Brazilians create blockchain solution for elections and win hackathon
NFTFY, a Brazilian startup known for fractionating NFTs, was the winner of the hackathon promoted to developers during Devcon, an event aimed at the crypto community building and using decentralized systems, which took place last week in Colombia.
The ZK Vote project was developed for the hackathon held by Polygon ID and stood out among the rest. Through the blockchain, an issuer was created and functioned as a kind of voter registration card. Thus, the voter could enter the application and vote. This is made possible thanks to Polygon ID’s own technology. The NFTFY team also used Zero Knowledge Proof technology, which allows proof of votes without specifying who each of the participants voted for.
In short, a zero-knowledge proof or zero-knowledge protocol is a method by which one party can prove to another party that a certain statement is true, without conveying any information beyond that fact. The project stood out precisely for bringing the issue of decentralization to elections.
“Participation in competitions like these is extremely important for the development of technologies that evolve the crypto world. NFTFY itself emerged from such a moment. I believe that the development of a technology that allows decentralized elections is something very interesting to be raised as it explores one of the many possibilities of Blockchain as a tool that goes far beyond just cryptocurrencies.” says Leonardo Carvalho, CEO and Co-founder of NFTFY.
In addition to this project, NFTFY also participated and won the hackathon promoted by the USSD. The participating developers
followed up with the idea of promoting the Ethereum Stacked Together project, a protocol that enabled Pools of Ethereum validators that had as a great differential the increase in the number of participants in a validation.
Thus, the technology developed allowed entering a shared Pool until 32 Ethers were added and then creating a validator with a network of machines starting from 4. In summary, it was possible to create SSV secret share validators, bringing more accessibility for accumulating money and more security since it manages to increase the number of validators.
Created by Brazilians in 2020, NFTFY emerged to solve the main problems of the NFT ecosystem, including low liquidity, investment risk and asset monetization, through the fractionation of non-fungible tokens. The protocol works as a Decentralized Application (DApp), generating fractions compatible with ERC20, fully linked to NFTs. NFTFY has the institutional support of Consensys Mesh, Filecoin, Tachyon by Consensys Ventures and Protocol Labs funds.