An Example
Fractal ID for fair and safe DeFi:
Fractal ID verifies underlying personal information, based on which it issues credentials stored locally in encrypted form by the Fractal Wallet. Fractal Protocol then enables the use and exchange of credentials and other user information stored in the Wallet.
DeFi is one of the largest growing industries today, with a total value locked ±$162B as of April 2022. It is bringing new opportunities for users to invest and manage their assets in an anonymous decentralized manner. However, the anonymous nature of DeFi creates a loophole for scammers to exploit this space and thrive and makes it easier for casual users to fall prey to scammers.
Integrating Fractal ID to a DeFi platform adds a layer of security and trust to the platform by ensuring all users are verified in accordance with a project’s compliance needs.
Moreover, with Fractal ID credentials stored on Fractal Wallet, users will be able to reuse their credentials, enabling a short and smooth onboarding experience across multiple platforms. The Wallet itself, however, provides no means of exchanging or using the data it stores. Doing so safely, securely, and efficiently requires all kinds of standards and smart contracts. This is the job of the Fractal Protocol!
Last modified 4mo ago