Transak, a leading Web3 payments provider, has teamed up with privacy-centric decentralized identity platform Privado ID. This partnership aims to launch a new decentralized authentication service called “Reusable KYC.” The service is designed to improve decentralized identity verification, enhancing the Web3 onboarding process.
The partnership allows users to control their own identity data. Yeshu Agarwal, the Chief Technical Officer at Transak, expressed excitement about this collaboration. Tapping into Privado ID’s latest zero-knowledge (ZK) technology provides a scalable and secure solution for on-chain ID verification.
Transak introduces KYC-as-a-Service as part of this collaboration. This service aims to simplify user verification. Users complete the KYC process only once. Thereafter, their verified credentials are accessible on-chain. The user’s data is stored in a decentralized token after completing KYC on Transak. Users scan and store this token in a Privado ID wallet. The data then becomes accessible on-chain and can be shared via Transak’s one-click KYC sharing service.
This KYC sharing service removes repetitive KYC processes. It offers user control and adds to data privacy. Transak’s “Proof of Uniqueness” (PoU) is another innovation in this collaboration. PoU helps projects improve rewards distribution or airdrops by providing a unique verification mechanism. This mechanism targets humans, not wallets, thus eliminating challenges around Sybil attacks.
In the crypto world, one of the biggest challenges with airdrops is Sybil attacks. Individuals often try to cheat distribution systems with multiple wallets. PoU helps target real users, thus improving the integrity of airdrop distribution. Besides PoU, Transak and Privado ID plan to work on proof of humanity, proof of residency, and proof of age.
