zk role in balancing Web3 and traditional institutions — AMA with Occam DAO, Galactica Network, SwissBorg

cointelegraph.com:

Unique solutions for compliant privacy in web3 were discussed and offered during Cointelegraph’s recent AMA session that brought together Occam DAO core contributor Cristina Stavila, Galactica Network co-founder Michael A. and SwissBorg founder and CEO Cyrus Fazel.

As the speakers discussed, the establishment of solid standards for compliant privacy is required as a key component for mass crypto adoption. "Compliant privacy is the only technological component between a nightmarish dystopia of CDBC and a high-profile Web3 world of obfuscated identities," Michael noted. "The regulations and the establishment of certain KYC entry points on the blockchain are necessary for the elimination of malicious participants. This process must respect privacy, which requires off-chain KYC processes that are still verifiable on-chain."

The hope lies in the zero-knowledge technology that Galactica Network uses for KYC-based transactions. As an L1 protocol, it allows for several inventions all based on zero-knowledge - zkCertificates (non-transferable NFTs that selectively disclose arbitrary data), Reputation Root Control or RRC (smart contract that calculates reputation scores and conditions interactions for users based on them), and contingent transactions (transactions that use RRC to establish dynamic transaction acceptance or rejection rules for users interacting within dApps).

Michael said:

“We don’t offer ready-made cases but rather platform standards and infrastructure for builders’ communities to invent infinite use cases with our stack. However, we envision our stack being applied to a range of situations, such as proof of personhood, which enables truly decentralized social networks. Or on-chain reputation, where, for example, a