The zkPass protocol was selected from a shortlist of over 900 applicants and will now receive strategic funding from Binance Labs along with four other finalists.
A decentralized open-source protocol that focuses on identity verification solutions zkPass has been crowned the winner of a metaverse show sponsored by leading cryptocurrency exchange Binance. According to the announcement, metaverse show Binance was looking to crown the next great Web3 entrepreneur from a huge pool of applicants. A panel of judges from reality show Binance Web3 struggled to choose the runner-up winner as ZKPass received the most votes across seven episodes that featured 12 projects.
Nevertheless, Binance has also chosen four other finalists, including Mind Network, Kryptoskatt, Bracket Labs, and DappOS, all of which will receive strategic investment from Binance Labs. Notably, the finalist had to go through a huge pool of contestants amounting to over 900 during the metaverse shows.
The Build The Block jury included Yi He, co-founder and CMO of Binance and head of Binance Labs; Yibo Ling, Chief Commercial Officer of Binance; Guy Turner, co-founder of Coin Bureau; Azeem Khan, member of the World Economic Forum’s Crypto Sustainability Coalition and Head of Fundraising and Partnerships at Gitcoin; and Robby Yung, CEO of Animoca Brands and Partner of Animoca Capital.
Why zkPass won the Binance contest
Powered by Ethereum, BNB Chain, and Polygon, the zkPass protocol is currently running a testnet pre-alpha registration to help gain crucial community feedback. Notably, zkPass is a composable and privacy-preserving decentralized identity verification solution for Web3, based on Multi-party Computation (MPC) and Zero-knowledge Proof (ZKP) technology.
The protocol aims to provide a secure and privacy-preserving identity verification solution for Web3 applications using the latest cryptographic technologies.
Binance Labs support will help zkPass scale to more users in the future much easier than others.
“We are not only thrilled to be part of the first-ever pitch in a real-time metaverse series, but especially honored to win Build The Block and have the opportunity to work more closely with Binance Labs,” said Joshua. Peng, co-founder of zkPass. “This investment helps us immensely on our journey to becoming the infrastructure for this decentralized world.”
According to Ling, one of the judges on metaverse show Build The Block, Binance seeks to help Web3 developers with scalable ideas that specifically use Zero Knowledge technology.
“At Binance Labs, we seek to lay the foundation for sustainable ecosystems that enable scalability, especially those enabled by Zero-Knowledge proof techniques. We look forward to seeing the growth of zkPass as they continue to empower decentralized societies,” Ling said. noted.
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