KYC has long been a problem for the crypto market, especially for those who are extremely interested in the history of information security in Web 3.0. To meet the needs of users, KILT Protocol introduced SocialKYC with a new KYC method that is extremely simple.
What is SocialKYC?
SocialKYC is a decentralized identity verification service that helps users regain control of their digital identities. This project will enable users to manage, store and select specific personal information for accessing online services themselves. It can be said that this is an “all-in-one solution” to verify identity by taking control of your social media accounts (LinkedIn, Twitter, TikTok, Discord, Github etc), just provide your email address or mobile phone number.
More information: KILT is an open source blockchain protocol that allows users to issue sovereign, revoked, and anonymous credentials on Web3. The protocol enables users to claim any properties about themselves, to be authenticated by trusted parties and to save claims as credentials (certificates).
In addition, the project was launched with the aim of promoting new, trustworthy business models. The KILT mainnet was recently launched in the Polkadot ecosystem as parachain in the Kusama network and will be fully decentralized in mid-November. SocialKYC will also be launched shortly after the mainnet has started.
Developed by KILT in collaboration with Galaniprojects and recently Integrite Network, SocialKYC is designed to thoroughly unravel the history of the theft of user information from big giants like Facebook, Google and Twitter in order to generate advertising revenue. From now on, all user information is managed by yourself.
How does the protocol work?
SocialKYC verifies a user’s identity by proving control over their social accounts (LinkedIn, Twitter, TikTok, Discord, Github, etc.), email address or phone number. Unlike the Web 2.0 login process, SocialKYC forgets the user’s login information as soon as the login information is issued. Personal data are not stored or passed on on any platform.
To check if this or that social media account is owned, SocialKYC sends you a challenge. At this point, the system will prompt the user to post something on Twitter, click a link via email, or send a verification code via SMS.
Finally, SocialKYC sends verifiable login information to the user, which must be presented to third parties to verify their identity. In contrast to standard KYC processes, this verification process does not include any centrally stored data.
Several advanced crypto services have teamed up with the KILT protocol in an attempt to use SocialKYC as an alternative to centralized KYC / AML tools. DeBio Network will use SocialKYC for medical data.
“In the real world, you are in control of your credentials. You are entitled to keep your access data in your wallet at all times; It’s up to you to decide who to share it with, for what purpose, and when. Ironically, we’ve lost that control in the digital world. SocialKYC is a new idea to put control of the digital identity back into the hands of the user, ”says Ingo Rübe, founder of KILT Protocol.
Earlier this year, KILT partnered with Fractal and Polkadex to create a decentralized KYC system for DEX users. And with SocialKYC, users no longer need to trust the Polkadex platform. At this point, the KYC process on the exchange is still in place and users are free to choose and control which personal data they want to share. It’s a real step forward for the DeFi industry.
With Web 3.0, everything will be decentralized and under the control of the users, no big-blooded assets, and decentralized identity verification is an extremely important part of that.
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