#FractalAcademy, Episode IV: What is Fractal ID?
All you need to know about credentials, KYC, and Fractal ID.
Welcome back to another episode of #FractalAcademy. In the last episode, we covered the meaning of two terms that we often use: KYC and AML (click here if you’ve missed it). Today, we will look at Fractal ID, what sort of solution it provides, what it means to issue a credential on-chain, and why all this is beneficial to you.
What is Fractal ID?
The Fractal ID was developed as a KYC/AML service platform, to deliver fast and accurate global verifications seamlessly. The Fractal ID allows businesses to outsource their KYC/AML needs without compromising on transparency and integrity. All sensitive data is encrypted with a state-of-the-art security process to protect the users’ information.
When it comes to onboarding verification, it is important not to compromise on quality by adhering to the highest needs of compliance. The implication of new data laws and the need to meet strict guidelines can be a burdensome task. The efforts in keeping users’ data safe and secure is a new task altogether — this is where Fractal ID comes in.
Our mission here at Fractal is to define an open-source basic standard to exchange user information in a fair and open way. The adoption of the Fractal ID into the Web3 space is building trusted relationships between people and organizations based on reliably verified information. We see this as the best way to establish trust between several parties where meeting face-to-face isn’t an option. Combined with the issuing credentials of the Fractal Wallet, the Fractal ID provides a whitelisting KYC solution that is built for conversion optimization and true bank-level compliance, globally.
What is a Credential?
In a nutshell, your credentials are your personal information in data form. These bits of data contain pieces of information about the user such as a form of ID (Driver’s License), POA (Proof of Address), and a Liveness Detection Selfie Scan to name a few. Users can issue a credential to themselves by downloading the Fractal Wallet and connecting their Fractal ID to the Wallet.
From then on, the user’s credentials are verified through a Decentralized Identity (DID) contract and stored locally on the users’ device (in a browser extension that only you can access). Because the credentials live on your browser, it ensures truly decentralized security where the user is always in control. You choose who and how your data is used, allowing websites to verify your claims in a frictionless and privacy-preserving way. The use of a Fractal KYC credential allows seamless interoperability and comprehensive onboarding checks, neatly packed into one consistent process.
What is the benefit?
Most platforms that need ID verifications in the Web3 space implement and maintain their own Web 2.0 flows. This creates a dreadful experience for users that are required to disclose their information all the time, whilst also bearing with the long verification times. Fractal ID handles global verifications at a conversion rate higher than 40% compared to industry standards and streamlines the KYC experience for businesses and individuals alike.
About the Fractal Protocol
Built on Polkadot, Fractal Protocol is an open-source, zero-margin protocol that defines a basic standard to exchange user information in a fair and open way, ensuring a high-quality version of the free internet. In its first version, it is designed to replace the ad cookie and give users back control over their data.
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