Remaining compliant with KYC and AML rules while providing decentralized, private and trustless solutions for dApps is critical to the long-term sustainability of Web3
SAN FRANCISCO (PRWEB) May 25, 2023
Etonec, a leader in developing solutions at the intersection of payments, blockchain and digital assets, in partnership with Mina Foundation, a public benefit corporation serving the Mina Protocol, today announced the completion of a functional prototype to help address existing gaps within the privacy and Web3 compliance space. The etonec team plans to build a state-of-the-art zero-knowledge proof solution (zkp-ID) with Know Your Customer (KYC) and Anti-Money Laundering (AML) functionality within the Lumina DEX, an exchange built on Mina Protocol, to help satisfy regulatory needs without sacrificing user privacy or data.
This news comes as a follow-on to the Feasibility Study Mina and etonec published with The Interdisciplinary Centre for Security, Reliability and Trust of the University of Luxembourg and Hauck Aufhäuser Lampe entitled “How to design a compliant, privacy-preserving fiat stablecoin via zero knowledge proofs” at the end of last year.
“Remaining compliant with KYC and AML rules while providing decentralized, private and trustless solutions for dApps is critical to the long-term sustainability of Web3,” said Jonathan Knoll, Co-Founder and Head of Strategy at etonec. “The prototype focused on leveraging zkApps to enable private and compliant transactions. Our team is hard at work in concert with Mina Foundation to integrate those learnings into the Lumina DEX. This work will further demonstrate DEXs’ and other dApps’ commitment to traditional KYC and AML guidelines while also adhering to the data privacy needs of Web3 users.”
Mina Foundation awarded a grant to etonec to help build the zkp-ID solution. The etonec team has already completed the initial stages of the solution development, which is expected to go live by the end of this year. The solution will be universally available for other Web3 DeFi applications and businesses at launch. It is envisioned that zkp-ID will help many Web3 use cases that will need to combine privacy that end users and businesses demand with oversight and compliance that regulators require.
“Mina Foundation’s focus has been and always will be to enable developers to build zkApps. The zkp-ID solution will ensure builders can do so in a way that helps satisfy concerns of KYC and AML regulators around the globe without requiring users to share sensitive personal identifying information. This new prototype shows how dApps can effectively close the gap in Web3 compliance and privacy,” said Kurt Hemecker, Chief Operating Officer at Mina Foundation.
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About Etonec:
Etonec GmbH builds blockchain-based payment solutions at the intersection of payments, banking, and digital assets. They combine expert insights and a global network of high-quality Subject Matter Experts (SMEs) with local knowledge and experience in the US, Europe and APAC to help provide expertise on Stablecoins, CBDCs, Crypto Exchanges, Digital Currencies, Bitcoin Lightning Network, On- and Off-ramps, Conditional Payments, Smart Contracts, Self-Sovereign Identity, Zero-Knowledge Proof Technologies, Crypto-Backed Lending and more.
About Mina Foundation:
The Mina Foundation is a public benefit corporation serving the Mina Protocol, the world's lightest blockchain. The Foundation supports the protocol and its community by issuing grants to third parties that make significant contributions and by maintaining & managing community and network health. Board members include former Executive Director at ZCash Foundation Josh Cincinnati, Harvard Business School Finance Professor and Coinbase Advisory board member Marco Di Maggio, former Crypto Engineering Lead at Twitter Tess Rinearson, Mina Foundation General Counsel Joon Kim, and Mina Foundation CEO Evan Shapiro.
About Mina
Mina is the world's lightest blockchain, powered by participants. Rather than apply brute computing force, Mina uses advanced cryptography and recursive zk-SNARKs to design an entire blockchain that is about 22kb, the size of a couple of tweets. It is the first layer-1 to enable efficient implementation and easy programmability of zero knowledge smart contracts (zkApps). With its unique privacy features and ability to connect to any website, Mina is building a private gateway between the real world and crypto—and the secure, democratic future we all deserve. Mina Foundation is a public benefit corporation serving the Mina Protocol.