Inventory of 14 Representative Projects on the Web3 Identity Track: Which Early Projects Are Worth Paying Attention to?
Finishing: Lynch, Chain Catcher
In the traditional Web2 identity authentication system, users use centralized accounts to obtain various services, but there are problems such as easy theft and cumbersome procedures. At the same time, the account information of each platform is isolated from each other, which causes a lot of inconvenience to users. The core problem is data sovereignty. .
In contrast, the user data privacy protection scheme proposed in the context of Web3 is designed around the control of personal data. The Web3 decentralized identity protocol can help users better solve problems such as multi-platform convergence of identities, multi-dimensional data, privacy protection, and NFTization.
In Web3, the data on the chain naturally guarantees the transparency and immutability of user identities and behaviors, and establishes the cornerstone of identity trust. DApp data can be read and called across projects, unlike Web2, which is isolated and stored on a centralized server, thus ensuring the universality and composability of user identities in the chain world. Whether it is personal reputation, financial loans, bills, identity certificates, licenses and passports, etc., it can be converted into unique on-chain information that users have full control over, and can access all Web3 applications through an identity protocol.
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Verite
Verite is a decentralized identity standard launched by Circle, the USDC issuer, and companies such as Block, Coinbase, and Centre. It aims to enable any organization to issue and verify the digital identity credentials of users and institutions participating in the encryption economy, including KYC verification, Accredited investor identity, social reputation, NFT provenance tracking, etc., without requiring participants to disclose personal data, composable and interoperable.
At the same time, these credentials are portable, indestructible, and can be stored in encrypted wallets like digital assets. At the same time, the credentials are owned by the user, allowing full control over when and how different organizations or protocols can access proof of identity. As a set of open source protocols, Verite is decentralized and no single entity has the right to use or develop.
This identity framework will enable institutions to participate in on-chain lending protocols and ensure that all counterparties have undergone KYC, enabling institutions to securely access DeFi, such as supporting access to licensed pools or securities transactions based on accredited investor identities or any specified attributes, enabling Provides opportunities for individuals and entities that lack traditional forms of identification to participate in DeFi, helps create a more globally inclusive financial system, and increases the potential for capital efficiency through credit scoring vouchers, which can more precisely match borrowers’ reputations, thereby reducing Collateral requirements.
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Official website:https://www.circle.com/en/verite
Related Reading:"Unlocking Decentralized Identity with Verite》
Spruce
Spruce is a digital identity system whose product suite provides support for the authentication, credentials and storage required for user portability of reputation, decentralized access control to data and interoperability between Web2 APIs and Web3.
Spruce has cooperated with the Ethereum Foundation and ENS to build an identity verification standardization system Sign-In with Ethereum (EIP-4361), which supports users to directly use their encrypted wallets to connect with web2 or web3 applications and control their identity data. In March, Spruce launched its first open-source authentication plugin for logging into Discourse forums using Ethereum accounts.
Spruce offers two main products, SpruceID, a decentralized identity toolkit, and Kepler, a self-storage product that serves for the secure sharing of trusted data, DAO-based credentials and reputation, and through the company's partnership with the Verite protocol. Scenarios such as permissioned access to DeFi.
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Official website:https://www.spruceid.com/
Related Reading:"Decentralized identity startup Spruce wants to help users control their sign-in data》
BrightID
BrightID is a digital identity verification system based on the Ethereum ecosystem. It is completely independent of traditional and Internet identity verification. It solves the unique identity problem by creating and analyzing social graphs. Users can obtain digital identities through real-person authentication and allow users to submit applications to applications. Prove they are not using multiple accounts. At present, the project has more than 57,000 users. Gitcoin, RabbitHole, Status and other projects have adopted its solutions, and has been recognized by V God many times.
BrightID usage scenarios include, identification, application user verification, activity verification (airdrops, etc.), trust and reputation building, and others. Currently, BrightID is still developing IDChain.
In order to ensure the authenticity and uniqueness of the user's identity, BrightID will conduct a video conference for the user to verify the identity. During the verification process, the video needs to be turned on. The verification officer will identify whether to repeat the verification. Once the verification officer finds that the verification is repeated, the verification officer will report to BrightID. Report and cancel the BrightID account of the repeat verifier.
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Official website:https://www.brightid.org/
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Civic
Civic Pass is a Web3 digital identity solution that introduces a blockchain-based identity layer. This layer establishes trust between parties by using Identity.com, which provides a structured way to validate credentials that are interoperable across platforms. The Civic product line is focused on two things: leveraging the open source Identity.com ecosystem to protect private user data, and creating solutions that help companies meet AML and KYC requirements.
