European Union discusses using zero-knowledge proofs for digital IDs

Daily Market Wrap

• Crypto market cap: USD 1.08T, down 2.90%
• BTC price stands at? USD 23,696.95, down 4.13%
• ETH price stands at? USD 1,656.23, down 2.30%
• Top gainer: Filecoin(FIL),? up 17.65%
• Top loser: Render Token(RNDR), down 12.06%

News of the Day

European Union discusses using zero-knowledge proofs for digital IDs

Why it matters:?

• The European Union has an ambivalent relationship with privacy, with the CBDC project lacking anonymity standards. Last week, the Industry, Research and Energy Committee included the standard of zero-knowledge proofs in its amendments to the European digital identity framework (eID).?
• This would allow citizens to identify and authenticate themselves online without having to resort to commercial providers, raising trust, security and privacy concerns. Zero-knowledge proofs have recently been at the center of researchers' attention as a possible means to ensure regulatory compliance and privacy in digital currencies.?
• However, not everyone is convinced by that solution. Balázs Némethi, the CEO of Veri Labs and a co-founder of kycDAO, claimed that when proofs alone are insufficient and personal information sharing between the participants of a transaction is essential, relying only on off-chain solutions is advised.

Crypto Daily Spotlight

Polygon sets late March launch date for its zkEVM mainnet beta

Brief introduction: Zero-knowledge Ethereum Virtual Machine (zkEVM) is a virtual machine that generates zero-knowledge proofs to verify the correctness of programs. ZkEVMs are designed to execute smart contracts in a manner that supports zero-knowledge technology.

Why it matters:?

• The long-awaited scaling upgrade from Ethereum layer-2 solution provider Polygon tickers down has been announced, with the beta launch of its zero-knowledge Ethereum Virtual Machine (zkEVM) mainnet slated for March 27.?
• The technology uses zero-knowledge proofs to validate mass amounts of transaction data before bundling and confirming them on Ethereum. It is touted as "seamless scaling for Ethereum" and was launched as a testnet in December last year.
• Polygon is not the only team working on a zkEVM solution, with zkSync and zkPorter also developing similar EVM technology. Matter Labs, the firm behind Polygon, raised $50 million in a Series B round led by Andreessen Horowitz to build EVM-compatible zk-Rollups in November 2021.

Daily Sector Tracker

Daily News Roundup

1. DOGE, Floki Soaring After Musk Tweets Photo of His Dog in Twitter CEO Chair
2. CFTC Charges California Firm and CEO With Fraud, Misappropriation of Digital Assets
3. FTX’s Bankman-Fried could ‘conceivably’ have bail revoked, says judge
4. Binance mints 50M TrueUSD days after Paxos ordered stop issuing BUSD
5. GBBC Digital Finance joins international securities organization as an affiliate member

About Aspen Digital?

Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.

For more information, visit https://www.aspendigital.co/?

Sign Up on Aspen Digital

If you would like to know more, please sign up here.