Sui Foundation, the organization behind the development of Sui Network, has introduced zkLogin, a Web3 authentication solution that enables users to log in to decentralized applications (dApps) using their familiar social accounts. This new development allows developers to integrate the option for users to authenticate themselves on their preferred dApps through their existing accounts on platforms such as Google, Facebook, Twitch, and other third-party providers.
One of the key features of zkLogin is its utilization of zero-knowledge proof technology, specifically zk-SNARKs and JSON Web Tokens. These technologies allow users to prove their identity or ownership of a wallet without revealing the actual credentials required to access the account. With this authentication solution, Sui aims to provide users with the privacy and ownership benefits offered by blockchain-based applications, which are not typically found in traditional web applications.
Greg Siourounis, the Managing Director of Sui Foundation, emphasized that zkLogin eliminates a significant barrier to mainstream adoption of blockchain-based applications. Siourounis expressed excitement about the potential creations that developers in the Sui community will build using this new network capability.
Adeniyi Abiodun, Co-Founder and CPO of Mysten Labs, also commented on the development, highlighting the simplicity and effectiveness of zkLogin in bringing the benefits of blockchain technologies to individuals who would otherwise struggle with installing web3 wallets and managing seed phrases.
Sui Network, a low-cost blockchain, gained recognition largely due to its founding members comprising ex-Meta Platforms employees. The native token of Sui, SUI, experienced a remarkable surge of 2,000% in value following its listing in May. However, the smart contract platform faced controversy the following month when it was accused of unlocking staking rewards and “dumping” them on Binance. Sui denied the claims and published the token release schedule in June to ensure transparency and open communication regarding the tokenomics.
The distribution of SUI tokens is scheduled to occur over the next seven years. Early contributors and investors can expect allocations to begin in April 2024, while SUI tokens held in the treasury for the creator of the Sui network, Mysten Labs, will be unlocked in 2025.
It is important to note that these insights and developments come from official press releases and statements made by the relevant stakeholders. These sources provide credibility and reliability to the information presented.
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