Civic Pass is Civic’s flagship identity management product that dApp providers can use as input to their compliance programs. Civic Pass allows decentralized applications (dApps) to restrict access to their products by allowing decentralized applications (dApps) to censor users in a way that protects user privacy, while allowing dApp creators and users to know that all other participants have passed KYC or liveness criteria Download the dApp freely.
Official website:
Official website:https://www.civic.com/
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NFT3
NFT3 is a decentralized identity and credit network for Web3 and metaverse portals, and a staking incentive model is designed to apply to identity issues. It creates direct monetization paths for individuals in Web 3.0 and provides infrastructure components for composite-level authoring and innovation of Web 3.0 applications, which can link user terms value with their lives in different projects, social networks, companies and institutions data in the link. NFT3 utilizes DID to create a Web3 passport platform and will create a user personal credit scoring system.
NFT3 will solve the fundamental problem of virtual identities by allowing users to create a unified identity that they can then associate with any Web 3.0 application. This is accomplished by creating user-owned NFTs and wrapping them in DIDs or decentralized identifiers that can travel the network but always return to the owner's NFT3.
In addition to the NFT-based DID identity, NFT3 will also build a sophisticated credit scoring system based on user-bound social account information and multi-chain address information, called NCredit. A user's NCredit score reflects his personal trustworthiness - the higher the score, the more reliable the user. At the same time, NFT3 users will enjoy the benefits of higher credit scores in many places, such as:
Higher voting weight in on-chain governance
lower interest rates when borrowing
Mortgage rates are higher when you take out a loan
Priority and more quotas etc. when participating in IDO.
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Official website:https://nft3.com
Related Reading:"Introducing NFT3: The Passport for Web 3.0》
ENS
ENS is an Ethereum-based decentralized domain name project that allows users to display lengthy Ethereum public addresses in a simplified text-based manner. This makes it easier to share, use and remember addresses and other data.
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Official website:https://ens.domains/
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Litentry
Litentry is a decentralized identity aggregator that supports linking user identities across multiple networks. Users can manage their own identities through the security tools it provides, and Dapp can obtain real-time DID data of identity owners across different blockchains. Litentry builds a three-tier credit computing infrastructure:
1. Source data layer. Data source platforms for identity analysts such as Etherscan, The Graph, Onfinality and other data providers.
2. Address analysis layer. Mainly as an external server that provides data analysis, such as Nansen, Chainalysis, and address analysis platforms such as our upcoming Litentry whitelist.
3. Identity aggregation layer. Litentry generates address relationships belonging to the same identity, then obtains corresponding address analysis data from the address analysis layer, and performs weighted calculations.
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Official website:https://www.litentry.com/
Related Reading:"About Litentry》
Project Galaxy
Project Galaxy aims to build infrastructure to support an open and collaborative credential data network, helping Web3 developers leverage credential data to build better products and communities. As an open credential data network, it labels each address by issuing "credentials", so as to achieve clear and subdivided user portrait identification.
After the user connects to the wallet, a "Galaxy ID card" can be generated, and the "authentication certificate" will be automatically pasted on the certificate according to the historical behavior of the address, such as "Uniswap trader", "OpenSea trader" and so on. These certificates are like various professional qualification certificates in the real world, and they will play a role in certain specific scenarios.
Project Galaxy allows each developer to create, distribute and gamify NFTs with custom on-chain data. Developers can build their own loyalty programs, and individuals can issue and claim NFTs backed by their on-chain achievements.
According to statistics, the current Project Galaxy network has more than 500 digital credential sets, covering more than 3 million users in Web3. More than 120 projects and organizations have launched more than 500 campaigns utilizing Galaxy's digital credential data and NFT infrastructure.
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Official website:https://galaxy.eco/
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RabbitHole
RabbitHole aims to decompose each decentralized application into game tasks through gamification thinking, guide users to interact with blockchain protocols and decentralized applications, and cultivate the usage habits of DeFi users. will be "certified".
By managing a chained graph of users' previous accomplishments, Rabbithole is creating chained resumes for future jobs and becoming the best place to find contributors and discover jobs in Web3, and for crypto projects to find the best participants for their protocols , and easily guide their community—from discovery, onboarding, training, to scale.
In March of this year, RabbitHole announced the issuance of Adventure Badge NFT. As an on-chain certificate, the NFT allows users to demonstrate their skills and knowledge in the application, and is designed to be non-transferable, which guarantees that any wallet with the Adventure Badge The skill represented by the badge is actually completed.
