Place/Date: Berlin, Germany - May 19th, 2021 at 12:17 pm UTC · 7 min read
Contact: Christine Mohan, Source: KILT Protocol
KILT Protocol today announced SocialKYC, a decentralised identity verification service for regaining control over your digital identity. SocialKYC will allow users to manage, store and present their personal credentials, enabling users to select which elements of their private information are accessed by online services.
KILT is an open-source blockchain protocol for issuing decentralised identifiers and verifiable credentials. KILT brings the traditional process of trust in real-world credentials (passport, driving licence, certificates) into the digital world, representing your identity while keeping your data private and in your possession. The KILT mainnet will launch later this year in the Polkadot ecosystem as a parachain on the Kusama network; SocialKYC will launch shortly after KILT mainnet.
Developed by KILT in collaboration with Galaniprojects, SocialKYC will be implemented by Polkadex, a decentralised cryptocurrency exchange; Fractal, a KYC and decentralised identity provider; Subsocial Network, an open protocol for decentralised social networks; GameDAO, a decentralised autonomous cooperative for video game creators and investors; and DeBio Network, an anonymous-first platform for medical and bioinformatics data.
In the current Web 2.0 world, users provide personal credentials like email addresses and phone numbers to free internet services in return for access. These credentials are frequently shared between service partners and subsidiaries, and applications often bypass the users to go through these services and authenticate user credentials.
KYC or “Know Your Customer” is standard practice while opening an account with a bank or exchange, proving that you own your government-issued credentials like a passport. “SocialKYC” verifies a user’s internet identity by proving control of their social accounts (LinkedIn, Twitter, TikTok, Discord, Github, etc.), email address or phone number. Unlike Web 2.0 sign-in processes, SocialKYC forgets about the user and the credential as soon as the credential is issued. Personal data is not stored, siloed or shared.
To verify that the user controls their social account, SocialKYC sends a challenge such as posting a sentence on Twitter, clicking an email link, or confirming a code sent via SMS. SocialKYC then sends Verifiable Credentials to the user that remain in their sole possession and in their control. Users can present these credentials across many services – gaming, genetics labs, exchanges, media companies – when and how they prefer.
Ingo Rübe, founder of KILT Protocol, said:
“In the real world you have control of your credentials. You have credentials in your wallet at all times; you decide who to share them with, and for what purpose, and when. Ironically we have lost this control in the digital world. SocialKYC is designed to liberate consumers, putting their digital identity back in their hands.”
Earlier this year, KILT partnered with Fractal and Polkadex to create a decentralised KYC system for users of the exchange. Polkadex and Fractal are implementing KILT Protocol as the underlying infrastructure for managing the KYC credentials required by Polkadex to streamline the onboarding experience.
Gautham J, CEO of Polkadex, said:
“SocialKYC removes the need to trust the Polkadex platform for our users, as they can get verified in a truly decentralized manner. In this way, we can keep the KYC process on a non-custodial exchange simple and our users are free to choose and control what private data they want to share. It is a real step forward for the DeFi industry.”
Julian Leitloff, co-founder and CEO of Fractal, said:
“SocialKYC is a forerunner in the digital identity and verification space. Together with KILT, Fractal Protocol can unlock great value in the ad market by providing a fair, open-source alternative to data duopolies ensuring a high-quality version of the free internet.”
Subsocial Network is a decentralized platform that offers new ways for social media users to monetize their interactions, without sacrificing their data or privacy. Alex Siman, founder of Subsocial Network, said:
“Content creators on Subsocial will be able to mint their own tokens, tip posts and set up rewards. SocialKYC will help us verify these transactions across our marketplaces.”
Gaming is another top use case for SocialKYC and KILT verifiable credentials, which could be used for:
Marco Bahn, founder of GameDAO and ZERO Network, said:
“Our cooperative of video creators, blockchain architects and business designers is focused on designing sustainable videogame economies. Community funding instruments, secure transactions and identity verification are crucial to fostering gaming as a profession. SocialKYC aligns with our vision of improving videogame economics for the player, creator and funder by increasing engagement and participation.”
DeBio Network is working with KILT to build a mechanism for issuing revocable, verifiable credentials that ensure privacy and data security. Pandu Sastrowardoyo, initiator of DeBio Network, said:
“The decentralized nature of this SocialKYC solution, along with the guarantee of user sovereignty, supports the Decentralized Bio philosophy perfectly. It may also provide a way for us to onboard DIY labs and individual hobbyists interested in working with our data.”
Anastasia Galani, founder and CEO of Galaniprojects, said:
“Our company became the first KILT integrator in 2019. We are thrilled to be part of this initiative and develop new applications for the KILT ecosystem, so users will own their data.”
Polkadex is a fully decentralised, peer-to-peer, orderbook-based cryptocurrency exchange for the Defi ecosystem built on Substrate, the same framework that powers Polkadot. It enables high-speed trading, high liquidity, and lightning-fast transaction speed for supporting Defi applications and services. Press contact: Kseniia Baziian
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 form a data commons in order to replace the ad cookie and give users back control over their data. Fractal was founded in 2017 and with its compliance product Fractal ID is trusted by 475k verified users in the FinTech and blockchain space. Press contact: Georg Runge
Subsocial is an open platform for decentralised social networks and marketplaces. Subsocial is censorship-resistant and has built-in monetisation methods. It’s built with Polkadot and IPFS tech stacks. Press contact: Alex Siman
GameDAO solves sustainability in business design of videogames, e-sports, digital arts by providing decentralised finance and coordination protocols for community-driven fundraising, operation and ownership of videogame economies. A decentralised autonomous cooperative, GameDAO runs on ZERO Network, which is built with Parity Substrate and aims to become a Relaychain and Parachain in the Kusama and Polkadot ecosystems. Press contact: Marco Bahn
DeBio is an anonymous-first, decentralized platform for medical and bioinformatics data. We are building a decentralized platform for your personal medical needs, starting with genetics. Our concept allows synergy between labs of all scales, while guaranteeing user anonymity and sovereignty at every step of the genomic data science workflow – from sample collection, data storage, to report generation. Press contact: Pandu Sastrowardoyo
Galaniprojects is a Berlin-based IT consulting firm with expertise in project and product management and blockchain applications. The firm serves global clients in media and publishing, telecommunication, automotive and transport. Press contact: Anastasia Galani