Crypto pundit Pumpius has drawn attention to the launch of ZK privacy transactions on the XRP Ledger. He noted that this is a historic moment for the network and XRP, as the altcoin gains new utility.
XRP Makes History With ZK Privacy Transactions
In an X post, Pumpius stated that history has been made with XRP, with the first-ever zero-knowledge (ZK) privacy transaction going live on the XRPL testnet. The pundit declared that this is about to change everything for XRP, signaling that it could boost the token’s adoption as institutional investors seek privacy.
He noted that the DNA Protocol is responsible for these ZK privacy transactions on the Ledger. The protocol is said to have turned real-world data into a ZK proof, verified on-chain with zero sensitive information exposed. Pumpius added that banks, governments, and institutions can now confirm everything, including KYC, medical records, financials, and compliance, without ever seeing the actual data.
Pumpius further remarked that the DNA protocol is the privacy layer the Ledger has been missing and that the “floodgates are opening,” with trillions of dollars set to flow into the altcoin The pundit declared that the XRPL has just become institutionally ready. It is worth noting that Ripple has also made moves to implement privacy features natively on the Ledger.
These features include Permissioned Domains, Permissioned DEX, and Confidential Multi-Purpose Tokens (CMPTs), which enable institutions to select the network participants they want to transact with and protect their identities during transactions. Specifically, CMPTs hide the account balances and transaction amounts of network users. This is expected to onboard more institutions, especially as tokenization gains traction on the Ledger.
Ripple Exec Explains What Decentralized Identity Entails
Crypto pundit John Squire drew attention to a video in which Ripple President Monica Long explained what decentralized identities entail and how Ripple aims to achieve them using zero-knowledge proofs. She explained that decentralized identities would enable individuals to take back control of their identities from web2 companies that profit from their data.
Monica Long revealed that these decentralized identities would take the form of a transportable token that can be shared with anyone around the world. Users will be able to delegate access, enabling anyone to access this information as needed.
John Squire noted that this means even one’s DNA can be tokenized as a private, portable token on the XRP Ledger using zero-knowledge proofs. He added that people would be able to prove their identities without revealing anything. He also signaled how this is bullish for the token as it would boost the token’s utility as individuals embrace privacy features.
At the time of writing, the altcoin’s price is trading at around $1.31, down over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Sketchfab, chart from Tradingview.com
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