How Fractal ID, Fractal Wallet, and Fractal Protocol Interact
What is Fractal ID?
Fractal ID is a KYC/AML (Know Your Customer) service platform that provides rapid and accurate global verifications with a conversion rate of more than 40% when compared to industry standards. It’s designed for regulated sectors with large user bases all across the world. Businesses can outsource their KYC/AML needs to Fractal ID without sacrificing transparency or integrity.
Fractal ID protects your information by encrypting all important data and implementing cutting-edge security procedures. Anyone who uses Fractal ID must likewise adhere to the GDPR. Fractal ID was built from the ground up to meet the stringent verification requirements of AML-compliant entities in Germany and around the world.
Boson Protocol, Polymath, Ocean Protocol, KILT, and Eyeo are among the clients Fractal has worked with in the past. As a result, Fractal ID now has over 475,000 users in its system, compared to 120,000 at the end of last year.
The Fractal Wallet
The Fractal Wallet is a product built on top of the Fractal ID platform that allows customers to keep their KYC credentials and leverage web3 to make KYC with different platforms and organizations a breeze.
Users can securely save their personal information in their Fractal Wallet by uploading credentials (such as a photo or proof of residency). They’ll be able to connect their Fractal Wallet to numerous sites that require KYC, and the platform will obtain those credentials in exchange for a simple signature.
Furthermore, IDO (Initial Decentralized Exchange Offering) platforms are a logical product match for Fractal ID.
Currently, the KYC procedure is frequently outsourced by launchpads, putting user data in danger. Not only do we want to eliminate this danger, but we also want to simplify the entire procedure for both the consumer and the launchpad. Users will be able to instantaneously enter their credentials and fast authenticate their identity by simply connecting their wallet to the launchpad via Web3 technology and signing a transaction. Both the user and the launchpad will save time, money, and energy as a result of this.
Fractal Protocol Information
Fractal Protocol is an open-source, zero-margin protocol based on Polkadot that establishes a basic standard for exchanging user data fairly and openly, providing a high-quality version of the free internet. It is supposed to replace the ad cookie in its original iteration and give users back control over their data.
How Fractal ID and Fractal Protocol are linked.
Fractal Protocol is a zero-margin open-source protocol that establishes a basic standard for exchanging user information fairly and openly, providing a high-quality version of the free internet.
The Fractal Wallet has already been mentioned as a way for crypto users to authenticate their identities with multiple launchpads and receive rapid access to staking opportunities.
However, there is a requirement for IDOs to meet requirements that go beyond KYC.
By allowing users to retain their credentials within their wallet and choose who those credentials are shared with, Fractal ID provides transparency and eventually returns control to users. Users will be able to add any personal information they desire to their Fractal Wallet.
ID will also be available, allowing users to generate yield and passive revenue by staking their FCL tokens. They will have to KYC using Fractal ID to engage in staking. We believe that by providing an attractive yield and the ability to seamlessly verify their credentials with launchpad platforms, users will be motivated to verify their identities with Fractal and will be able to see a glimpse of the web3 version of the future ad market in which they are in control.
This is the first step toward our aim of establishing a decentralized advertising market that encourages transparency, accuracy, and responsibility.
What is a decentralized Identification system?
Decentralized IDs (DIDs), also known as decentralized identifiers, are digital IDs that replace individuals’ identifiers with self-owned IDs stored on the blockchain and their accompanying data on personal devices.
You can generate your own DID or have one created for you by a DID provider like Fractal. Then you ask issuers (such as the government, a school, or a bank) to furnish claims against it for verification.
DIDs, unlike standard digital IDs, are not stored in vendor or organization databases, making them less vulnerable to data breaches or theft.
These DIDs can be used for a variety of purposes, including authentic and private customer KYC, eVoting, tax payments, and event check-ins.
What is the function of a decentralized identity?
To illustrate the working methodology of a DID, consider the following example. When signing a car lease, you must present the leasing business with many documents about your credentials, employment contract, and bank credit score. This information must then be verified by the leasing firm.
If you have a DID, your wallet will produce unique IDs for the credentials to which you have access. These IDs’ public keys are then published to a distributed ledger.
You can offer these verified decentralized IDs of your credentials to the leasing office, which you can revoke and delete their access at any time.
It’s also worth noting that you can give the leasing business access to particular areas of your data. For example, you can use a DID to share your salary information with the leasing office without having to provide them with all of your contract data.
In a nutshell, there are three parts to a decentralized ID:
The creators (e.g. government, university, corporate)
The examiner (i.e. third party who verifies the credentials)
Owner of the ID
Why DIDs are important.
Due to their capacity to guarantee data integrity as well as end-user privacy, decentralized identities have grown in popularity over the last five years.
Three factors contribute to the importance of having a decentralized ID:
1. Ownership of data: Most of us today actively share our personally identifiable information (PII) with brands in exchange for convenient and tailored experiences (e.g., name, age, phone number, etc.).
2. Data security: Sharing personal information with businesses makes it more vulnerable to cyber-attacks and data breaches.
3. Identity consolidation: DIDs reflect all information about an individual, including demographics, financials, and social status, and offer users and companies a single version of the truth.
As previously stated, the company has formed a cooperation with Eyeo (their flagship product Adblock Plus has over 200 million unique users/devices) to develop solutions for a fair and profitable online that benefits all stakeholders.
People already give their personal information away for free when they use platforms like Facebook and Instagram. We believe that users should be paid for giving their data. Fractal ID + Fractal Wallet, as well as Fractal Protocol, will soon make this possible.