TLDR
- With the support of its partners, the IOTA Foundation's innovative Web3 ID solution has earned a place in the European Blockchain Sandbox.
- This revolutionary solution introduces tokenization to identity verification, empowering users with data privacy and control within Web3.
- Through the process of remote identity verification using IDnow, users' identities are tokenized by walt.id and securely stored as a soulbound token in their Bloom wallet.
- Recognized across Web3 applications and services, the token verifies user identity without resorting to sharing personal details.
- With the backing of HAVN Network, the system boasts a dedicated EVM-compatible KYC chain, integrated seamlessly with the Shimmer network.
Teaming up with walt.id, IDnow, Bloom Wallet, and HAVN, the IOTA Foundation has crafted an advanced Web3 identity solution. This pioneering effort has gained the endorsement of the European Blockchain Sandbox.
Launched in 2023 by the European Commission, this sandbox fosters a secure realm for trialing and validating cutting-edge distributed ledger technologies alongside EU regulatory bodies.
The Web3 ID solution is on a mission to transform antiquated KYC procedures, which have long been plagued by challenges like inefficiency, steep costs, and data privacy issues.
By harnessing the power of distributed ledger technology and tokenization, users gain a seamless, secure means of controlling their personal data for Web3 identity verification.
The journey of identification kicks off with remote processes managed by IDnow, a top European provider of identity verification.
The ID process aligns with the EU's stringent Anti-Money Laundering (AML) regulations. and KYC requirements Following tokenization by walt.id, a leader in decentralized identity solutions, the identity is stored in a user's Bloom wallet as a soulbound token.
This tokenized system enables Web3 applications to validate user identities efficiently while keeping personal details under wraps.
The reuse of this token removes the hassle of repeated verification, greatly improving both user experience and privacy.
When required by authorized entities, identity data can be disclosed, with tokens revokable as needed.
Verifiable identity credentials can be issued in W3C format for flexible, off-chain applications.
HAVN Network, a hybrid blockchain specialist, provides the infrastructure for a KYC chain on Shimmer's network, enhancing compliance and efficient chain operations.
Securing a position in the European Blockchain Sandbox is a crucial stepping stone for discussing privacy and regulatory aspects of KYC within the growing DeFi landscape.
