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Radix is joining the idOS Consortium, a decentralized identity network designed for storing and managing access to decentralized identities. Already serving thousands of verified users, the idOS network was created collaboratively by several infrastructure partners and leading ecosystems, including Fractal ID, NEAR, Gnosis, Aleph Zero, Kwil, and others.
Radix offers unique native solutions for Web3 identity, prioritizing both privacy and frictionless interoperability. By joining the idOS consortium, Radix is positioned to combine the unique features of idOS with the innovative Radix user experience to offer seamless issuance and retrieval of verified credentials for dApps on Radix.
Instalabs, creators of the Instapass AML/KYC service on the Radix Network, is also joining the idOS Consortium as an identity verification issuer.
Why is the idOS integration exciting?
idOS is a chain-agnostic decentralized storage and access management network for identity. It will allow AML/KYC providers like Fractal ID and Instalabs’ Instapass service to issue verified credentials for DeFi users into the idOS platform, where dApps can request access from users. These credentials can range from simple “proof of human” verification to meeting full compliance requirements for regulated financial applications.
By integrating with the Radix Network, idOS will offer a seamless way for Radix dApps to access verifiable credentials for users issued by providers like Fractal ID and Instapass. The idOS solution fits beautifully with Radix’s coming plans for a powerful VC/DID-based decentralized, verifiable credential system for the Radix Network and Radix Wallet. It will also give the idOS’ existing user base an automatic bridge to use their existing verified credentials on the Radix Network.
Instalabs’ Instapass service started by providing AML/KYC for its own Instabridge service, and idOS will offer a perfect outlet to provide more general AML/KYC services it plans to provide for dApps in the Radix ecosystem and beyond.
More About idOS
idOS offers a decentralized, user-centric identity solution that works alongside real-world systems and regulations.
In simple terms, idOS will allow users to use and reuse their KYC/AML credentials across multiple participant networks; dApps will be able to verify their KYC/AML credentials while the user retains complete control over their personal data.
Summary of idOS Benefits:
Chain Agnostic and Interoperable: idOS allows developers to effortlessly integrate various protocols requiring identity verification, promoting scalable and adaptable DeFi applications.
Streamlined Identity Verification: idOS simplifies KYC processes by enabling users to receive verified credentials from issuers that can be reused across multiple dApps, enhancing user experience and expediting dApp interactions.
Compliance With Data Protection Laws: idOS is crafted to align with data protection laws, making it a dependable option for dApps that must comply with regulatory frameworks like GDPR. It facilitates smoother navigation through the intricate data protection regulations, enabling users and businesses to effortlessly introduce new regulated use cases to Web3.
Stay tuned for more updates.