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This year, the Kinetex team had notable success at ETH events, starting a string of triumphant performances with ETHGlobal in Lisbon. Next, Kinetex's co-founders Tigran Bolshoi and Mike Shishko participated in the ETHDam in Amsterdam, where they presented the concept of a Sybil-resistant NFT marketplace and launchpad that earned them two prizes: first place from 1inch and second place from Sismo.
Bolshoi said receiving prizes was unexpected: "Our main goal was to catch up with our peers from the industry and give ourselves a little challenge to build using Zk for verification, exploring the possibilities of this technology. The recognition from judges in Lisbon was an amazing surprise, but getting several prizes in Amsterdam was even more unexpected and thrilling, which further encouraged us."
In Amsterdam, Kinetex co-founders have presented a secure and efficient market platform by integrating the cutting-edge technologies of Sismo and 1inch Fusion (Learn more about it here). In their marketplace's concept, Sismo (a privacy-preserving protocol based on Zk) helps to address security concerns associated with data transmission, and 1inch Fusion is responsible for a Dutch auction model.
Zero-knowledge technology, namely Zk proofs, is increasingly being used for identity verification in apps. This method offers a reliable and secure way for users to confirm their identity without revealing any personal information. With Zk proofs, users can authenticate themselves without sharing sensitive data like login credentials, personal identification numbers, biometric data, etc.
Kinetex's founders have been interested in Zero-knowledge solutions for quite some time. Shishko explained their fascination: "The use of Zk technology is gaining popularity among members of the blockchain community, particularly DeFi enthusiasts. It certainly has the potential to add significant value to decentralized products since user identification and verification have been a hot topic in the industry for a while. Whether it is needed for legal or other reasons, Zk allows us to provide reliable user identification and verification without disclosing any private data."
Bolshoi agreed: "The idea of being able to provide privacy and security that the crypto community has been so sought-after is so encouraging. Thanks to Zk, we can now create efficient products that do not compromise on safety."
Kinetex co-founders are currently working on using Zk technology in the new Kinetex mode that is now being developed to secure transfers of crypto assets. Moreover, the team has plans to continue creating Zk-based solutions, aiming to expand the technology's usage to include identity management.
Kinetex Network: Website | Kinetex dApp
