, in turn, provides them with access to fair, precise, and affordable financial services. DESFT also promises to offer enhanced data privacy protection for MSMEs. This not only gives them more control over their data assets but also a more significant role in international financial interactions. The first phase of Project DESFT has already achieved considerable success.
zCloak Network has contributed in DID and VC protocol design, corporate identity wallet and privacy-preserving technology in Project DESFT. We expect to work with the Solv Foundation in the 2nd phase of this project later this year.
Legit ID New Launch
Nov. 6, zCloak Network officially announced the launch of our omni-chain KYC solution, Legit ID. Legit ID is a single-time KYC verification stored on the user’s device, universally verifiable. Built upon zCloak’s zkID protocol — which adheres to W3C’s DID and Verifiable Credential standards — Legit ID leverages zero-knowledge proof technology with decentralized identity. This ensures a secure, privacy-focused, and versatile KYC process. Legit ID features with several points: omni-chain availability, real-time AML updates, fine-tuned identity info, easy integration and cost efficiency.
Singapore Fintech Festival
Nov 15 to 17, the annual Singapore Fintech Festival was held in Singapore Expo Hall and was themed “The Applications of AI in Financial Services.” SFF 2023 examined how technologies such as AI, Web3, and digital public goods can help accelerate the transition to a low-carbon future and secure the digital economy against modern climate, technology, and cyber risks.
zCloak attended the festival on behalf of Project DESFT, which is designed and incubated jointly by Solv Foundation and zCloak Network and developed by Ample FinTech; it is a distributed trusted digital credential network with a focus on cross-border trade and inclusive financial services. This initiative aligns with the open strategies of the Monetary Authority of Singapore (MAS) and the Bank of Ghana (BOG) in inclusive FinTech. More information about this project can be found here.
Project DESFT Meet-up
Nov 15, a Meet-up party was held by zCloak Network and Solv Protocol featuring the technical launch of Project DESFT. Over 60 guests were invited, including builders and guests from industries including investment, TradFi, RWA, Web3, and more.
The party included 5 parts. Firstly, Dr. Xiao Zhang, the founder of zCloak Network, shared the current problems that MSMEs face in cross-border trade and the general technique architecture and highlights of Project DESFT. Then Will Wang, the author of ERC-3523, shared the technical details and the vision of ERC-3525, leading to a deeper understanding of it. Mike Meng, the co-founder of Solv Protocol, shared his five insights while building Project DESFT. Finally, a brief panel was held on “The Future Application of ERC-3523.”
Elevandi Insights Forum
On Nov 14, Dr. Xiao Zhang, the founder of zCloak Network, attended as a distinguished guest speaker at the roundtable discussion on the future development of cross-border finance and payments during the Elevandi Insights Forum in Singapore. The conference brought together key figures from various financial institutions, including the Monetary Authority of Singapore, Reserve Bank of Australia, JPMorgan Chase, and Citibank, to engage in extensive discussions on this globally significant topic.
At the outset of the conference, Dr. Xiao Zhang, alongside other fintech experts, delved into the current status and challenges of cross-border transaction compliance. The discussion focused on financial institutions’ major difficulties in cross-border compliance procedures, such as KYC data privacy protection, and tracking and filtering illicit transactions. Dr. Zhang elaborated on the potential of blockchain technology in enhancing cross-border payments and financial compliance. He emphasized that with the digital transformation of the global economy, traditional financial transaction methods are gradually reshaped by emerging technologies. Blockchain, as a cutting-edge technology, not only enhances transaction transparency and efficiency but also effectively reduces compliance risks, thereby driving the development of the entire financial industry.
Blockchain & AI Seminar
Nov 28, CSWA(China Students Web3 Association) held an online seminar about Blockchain and AI, aiming to explore the latest trends in Blockchain & AI technologies and ecosystems while providing a unique platform for talent recruitment. It is organized under B1 New Era of Blockchain & Artificial Intelligence: Leading Global Trends, Young Builders and the Way to Innovation.
As one of the sponsors of CSWA and exclusive DID supporter, zCloak Network provided the DID and Verifiable Credential technology to the seminar. Attendees were issued with exclusive zkID cards through the zkID Cards platform.