Stellar stated, “We’re proud to support the launch of Verite, a new set of open standards from
Centre_io for identity credential issuance, custody and verification.”
For clarity, the issuance date of a credential refers to the date on which the credential becomes valid. ID cards or credentials are only as trust worthy as its issuance process.
Circle expressed: Introducing Verite, an open-source framework for decentralized identity.
The Problem Participating in DeFi is a challenge for institutions and other entities who need to ensure they’re transacting with counterparties they can trust.
The Solution Verite is a set of composable identity standards that enables Web3 developers to create portable, privacy-preserving credentials for KYC, credit scoring, accreditation and more.
How it works? Verite credentials are cryptographic badges that can prove identity claims for users traversing Web3, without exposing personal data. Credentials are stored securely in a cryptowallet, just like digital assets.
Benefits for the Web3 ecosystem Web apps, mobile apps and smartcontracts get the benefit of identity-verified participants from the simple check of a Verite credential. Zero personally identifiable information (PII) is sent or stored on-chain.
Improved capital efficiency Credit score credentials can enable more precise matching of a borrower’s reputation, resulting in lower collateral requirements.
Customizable trading pools DeFi protocols can provide access to securities trading in permissioned pools based on accredited investor status, or any specified attribute.
Global financial inclusion Verite credentials empower individuals and entities who lack traditional forms of identification to participate in the crypto economy in a safe and secure manner.
Verite pairs well with USDC Verite-enabled DeFi projects can tap into over $52B in USDC liquidity across 8 blockchains. USDC is a dollar-pegged stablecoin widely used for payments, trading and value-exchange.
Established by industry leaders Verite was developed by Centre_io consortium in collaboration with Circle and alongside trusted industry leaders like Coinbase and Blocks. As an open-source framework, anyone is free to build on Verite.
A new era of DeFi Circle is building on Verite to become an issuer and verifier of KYC credentials, enabling individuals and institutions to participate in DeFi with counterparties they can trust. A new era of DeFi is fast approaching.
Comprehensive ecosystem support A wide range of leading blockchain pioneers are embracing Verite, including: Algorand, Compound Finance, ConsenSys, Espresso Systems, Hedera, Ledger, MM Institutional, Phantom, Solana, and Spruce ID — with more on the way.
Start building on Verite today and begin incorporating decentralized identity into your project end.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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