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Digital assets, including Bitcoin, ERC-20 tokens, NFTs, and other cryptocurrencies, are revolutionizing the financial landscape. These assets represent value and are recorded on secure distributed ledgers using cryptographic techniques. While proof of on-chain assets can be easily obtained by examining the on-chain data associated with a specific account, proving ownership of off-chain assets has been a challenge due to the opacity of centralized exchanges (CEXs). NexaID presents an innovative approach that allows users to prove ownership of their off-chain assets to attestors while leveraging the power of zkTLS and IZK (Interactive Zero-Knowledge Proofs). With NexaID, users can establish proof of off-chain assets and obtain attestor signatures, enabling them to present verifiable evidence, i.e., attestations, to third parties. NexaID’ ability to provide proof of off-chain assets opens up a wide range of use cases within the ecosystem. Here are a few examples:
  • Alice wants to obtain an undercollateralized loan from a lending protocol. She can leverage NexaID to prove to the protocol that she possesses over 10,000 USDT in her CEX account, composed of various cryptocurrencies. This created attestation allows Alice to demonstrate her credit and qualify for the loan.
  • Bob participates in a Gamefi platform and wants to receive exclusive airdrops such as game props, skins, or other privileges. By using NexaID, Bob can prove that he holds a specific amount of Gamefi tokens, enabling him to unlock these rewards based on his ownership.
  • Cindy is an active on-chain derivatives trader and wants to engage with a derivative protocol. She can provide a zero-knowledge proof using NexaID, sharing her trading history and derivative positions without revealing sensitive details. This proof establishes her credibility as a long-term trader and allows the protocol to incentivize her with tokens or other benefits.
NexaID is a groundbreaking solution that empowers users to prove ownership of off-chain assets securely and verifiably. By leveraging zkTLS, NexaID enables users to obtain attestor signatures, establishing proof of ownership (attestations) that can be presented to third parties. With NexaID, the potential of off-chain asset proof is unlocked, opening up new opportunities in lending, Gamefi, derivatives, and other areas within the Web3 ecosystem.