Quick take:
- Binance’s “Build The Block” has crowned its first champion.
- The Web3 reality show announced zkPass as the winner of its first season.
- zkPass is a decentralised identity verification system based on Multi-party Computation (MPC) and Zero-knowledge Proof (ZKP) technology.
Binance has crowned its first “Build The Block” competition winner. The web3 reality show announced zkPass as the winner of its inaugural season, which featured 12 competitors.
The team behind zkPass garnered the highest points during the seven-episode competition. The participants were competing for investment from Binance Labs. The company did not disclose the type or the amount that zkPass received for emerging as the winner.
The company uses Multi-party Computation (MPC) and Zero-knowledge Proof (ZKP) technology to provide a decentralised identity verification solution for web3 applications.
Commenting on the award, Yibo Ling, Chief Business Officer of Binance and judge of Build The Block said: “At Binance Labs, we’re looking to build the foundations to sustainable ecosystems that allow scalability, specifically those enabled by Zero-Knowledge proof techniques. We look forward to seeing zkPass’ growth as they continue to empower decentralized societies.”
On the other hand, Joshua Peng, co-founder of zkPass commented: “We are not only thrilled to be a part of the first pitch ever done in a real-time metaverse series, but especially honoured to win Build The Block and have the opportunity to work closer with Binance Labs.”
zkPass will use the reward money to accelerate the development of its decentralised identity solution, added Peng, a structural and computing engineer from the University of Missouri. Before founding zkPass in February 2022, Peng was CEO and Founder of Homebloc.Inc, a New York-based blockchain technology infrastructure for lodging and real estate investments.
In addition to zkPass, Mind Network, Kryptoskatt, Bracket Labs and DappOS who participated in the “Build The Block” competition were also offered investment from Binance Labs.
According to the announcement, the web3 reality show attracted more than 900 applicants for the competition.
Earlier in 2022, Binance Labs launched a $500 million fund to invest in web3 startups. Later in the year, Binance CEO Chengpeng Zhao revealed that the crypto exchange company’s venture arm was looking to invest up to $1 billion in the industry.
Binance Studio, the creative arm of Binance announced “Build The Block” as its first metaverse reality show earlier last month. At the time, co-founder and CMO of Binance and head of Binance Labs stated that the company’s “latest innovative experiment – to create the industry’s first metaverse investment competition.”
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