Blockpass partners with EasyFi to provide seamless on-chain Digital Identity data for money markets
Partnership incorporates ‘Identity Quad’ for Layer 2 DeFi with Blockpass, Chainlink, Matic & EasyFi
We are excited to announce our partnership with Blockpass, to initiate comprehensive on-chain data for establishing Digital Identity Management System (IMS) on EasyFi universal layer 2 DeFi lending protocol. Needless to say, this has been done in preparation for our plans to achieve lower collateralization ratios or under collateralization and collateralization for lending in DeFi.
This partnership and integration mark the culmination of a very important component in the identity space on Layer 2. This has been explained extensively below.
Those who are following this space will know that some important integrations have happened in the past couple of months. These are all related to the integrations happening between 4 different companies — Blockpass, Chainlink, Matic, and EasyFi.
The Identity Quad on Layer 2 DeFi
Here are the integrations that will make a huge impact, we believe, in the Decentralized Identity space on Layer 2, to reflect in near future:
- Blockpass Integrates Chainlink to Provide On-Chain identity data
- EasyFi To Integrate Chainlink Price Feeds
- Blockpass and Matic Announce Integration
- Matic integrates with Chainlink
These inter-platform integrations are very significant for any Layer 2 solution and our partnership with Blockpass completes what can be called the Identity Quad on Layer 2 networks.
The Identity Quad
- The 1st Pillar — @Blockpass — Is the “Creator” and verifier of the digital identity data required for on-chain consumption. It has developed its digital identity protocol to improve the on-chain compliance experience.
- The 2nd Pillar — @chainlink — Is the “Feeder” — it feeds the on-chain digital identity data from Blockpass to Layer2 & other blockchain networks.
- The 3rd Pillar — @maticnetwork — Is the “Enabler” — it enables and provides fast and low-cost access to the on-chain identity data received for use in the smart contracts deployed on its network, thus making on-chain identity verifications affordable.
- The 4th Pillar — @easyfinetwork — is the “Adopter” — we adopt, consume and disseminate this digital identity data for enabling decentralized & compliant lending & borrowing of digital assets over our L2 protocol.
Here is how we can depict it pictographically:
Web 3.0 Management on EasyFi
Our Identity management system will enable borrower digital identities and is a precursor to our eventual move into providing under-collateralized and uncollateralized loans to our users.
We believe, that the EasyFi IMS with Blockpass’s on-chain identity data management modules, plus our Credit Rating Generation System (CRGS) will double up as a power-packed couple and add robustness to our upcoming features of micro-lending, pay-day loans, credit default swaps, and other financial instruments that come under the purview of under-collateralized and uncollateralized loans.
As we stated earlier, we have already been working on a web 3.0 identity layer to devise complex processes & algorithms to ascertain necessary borrower’s evaluation mechanisms on our way to achieve the above-stated goal of lower collateralization ratios. You may read more about our earlier submission on the topic here: EasyFi Integrates Multi-chain Credit Rating System
Blockpass is a unique, reusable digital identity solution for organizations that participate in regulated, crypto-asset businesses or in increasingly remote business environments where the trust needs to be verified digitally. Blockpass allows end-users to easily create a verified portable identity that they alone can control and reuse to onboard with any service instantly. Through Blockpass, end-users easily create a verified portable identity that they can control and re-use to onboard with any service instantly. By integrating with Chainlink Network — a decentralized oracle solution — in early January, Blockpass introduced the first On-chain KYC solution that will service many blockchains in the years to come.
To learn more about $EASY and EasyFi, please go through our whitepaper and other articles on this publication.