An innovative decentralized authentication service named “Reusable KYC” will be powered by Transak and Privado ID, formerly Polygon ID.
This Know Your Customer (KYC) sharing service will improve Web3 onboarding procedures by strengthening and optimizing the decentralized identity verification process. Yeshu Agarwal, the chief technical officer at Transak, said:
“We are excited to partner with Privado ID to pioneer the future of decentralized identity verification. This collaboration embodies the principles of decentralization by allowing users to control their own identity data”
A new framework that enables a “scalable and secure solution” for on-chain ID verification is made possible by utilizing Privado ID’s most recent zero-knowledge (ZK) technology, the Transak executive continued.
Transak Introduces KYC-as-a-Service
Web3 games, exchanges, and real-world asset (RWA) platforms are just a few of the industries that stand to gain from KYC Reusable, as the news made today makes clear.
Transak claims that these are a few of the organizations that want to protect user privacy yet are currently subject to strict governmental compliance audits.
In an effort to foster growth within the ecosystem, Transak has partnered with Privado ID to launch KYC-as-a-Service. According to the business, this tool is intended to make user verification easier.
It enables users to complete KYC procedures just once by connecting Transak’s KYC infrastructure with Privado ID. Once confirmed credentials are obtained, on-chain access is granted.
As soon as the user completes their KYC on Transak, their data is saved in a decentralized token. After finishing, the user must scan and save this token in a Privado ID wallet.
On-chain access to the data then follows. With Transak’s well-liked one-click KYC sharing feature, users may effortlessly share these. In addition to providing user control and enhancing data privacy, KYC sharing aids in eliminating repetitive KYC procedures.
A significant new development in this partnership is Transak’s “Proof of Uniqueness.” In summary, Proof of Uniqueness offers a distinct verification process that can significantly enhance projects’ incentive or airdrop distribution.
Sybil attacks, a situation in airdrop farming where people attempt to trick distribution systems using numerous wallets, are one of the cryptocurrency industry’s largest difficulties with airdrops.
Proof of Uniqueness means projects can target humans, and not wallets, hence eliminating massive challenges around Sybil attacks. As well as PoU, Transak and Privado ID are looking to work on areas such as proof of humanity, proof of residency and proof of age.
