Ripple President Monica Long has highlighted decentralized identities as another area in which XRP could dominate. This came as she explained why these decentralized identities are a game-changer.
In an X post, crypto pundit John Squire drew attention to the Ripple President’s statement in which she noted that decentralized identities will enable users to take back control of their identities from web2 companies. With decentralized identities, individuals will be able to tokenize their identities on a network such as XRP Ledger (XRPL).
Long noted that this tokenization will make these decentralized identities transportable and enable individuals to delegate access to whoever they want. John Squire described decentralized identities as a game-changer. He noted that individuals will be able to turn their identity, KYC, and even DNA into a private portable token on the XRP Ledger using zero-knowledge proofs.
The pundit added that the decentralized identities will enable everyone to prove everything without revealing anything. The XRP Ledger is already making progress with zero-knowledge proofs as the network looks to provide privacy for network users. Crypto pundit Pumpius recently highlighted how the network has made history with the first-ever zero-knowledge (ZK) privacy transaction going live on the testnet.
The pundit stated that the DNA Protocol was responsible for these ZK privacy transactions on the XRP Ledger. The protocol turned real-world data into a ZK proof, verified on-chain with zero sensitive information exposed. Pumpius added that with plans to implement ZK proof on the XRPL, banks, governments, and institutions can now confirm everything. This includes KYC, medical records, financials, and compliance, without ever seeing the actual data.
Ripple’s Head of Research, Aanchal Malhotra, said that it will be great for the XRP Ledger to implement zero-knowledge technology. She noted that this will enable several use cases and that there are many innovative applications they can build with this technology. ZK technology will enable several privacy features, which would further attract institutions to the network.
Crypto pundit Minus noted that ZK technology will enable privacy without sacrificing compliance. Furthermore, he said that this would lead to selective disclosure and “insane scalability.” That way, “Institutions can finally have their cake and eat it too,” he added.
It is worth noting that the XRP Ledger is already moving to implement privacy features natively on the network, including Permissioned Domains, which enable institutions to restrict access to authorized users. The network has also enabled Confidential Multi-Purpose Tokens (Confidential MPTs), which hide the balances and transaction amounts.
At the time of writing, the XRP price is trading at around $1.31, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
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