The zkPass protocol was selected from a list of over 900 applicants and will now receive strategic funding from Binance Labs along with four other finalists.
An open source, decentralized protocol focused on identity verification solutions zkPass has been crowned the winner of a metaverse show sponsored by leading cryptocurrency exchange Binance. According to the announcement, the Binance metaverse has been seeking to crown the Next Big Web3 Entrepreneur among a large pool of applicants. A panel of judges on the Binance Web3 reality show had an easy time choosing the final winner as ZKPass received the highest votes over the seven episodes that featured 12 projects.
However, Binance has also selected four other finalists including Mind Network, Kryptoskatt, Bracket Labs, and DappOS who will all receive strategic investment from Binance Labs. Notably, the finalist had to rise through a large pool of over 900 applicants during the metaverse shows.
The Build The Block judging panel included Yi He, Binance Co-Founder and Chief Marketing Officer and Head of Binance Labs; Yibo Ling, Chief Business Officer of Binance; Jay Turner, Co-Founder, Cowen Desk; Azim Khan, Member of the World Economic Forum’s Cryptocurrency Sustainability Coalition and Lead of Fundraising and Partnerships at Jetcoin; and Robby Yung, CEO of Animoca Brands and Partner at Animoca Capital.
Why zkPass won the Binance contest
The zkPass protocol, which is backed by Ethereum, BNB Chain, and Polygon, is currently running an alpha pre-test recording to help garner important feedback from the community. Most notably, zkPass is a configurable, privacy-preserving decentralized identity verification solution for Web3 based on Multiparty Computing (MPC) and Zero-Knowledge Proof (ZKP) technology.
The protocol aims to provide a secure and privacy-preserving solution for identity verification for Web3 applications using the latest encryption technology.
Support from Binance Labs will help expand zkPass to more users in the future with much more ease than the rest.
said Joshua Peng, co-founder of zkPass. “This investment helps us tremendously in our journey to be the infrastructure for this decentralized world.”
According to Ling, one of the judges at the Build The Block metaverse show, Binance is looking to help Web3 developers with scalable ideas that specifically use Zero Knowledge technology.
“At Binance Labs, we look forward to building the foundations for sustainable ecosystems that allow for scalability, specifically those enabled by zero-knowledge proof technologies. We look forward to seeing zkPass grow as they continue to enable decentralized communities,” Ling said. male.
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