Reclaim Protocol

TL;DR

Reclaim Protocol is a decentralized identity and data verification platform built on Solana. It allows users to prove data from web2 sources like their bank account balance, Uber ride history, or Twitter follower count in a privacy-preserving way using zero-knowledge proofs. This enables a variety of web3 use cases from undercollateralized lending to sybil resistance to personalized experiences. Reclaim has an easy-to-use developer SDK and is live on mainnet supporting 250+ websites.

What is Reclaim Protocol?

Reclaim Protocol bridges the gap between web2 and web3 data in a decentralized, user-controlled manner. It empowers individuals to selectively prove claims about their web2 data and identity to web3 applications, without exposing the underlying private information.

Here's how it works: A user can log into various web2 platforms like their bank, Uber, Twitter, etc via Reclaim's interface. Reclaim then generates a cryptographic proof attesting to certain facts about the user's data on that platform, such as their bank account balance being above a threshold, having completed over 100 Uber rides, or having more than 1000 Twitter followers.

Importantly, this proof is generated client-side in the user's browser using zero-knowledge cryptography. The user's private data is never sent to or stored on Reclaim's servers. Only the minimal proof is recorded on-chain.

Web3 applications can then request and verify these proofs from users to enable a wide range of use cases, such as:

• Undercollateralized lending based on a user's banking history
• Sybil resistance by proving a user's real-world social network
• Personalized experiences based on a user's interests and activity
• Decentralized identity anchored in web2 data

Developers can easily integrate Reclaim into their dapps with just a few lines of code using Reclaim's SDK. The SDK abstracts away the complexities of zero-knowledge cryptography and provides a simple API for requesting and verifying proofs.

How Reclaim Protocol Works

Under the hood, Reclaim Protocol leverages a novel zero-knowledge proof system based on zk-SNARKs (zero-knowledge succinct non-interactive arguments of knowledge).

When a user logs into a web2 platform via Reclaim, the HTTPS request and response are routed through a network of decentralized HTTPS proxy nodes called Attestors. These Attestors cryptographically sign the encrypted response without being able to see the content.

The user's browser then constructs a zk-SNARK proof using the web2 response data and the Attestor's signature. This proof attests to some fact about the user's data (e.g. follower count > 1000) without revealing the actual data.

The proof is then published to the Solana blockchain, where it can be verified by anyone against the Attestor's public key. Importantly, the proof is succinct (a few hundred bytes) and can be verified quickly, making it practical to use on-chain.

Attestors are compensated in RECLAIM tokens for signing web2 responses. To become an Attestor, one must stake RECLAIM tokens as collateral. Malicious Attestors can be slashed and removed from the network.

This decentralized network of Attestors is the key to Reclaim's security model. Even if some Attestors are malicious, as long as there is one honest Attestor signing a web2 response, a valid proof cannot be generated for fake data.

Reclaim Protocol Features

• Support for 250+ web2 platforms including banks, social media, ridesharing, ecommerce, and more
• Zero-knowledge proofs ensure user privacy
• Decentralized network of Attestors secures the protocol and verifies data
• Developer SDK for easy integration into web3 dapps
• Proof versioning and expiration prevents proof reuse and keeps data fresh
• Selective disclosure allows users to only reveal the minimum amount of data required
• Cross-chain support for using Reclaim proofs on any EVM chain
• RECLAIM token for governance, staking, and paying Attestor fees

The RECLAIM Token

RECLAIM is the native utility and governance token of the Reclaim Protocol. Its key functions include:

• Staking: Attestors must stake RECLAIM as collateral to participate in the network and earn fees
• Slashing: Malicious Attestors can have their stake slashed
• Attestor rewards: Attestors earn RECLAIM token rewards for signing web2 data
• Governance: RECLAIM holders can vote on protocol upgrades and parameters
• Developer fees: Dapps pay a small fee in RECLAIM to request proofs from users

There will be a fixed supply of 1 billion RECLAIM tokens. The initial distribution is:

• 25% to the team and early contributors, with a 4 year vesting schedule
• 35% to the community treasury, governed by RECLAIM holders
• 40% sold across seed, private and public token sales to fund development

The Team Behind Reclaim Protocol

Reclaim Protocol was founded in 2023 by a team of web3 veterans:

• Harsha Karamchati (CEO) - Previously Director of Engineering at Coinbase Wallet and 0x. Stanford CS.
• Madhavan Malolan (CTO) - Ex-Google and Microsoft. Built privacy tech at Zcash Foundation. UC Berkeley CS.
• Zach Smith (CPO) - Product lead at Anchorage and former founder. Oxford MBA.

The team first met at a hackathon in 2021 where they built a prototype of Reclaim and won first prize. They've been heads down building the protocol since then.

Reclaim has raised $5M in seed funding from top web3 investors including Y Combinator, Dragonfly Capital, Polychain Capital, and the founders of Solana, Zcash, and Coinbase. The team is based in San Francisco.

What's Next for Reclaim Protocol

With the launch of the Reclaim mainnet in Q1 2024, the focus now is on growing the ecosystem of dapps and users on the platform. The team is working closely with select launch partners to integrate Reclaim and demonstrate its capabilities.

In parallel, work continues to add support for more web2 platforms and data types. The ultimate vision is to become the "identity layer" for web3 - any dapp requiring identity or reputation should use Reclaim.

On the protocol side, the next major milestone is decentralizing the Attestor network and implementing the staking and slashing model. This will likely coincide with the RECLAIM token launch later in 2024.

Looking further ahead, the team is excited about the potential for Reclaim to enable new forms of applications and business models that were simply not possible before. For example:

• Social networks where your reputation from other platforms is imported automatically
• Lending protocols that use your banking data rather than overcollateralization
• Games where your play stats and history unlock unique content
• DAOs where your off-chain experience and expertise is recognized

By connecting web2 and web3 data in a privacy-preserving, user-controlled way, Reclaim Protocol is helping build the foundation for the next era of the Internet. If that vision resonates, join the community and help build that future.