Transak, a Web3 payments provider, has partnered with Privado ID, a decentralized identity platform, to launch a new service called “Reusable KYC.” This Know Your Customer (KYC) sharing service aims to enhance decentralized identity verification, streamlining the Web3 onboarding process.

“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,” said Yeshu Agarwal, the Chief Technical Officer at Transak.

Utilizing Privado ID’s latest zero-knowledge (ZK) technology, the partnership introduces a scalable and secure solution for on-chain ID verification.

Transak Introduces KYC-as-a-Service

KYC Reusable is expected to benefit a wide range of users and industries, including exchanges, real-world asset platforms, and Web3 games. These entities often face stringent regulatory compliance checks but aim to ensure user privacy. To support this, Transak has launched KYC-as-a-Service in collaboration with Privado ID, simplifying the user verification process.

The service integrates Privado ID with Transak’s KYC infrastructure, allowing users to complete the KYC process just once. Verified credentials are then accessible on-chain. The user’s data is stored in a decentralized token generated after completing KYC on Transak. This token is then scanned and stored in a Privado ID wallet, making the data accessible on-chain. Users can easily share this information via Transak’s one-click KYC sharing service.

KYC sharing eliminates repetitive KYC processes, gives users control over their data, and enhances privacy.

Proof of Uniqueness

Transak’s “Proof of Uniqueness” is another significant innovation in this collaboration. This unique verification mechanism helps projects improve rewards distribution and airdrops. In the crypto world, airdrops often face Sybil attacks, where individuals cheat distribution systems with multiple wallets.

Proof of Uniqueness targets humans, not wallets, thus addressing the issue of Sybil attacks.

Additionally, Transak and Privado ID are working on areas like proof of humanity, proof of residency, and proof of age.

For more updates and news on cryptocurrencies, investing, and finance, explore more on Global Crypto News.

Post Views: 12