• Wed. May 29th, 2024

Circle builds first proof-of-concept to eliminate data sharing using Verite

Circle Internet Financial has developed the world’s flagship proof-of-concept for “know your business” (KYB) verification in cooperation with Archblock, Parallel Markets, and MetaMask Institutional. 

It was created using Verite for digital identity credentials, Coin Journal learned from a press release

Easily stored in crypto wallet 

Verite credentials are easy to store, portable, and interoperable. These decentralized, privacy-preserving credentials do away with the need to share personal data. 

Users have full control over how and when protocols or organizations access their identity attestations.

These credentials can also guarantee a community’s integrity by setting KYB requirements and making it simpler for protocols to protect against malevolent entities in their networks. Circle CEO and co-founder Jeremy Allaire said: 

We believe in the value of open online software and that privacy preservation should be considered a design principle. The use of Verite to create an open network for decentralized identity is a crucial act in the direction of closing the gap between financial compliance requirements and the Web3 ethos of user ownership, decentralization, and privacy preservation. 

KYB credentials will be free 

The KYB credentials will be free for Circle’s customers. Mobile apps, web apps, and smart contracts will avail identity-verified participants without the need to store or collect sensitive user information.

Johann Bornman, Global Product Lead at MetaMask Institutional, stated: 

Standards for Decentralized Identifiers (DIDs) can make various on-chain use cases possible while respecting privacy and preserving the values of permissionless innovation. We are excited to collaborate with Circle, TrueFi, and Verite and find new ways for businesses to interact within Web3 more efficiently and constructively

Archblock Chief Investment Officer Bill Wolf added: 

The partnership with Circle to use the Verite credential provides the crucial infrastructure to confidently onboard institutions to the decentralized realm. Verite will help us achieve goals frictionlessly as we continue to drive adoption.

Circle is the company behind USD Coin and Euro Coin. Verite is open-source, decentralized, and free to build upon, in contrast to alternative digital identity approaches involving centralized approval mechanisms or proprietary tokenization.

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