HashKey DID Introduces New KYC Functionality Compatible with Most Web3 Projects
Lately, identity verification has been a hotbed for discussion among Web3 projects and communities, and teams behind numerous Web3 decentralised applications (DApps) are in urgent need of quality and competent KYC services to verify the identity of all their users (i.e. making sure they are who they have declared) in order to safeguard themselves against malicious cyber activities such as the Sybil attack.
In response to the growing need and market demand, HashKey DID has recently introduced a KYC programme that not only protects Web3 projects from cybersecurity attacks, but also adheres to and meets the KYC needs that most existing Web3 applications are looking for.
Shortcomings of Conventional KYC Systems and Processes
The KYC services offered by traditional KYC providers and companies come in all shapes and sizes and are generally incompatible with modern-day Web3 applications, making the entire verification process cumbersome for the users of these applications.
A) For the individual users:
1. The developer teams behind some DApps may lack a sense of network security, making their applications prone to data leakage or theft of users’ private information:
For example, in 2021, it has been reported that personal and private information of some 533 million users of Facebook from 106 countries had been hacked and disclosed to third parties; these included users’ phone numbers and addresses. These attacks were done for the purpose of intervening or “manipulating” public opinion before elections or referendums in many places around the world by means of precise advertising and other methods.
2. Users and individuals are sometimes required by service providers to verify and update their personal information from time to time for KYC purposes; if not, they risk the possibility of their funds being frozen by the service provider or getting lost in encrypted protocols.
B) For the core team behind Dapps:
1. Huge compliance workload involving multiple stakeholders to meet KYC standards incur a heavy cost to blockchain and Web3 start-ups.
2. KYC identity verifications normally require continuous maintenance and system upgrades from the perspective of the service providers; these naturally translate to an increase in operating costs and demand for additional manpower.
Introducing the HashKey DID KYC Programme
A great number of early adopters of blockchain were initially attracted by the privacy and decentralisation features that comes with the technology. In addition to blockchain, by leveraging other technologies such as privacy computation and zero-knowledge proofs (ZKPs), the HashKey DID KYC programme is committed to providing one of the most user-friendly and cost-effective KYC services that currently exist in the Web 3.0 ecosystem.
HashKey DID’s KYC programme allows users’ data to be stored independently in the metadata of HashKey DID in a decentralised manner, so users can easily prove which properties belong to their digital identity, or prove whether or not their digital identity meets certain DApp requirements in a secure and private manner.
In addition, DApps with identity verification needs can query users’ KYC status directly through the protocol provided by HashKey DID, under the users’ permission of course.
Creating your KYC'd HashKey DID
- On www.hashkey.did, click KYC and you’ll be directed to the user interface provided by the KYC Provider (e.g. OneCash).
- Here you are able to submit your information required for further KYC verification and confirmation, a process that takes less than 5 minutes.
- Upon successful verification, your KYC information, including your level, expiry time and KYC provider, will be minted or updated to form a permanent part of your decentralised identifier stored on HashKey DID (e.g. tothemoon.key).
Benefits and unique features of the HashKey DID KYC Programme
HashKey DID’s KYC solutions are compatible with various cryptocurrency applications, thus meeting the identity verification needs that most Web3 projects need to uphold:
1. Tailored KYC verification depending on local identity verification needs
2. Avoid collecting user privacy data
3. Rating the risk of addresses to help users combat fraud
4. User-friendly and efficient process without repeated verification among DApps.
These four aforementioned features and attributes will be further explained and expanded upon in our next article.
Final word:
It bears emphasising that HashKey DID only stores users’ KYC results instead of their personal data. Therefore, users will never have to be concerned or worried about data leakage or theft on HashKey DID.
What’s more, if the third-party DApps would like to ensure that you (i.e. the user) are trustworthy and that you are who you have declared, they would just simply verify your identity (KYC result) with HashKey DID without needing to access your specific personal information.
Thanks to an identity data aggregator and Web3 identifier like HashKey DID, you are finally taking control of your own personal information, including your KYC and private data.
About HashKey DID
HashKey DID is a multi-chain, decentralised, storage-featured identity data aggregator and Web 3.0 identifier that is underpinned by NFT- and smart contract-based privacy-preserving technology. As an important Web3 infrastructure of the HashKey ecosystem, the fundamental goal of HashKey DID is to build a community-governed HashKey DID DAO together with users.
About HashKey Group
HashKey Group is an end-to-end digital asset financial services group in Asia. The Group provides a complete ecosystem across the entire digital asset landscape, ranging from venture investment, to custody, to technologies and trading. HashKey’s senior team has extensive experience and expertise in investment, governance and technology gained from tier-one banks, regulators and Fintech ventures. By bringing together the most advanced blockchain research, development and technologies, HashKey identifies potential opportunities and delivers end-to-end solutions that operate within regulatory frameworks with the highest compliance standards. The Group has operations in Hong Kong, Singapore and Japan, and extensive partnerships with FinTech and blockchain solutions providers, academic institutions and associations.