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Official website:https://rabbithole.gg/
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Noox
Noox is a platform for Web3 users to mint badges based on on-chain operations, allowing anyone to program arbitrary rules into badge standards (such as interaction quantity, interaction amount, interaction type), and allowing others to claim them if they meet the conditions they. These badges will be non-transferable soulbound NFTs that allow anyone to mark on-chain interactions as attributes or achievements. Through a simple badge format, users will be able to easily demonstrate their on-chain interactions, participation and contributions.
Noox believes that the data in the wallet address is the key to creating a real digital identity for the user's life on Web3, and the NFT owned by the user is a unique identifier used to indicate his attributes, interests and achievements in encryption and Web3, And as their on-chain identity unlocks new opportunities, other applications and protocols can natively integrate badges and drive open innovation.
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Official website:https://noox.world/
Related Reading:"Introducing Noox: Proof of Achievements for Your Web3 Life》
SkillWallet
SkillWallet is building a self-sovereign, portable Web3 identity layer. The protocol builds personally owned, non-transferable NFT IDs based on the skills and contributions of Web3 community members, allowing users and participants in the Web3 space to gain experience, Persistence and persistence of community, skills and contributed data.
The protocol deploys a DAO with a role-based governance module, as well as tracking members' contributions, commitments, reputations, community members will have voting rights based on their participation and contribution to the community, and share a collective, decentralized identity Authentication system.
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Official website:https://skillwallet.id/
Related Reading:"SkillWallet - in a Nutshell》
Reputation DAO
Reputation DAO is a verifiable, decentralized and programmable DeFi credit scoring system, which can map off-chain data, such as AML/KYC, traditional credit scoring and social media data, for Chainlink oracles, DAO, smart contract agreements and its users to provide trusted neutral credit services that enable individuals to leverage their real-world financial data and identities when interacting with smart contracts to enhance assessment of account-specific risk indicators and reduce mortgage lending processes. Reputation DAO collects and analyzes credit data in the following ways:
First, scan and connect. Reputation DAO focuses on scanning data for personal DeFi accounts, oracles, and DAOs. A decentralized oracle network powered by Chainlink is then used to connect required off-chain credit services such as identity services, relevant AML/KYC checks, FICO/Vantage scores and relevant social media data.
Second, Analysis and Computation After obtaining the data, Reputation DAO will analyze and sort the scanned data related to personal accounts, oracles and DAO.
Third, visualization. The analyzed data will be visualized so that users can use and understand their own or others' on-chain interaction information. Accounts, oracles, and DAOs will be able to view and inspect their on-chain transaction history, while evaluating relevant credit metrics.
On April 14, 2022, Reputation DAO announced that it had raised $4.75 million in financing, with participation from DACM, AirTree Ventures, Koji Capital, and Framework Ventures. Among them, Chainlink co-founder Sergey Nazarov joined Reputation DAO as an advisor.
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Spectral
Spectral creates a programmable credit ecosystem that promotes on-chain capital efficiency through credit risk analysis. As a fully programmable and composable financial foundation, Spectral's credit scoring allows permissionless execution of existing financial applications such as credit delegation and securitized debt, and lays the foundation for innovative implementations that leverage on-chain transaction histories to establish user credit.
Spectrum's first product represents a MACRO (multi-asset credit risk oracle) score for on-chain credit, providing lenders with a an improved mechanism to assess borrower risk,
At the same time, Spectrum introduces the concept of non-fungible credit (NFC) representing the user's on-chain transaction history. NFC allows users to bundle wallets and synchronize their on-chain transaction history to a single composable asset (erc-721). Pairing MACRO scores with NFC results in a new framework for a programmable credit asset class, as the on-chain transaction history of composable assets introduces a new primitive across the web3 ecosystem beyond financial applications.
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Official website:https://www.spectral.finance/
Related Reading:"A Protocol For Programmable Creditworthiness》
ARCx
ARCx is a decentralized reputation protocol that allows users to unlock benefits through their on-chain actions in the decentralized financial world. ARCx does this by processing and scoring large amounts of data, then uploading it to the user's Passport (non-transferable NFT).
ARCx quantifies the creditworthiness of its on-chain addresses based on the credit score of each DeFi Passport holder. The credit score will be determined by analyzing the historical activity of the holder's Ethereum address, and its range is set from 0 to 999 points. The credit score determines the mortgage rate provided by the protocol to the user. After claiming a Passport, users are incentivized to increase their on-chain reputation by maximizing their score across multiple "games" so they can reap various benefits such as borrowing at lower collateral rates .
ARCx serves web3 by providing a trustless way for participants to build reputation systems, and a mechanism for other protocols and platforms to identify, reward, and further incentivize good reputations.
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Official website:https://arcx.money
Related Reading:"Will ARCx, which introduces the credit system, recreate the DeFi lending market?》
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