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Fb twitter reddit tumblr collage12/23/2023 ![]() ![]() ![]() ![]() One of the standout features of Legit ID is its ability to ensure omni-chain availability. It involves a one-time KYC verification stored on the user's device, which can be validated universally.ĭeveloped based on zCloak's zkID protocol, Legit ID harnesses zero-knowledge proof technology and decentralized identity, guaranteeing a secure, privacy-oriented, and adaptable KYC process. The motto, "KYC once, recognized everywhere" summarizes the core feature of Legit ID. Legit ID is a service born from the company's extensive work in Web3's zero-knowledge proof and identity domain. This emphasizes the necessity for a revamped KYC system that adheres to global regulations while preserving user privacy. This resistance stems primarily from their incongruence with the principles of user autonomy and privacy. Recognizing the growing need for regulation in the Web3 ecosystem, governments and regulatory agencies are seeking solutions that find a middle ground between decentralization and accountability.Īs the focus shifts toward the tokenization of real-world assets, greater attention is being given to Know Your Customer (KYC) and Anti-Money Laundering (AML) solutions as potential answers to these regulatory complexities.Īlthough KYC and AML are essential for verifying lawful transactional data and thwarting illicit blockchain activities, conventional KYC techniques have encountered opposition within the Web3 and cryptocurrency realm. In fact, the very essence of decentralization raises legitimate concerns regarding investor protection, privacy, jurisdiction, and transparency. In the digital realm, the presence of global regulations and compliance can be seen as a double-edged sword for unregulated, malicious activities. Navigating the Regulatory Landscape in the Digital Realm Try Legit ID To view an enhanced version of this graphic, please visit: Yet, with this exciting frontier lies a set of formidable challenges. The emergence of DeFi protocols and the digitization of tangible assets have indeed brought about a profound transformation in the financial sector. Throughout its history, the crypto and Web3 landscape has celebrated its dedication to openness and anonymity. "What we are doing right now is like bringing law and order to the wild west." "Balancing regulation and compliance with Web3's inherent values of decentralization and openness is essential," says Dr. According to zCloak, this advancement aims to reshape identity and asset-backed protocols in the digital realm. zCloak is a platform dedicated to building Real-World Identity (RWI) infrastructure for Web3. November 6, 2023) - zCloak Network is pleased to announce its newest omni-chain KYC service, Legit ID. ![]()
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