Users can now transfer their real-world identity to the onchain of their ENS identity, expanding the blockchain’s use cases beyond crypto.
August 21, 2024, 9 a.m. EST: ENS Labsthe organization behind the open source blockchain naming protocol Ethereum Name Service (ENS), alongside Dentistrythe leading consumer digital identity solution, brings verifiable credentials on-chain to improve real-world access to Web3.
For the first time, ENS users can now securely link their onchain identity to their real-world identity. They can define the scope of information they want to share and retain complete control over what personally identifiable information (PII) is publicly available, while avoiding the need for PII to be stored onchain. Similarly, Dentity users can now link their identity data to their ENS domain via the newly created integration path.
“Real-world identity is the key to blockchain beyond crypto, and this collaboration represents a huge step forward in making this a reality. We are bridging the gap between offchain and onchain identities and enabling users to have a true digital identity. Together with Dentity, ENS is expanding the capabilities of Web3 naming and making onchain identities real and usable for various applications. By linking real-world identities to onchain personas, Web3 users can own a verified identity to access real-world services without compromising on decentralization.”.
Khori WhittakerManaging Director of ENS Labs
Government authorities worldwide are working to implement mandatory KYC/AML compliance for decentralized financial technology projects to mitigate the risks associated with the anonymity of digital asset transactions. With the recent adoption of the Markets in Crypto Assets Regulation and the introduction of the Financial Innovation and Technology for the 21st Century (FIT21) Act, decentralized projects and protocols must prepare to comply with identity verification regulations.
“The next billion blockchain users will not be crypto natives and probably won’t even know
They are onchain. They will use various services that require real-world identity verification, such as access to educational credentials, professional licenses, and health records. Sophisticated DeFi or traditional financial services that go beyond the capabilities of anonymous or pseudonymous blockchain transactions will require real-world identity verification,” said Jeffrey SchwartzFounder and CEO of Dentity.
Dentity leverages self-determined identity standards and protocols, including W3C Verifiable Credentials, Decentralised Identifiers (DIDs) and OpenID Connect (OIDC) for Verifiable Presentations, to enable seamless and interoperable integration with ENS. Through Dentity, ENS users can leverage verified credentials to prove their identity and associated KYC information to third-party partners.
About the Ethereum Name Service
Ethereum Name Service (ENS) is a distributed, open, and extensible naming system built on the Ethereum blockchain. ENS addresses allow anyone to register a .eth domain, which they can then connect to multiple wallets and use across Web3. Founded in 2017 by Nick Johnson with an Ethereum grant, ENS quickly grew into the most widely used permissionless domain naming protocol in the world. With over 2 million names registered on the blockchain and over 4 million names off the blockchain, the protocol aims to become the neutral naming protocol for everyone.
About Dentity
Dentity is a leading digital identity company that puts the consumer at the center. Dentity is built on open identity standards and is W3C compliant, putting ownership of identity and personal data back with the consumer. Dentity can verify over 16,000 government-issued documents in 220 countries, is integrated with over 15,000 financial institutions worldwide, and has a self-service corporate portal. Millions of consumers use Dentity to build trust online, and hundreds of companies use Dentity to build trust with their stakeholders. Dentity’s investors include Kleiner Perkins, AARP, and Blockchange Ventures. The company is based in Santa Monica, California. For more information, visit www.dentity.com or email (email protected).
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