Greetings from Kinetex!
The team participated in the ETHDam hackathon from May 20 to May 21, showcasing the concept of a Sybil-resistant NFT Marketplace and Launchpad. Kinetex members were delighted to win two prizes from the sponsors, first place from 1inch and second from Sismo!
By combining the technologies of both projects, Kinetex was able to build a concept for a secure and efficient marketplace platform where the 1inch Fusion supports a Dutch auction model (also called a descending price auction) and the Zk-based protocol Sismo helps to solve security issues related to data transmission.
As a result, a proposed marketplace enables the verification of real identities during an honest auction of NFTs, ensuring that they are sold only to eligible buyers. Additionally, the Zk technology allows participating individuals to keep their private information confidential, avoiding any unnecessary disclosure.
Overall, the team was satisfied with the outcome - a secure, efficient, and privacy-preserving marketplace for NFT enthusiasts that uses the latest innovations, including Zero-knowledge technology. It has been gaining significant popularity in the blockchain community due to its immense potential for application in DeFi products and services. It is particularly useful for those projects that want to have some form of verification to comply with some legislation without disclosing users' personal information.
The Kinetex team already utilizes Zk to ensure the security of cross-chain transactions in its innovative Flash Trade mode and plans to continue developing Zk-based solutions for Kinetex Network, including identity management in the future.
The Kinetex team is immensely proud of its achievements and ready to continue making DeFi safer and more accessible!