Real World ZK with O(1) Labs: #2 Safer CEXes with Phil Kelly & Brandon

Recorded: Nov. 23, 2022 Duration: 0:50:09

Player

Snippets

Hey Pete, can you hear me? Brandon, can you hear me? Yep, I can hear you. Great, can you hear me? Cool. Yeah, thanks for joining. We'll just give this a couple of minutes for people to join and then we'll kick off.
[Birds chirping]
Great. Hello everyone.
Alright, we'll just wait for a couple more people to join and then we'll go go Okay
All right, I'll go ahead and get started here. So thanks everybody for joining us. This is the second in a series of Twitter spaces that O1 Labs is running to talk about zero-nodge proofs in the context of use cases.
One of the reasons that we are having this series is because like many of you we've been to all the fantastic conferences over the last few months and been on various online forums and there's masses of really deep technical conversation going on about ZKPs which is great. We love noting out about that. We're a highly technical company.
But there's probably still a bit of a shortage of use case discussions and I think we're kind of at that stage in the technology where it's just about ready for prime time. And so, you know, we're going to have a lot more advances in the technology, but we're ready to think
about how this gets adopted and where the killer use cases are going to be. So that's why we're interested to talk about use case specific conversations going forward. We talked about identity last week. This week we're going to chat about the role that Zonald's proofs can play in financial reporting and risk control.
Obviously, inherently, in a normal month, a fairly dry topic. But right now, of course, it's like all the talk of the market because we're trying to ensure that centralized entities are reasonably safe to do business with for following the collapse of FTX and other things that are going on that may or may not
not ultimately have really bad outcomes. So yeah, that's the topic for today, and obviously when I say it's all the talk in the market, Metallic published a paper on it along with I think input from CZ over the weekend and yeah, lots of other commentary going on. So just a quick introduction, I'm Phil Kelly, I run business
Well, I'm a founding engineer of Oval and Labs. And I guess we should say like Oval and Labs include
We're also, I mean, right now we're focused heavily on building out the ZK app infrastructure on MENA and building SMIC and JS and another ZK related tooling to it.
help folks, it's interesting, ZK, applications. I don't know, I've felt anything else I missed there. No, that's perfect. And, you know, therefore, you know, one of the reasons that we're really interested in this topic is because as some of the centralized players,
start to report more or increase transparency. There's likely going to be a really strong role for zero knowledge proof so they'll want to prove things about their on-chain holdings without completely dodging themselves. You probably saw the controversy in the market this week about grayscale.
saying, "We're not going to show everybody, tell everybody exactly where our wallets are because there's a security risk in that." So you could use their knowledge proofs to prove to the market that you have wallets with these coins in, these tokens in, without doxing their blind details, for example.

FAQ on Real World ZK with O(1) Labs: #2 Safer CEXes with Phil Kelly & Brandon | Twitter Space Recording

What is the purpose of the Twitter spaces that o1 Labs is running?
To discuss zero-knowledge proofs in the context of use cases and identify potential killer use cases for adoption.
What was the topic discussed in the first Twitter space by o1 Labs?
Identity.
What is the topic of the second Twitter space by o1 Labs?
Financial reporting and risk control using zero-knowledge proofs.
Why is financial reporting and risk control a relevant topic in today's market?
Following the collapse of ftx and other events, there is increased focus on ensuring centralized entities are safe to do business with.
What is Phil Kelly's role at o1 Labs?
He runs business development and is a founding engineer.
What is o1 Labs currently focused on building?
ZK app infrastructure on Mena, Smic and JS, and other ZK-related tooling to help build interesting ZK applications.
What is the potential role of zero-knowledge proofs in financial reporting?
To prove things about on-chain holdings and improve transparency without completely disclosing all details.
What was the controversy surrounding Grayscale that was mentioned in the podcast?
They refused to disclose the exact location of their wallets due to security concerns.
How is o1 Labs contributing to the development of zero-knowledge proofs?
By building out infrastructure and tooling for building ZK applications.
What is the goal of discussing use cases for zero-knowledge proofs?
To identify areas where the technology can be adopted and utilized in practical applications rather than just being a theoretical concept.