I just saw my neighbor receive a loan shark SMS even though they aren't in debt. The issue seems trivial but it's really scary! Our verification system is very open. Every time you register for paylater or create a crypto account, you are required to upload a photo of your ID along with a nice selfie. Once the central server is breached or the data is "sold" by certain individuals, well, your identity will wander off in the black market. You, who didn’t feel like you borrowed, suddenly get visited by a debt collector. That's unfortunate, right?
This is where Midnight Network comes in as the "data shaman" through Zero-Knowledge Proofs (ZKP) technology.
Midnight: "I Prove It, But I Won't Show It"
It's a real game changer, man.
You can prove something without having to show the original data. Imagine you want to borrow money, and the app asks for proof that your salary is above Rp5 million. In the old system, you had to provide bank statements for the last 3 months (and they would find out you have a hobby of buying cheap coins or topping up games) 😂😂😂😂.
Well, in Midnight, you just need to generate a digital proof that automatically states: "Yes, this person's income meets the criteria." The app admin gets certainty, but you still maintain total privacy.
They don’t have your raw data to sell, and hackers won’t get anything because what’s stored is only the "verification result," not your ID photo.
Let’s Stop Illegal Loan Shark Profits!
Illegal loan sharks thrive on the "trash" data that is scattered. If our infrastructure uses Midnight, your digital identity is Self-Sovereign. There’s a feature called Viewing Keys, so you can provide "temporary viewing" access that you can revoke at any time. If next month their server gets hacked, the hacker will only find useless encrypted traces, not your personal data.
This is what’s called Programmable Confidentiality.
You don’t have to wait for the Personal Data Protection Act to work to protect you. The Midnight protocol automatically blocks your data from being indiscriminately exposed from the start, dude..
#night #NIGHTTOKEN #MarchFedMeeting
@MidnightNetwork