|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
IOTA Foundation and Partners Selected for the European Blockchain Sandbox to Disrupt Web3 KYC
Jun 14, 2024 at 12:00 am
IOTA Foundation in partnership with walt.io have taken a major step forward for blockchain and digital identity solutions with the IOTA Foundation Web3 Identification Solution id, IDnow, Bloom Wallet and HAVN have been selected to participate in the European Blockchain Sandbox.
The IOTA Foundation, in collaboration with walt.io, has achieved a significant milestone in the realm of blockchain and digital identity solutions. The foundation's Web3 Identification Solution, together with IDnow, Bloom Wallet, and HAVN, has been selected to participate in the European Blockchain Sandbox.
Startupp serves as the EU-approved regulatory experimentation sandbox, established by the European Commission to facilitate the application of DLTs, following an initiative from institutions within the European Parliament. This selection highlights the potential of IOTA to revolutionize Know-Your-Customer (KYC) processes in the Web3 ecosystem, showcasing its innovative approach and capabilities.
Launched in 2023, the European Blockchain Sandbox aims to foster such innovation by allowing up to 20 projects each year to test and further develop their DLT solutions in a controlled environment.
This development not only showcases the practical strengths of the IOTA system on a broader scale but also creates a valuable opening for the ongoing regulatory conversation on decentralized finance (DeFi) and privacy in the context of Web3 applications.
As regulators across Europe continue to refine their approach to the rapidly growing decentralized finance sector, this conversation becomes increasingly relevant.
Transforming KYC with Decentralized Approaches
Traditional KYC processes are known for their inefficiencies, high operating costs, and potential privacy concerns. To address these challenges, our partners and IOTA have developed a state-of-the-art KYC system to seamlessly integrate into the Web3 identity maintenance and management flow.
This system enables users to perform KYC once while maintaining control over their data through the use of DLT and tokenization technologies. In essence, the process begins with an IDnow Remote identification to fulfill stringent EU Anti-Money Laundering and KYC regulations.
The required identity verification is then tokenized by walt.io, staked with its soulbound token in either the Bloom Wallet or the user's own wallet, and finally presented to Web3 dApps/services as a derivative token that holds verified identity (even without revealing raw identifiable details).
This token can be disclosed or revoked upon authorized requests, thanks to its properties, which amplify its voluntary and secure features.
IDnow, a leading provider of an identity verification platform in Europe, contributes its expertise in performing customizable identity checks that cater to the specific needs and requests of each user.
Walt.io, on the other hand, orchestrates the onboarding process, defining how ID tokens are to be created and where they are to be stored. Bloom Wallet facilitates the storage of these tokens and enables users to effortlessly prove their identity to any Web3 service.
With the integration of hybrid blockchain technology, HAVN Network adds a dedicated EVM-compatible KYC chain linked to the Shimmer network, further enhancing the solution's value. This setup enables both interchain data transport and regulatory compliance / operational efficiency, respectively.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Dogecoin (DOGE) Rallies Sharply, Drawing Bullish Forecasts From Analysts
- Sep 27, 2024 at 02:25 pm
- The world’s biggest memecoin by market capitalization Dogecoin DOGE/USD rallied sharply Thursday, drawing bullish forecasts from influential cryptocurrency analysts.
-
- The Philippines Is Moving Toward Blockchain-Enabled Tech in Education
- Sep 27, 2024 at 02:25 pm
- The Philippine Science High School (PSHS), in collaboration with the Department of Science and Technology (DOST), has launched a cutting-edge project: “Portable Digital Credentials for the Philippine Science High School System Using Blockchain” (Digi Cert).
-
- Hamster Kombat Airdrop: Binance Captures the Largest Token Inflow, Price Drops 29.50%
- Sep 27, 2024 at 02:25 pm
- Hamster Kombat has finally done the Token Generation Event and has started distributing the Airdrop. Around 75% of the total supply will be airdropped
-
- Bitcoin Bucks Seasonal Jinx With One of Its Biggest September Gains
- Sep 27, 2024 at 02:25 pm
- The token is up over 10% this month, contrasting with an average 5.9% decline in September during the past decade, data compiled by Bloomberg show.
-
- PT Pos Indonesia Officially Launches the First Prangko NFT in Indonesia
- Sep 27, 2024 at 02:25 pm
- Following the massive technological development, PT Pos Indonesia officially launched the first Prangko NFT (Non-Fungible Token) in Indonesia
-
- NodeMonkes Emerges as the Top NFT Collection by Weekly Sales Volume, Guild of Guardians Follows Closely
- Sep 27, 2024 at 02:25 pm
- The latest data on top NFT collections by weekly sales volume reveals significant shifts in the market, with notable increases across various projects.
-
- Rollblock (RBLK): The Crypto Rocket Set to Eclipse ATOM and LTC in 2024!
- Sep 27, 2024 at 02:25 pm
- Rollblock is looking set to do better than both Cosmos (ATOM) and Litecoin (LTC) in 2024, because of its new ideas and strong tokenomics.
-
- Worldcoin [WLD] Bulls Attempt to Break $2 Resistance Amid Bearish Market Conditions
- Sep 27, 2024 at 02:25 pm
- Worldcoin [WLD] has broken free from nearly two months of bearish consolidation. It retested the key $2 rejection level with an impressive 11% surge
-
- Raboo Dominates Crypto Market News With Its Innovative Post-to-Earn Platform and a 90% Presale Price Jump
- Sep 27, 2024 at 02:25 pm
- While Kaspa's tech and Pepe's steady rise are impressive, Raboo's ($RABT) AI-powered meme creation and community-driven approach are set to disrupt the game.