Revolutionizing Decentralized Finance with Chainlink Collaboration
In an unprecedented collaboration with Chainlink, Hypersign is leading the way in revolutionizing decentralized finance by integrating Know Your Customer (KYC) processes into the blockchain. By leveraging Chainlink functions, Hypersign introduces a transformative approach to On-Chain KYC Verification, seamlessly incorporating Decentralized Identifiers (DID), Verifiable Credentials, and Zero-Knowledge Proofs. This collaboration addresses the anonymity of blockchain transactions and establishes a robust framework that ensures user privacy and regulatory compliance. Moreover, Hypersign’s use of decentralized identifiers bridges the gap between traditional finance and decentralized finance (DeFi).
Cross-Chain Verification of KYC Data
This collaboration enables cross-chain verification of KYC data, offering a revolutionary solution that propels the financial industry towards a decentralized and interconnected future. Hypersign is set to launch its final testnet version, Prajna, on January 19th, followed by the mainnet release.
The Challenge of Cross-Chain Zero-Knowledge Proof KYC Verification
In a Cross-chain Zero-Knowledge Proof KYC (ZK-KYC) verification system where the Issuer and Verifier operate on separate blockchains, the challenge lies in validating the legitimacy of the proof and confirming its origin and issuer’s attestation from another blockchain. This verification ensures that the user possesses valid credentials issued by an authorized entity.
Solution: Utilizing Chainlink Functions and Hypersign DID
The solution involves using Chainlink Functions to enable interoperability between blockchains, allowing any Ethereum Virtual Machine (EVM) chain to validate the issuer’s attestation on the Cosmos AppChain (Hypersign ID chain). Users submit Verifiable Presentations (VPs), and validation occurs through Chainlink Functions and the Hypersign Decentralized Identifier (DID) network. The Groth16Verifier smart contract, based on the Groth16 zero-knowledge proof system, verifies proofs on the EVM chain, ensuring the integrity of the provided information. After successful Chainlink-based verification, the Business Contract authenticates the ZK-Proof by interacting with the Verifier Smart Contract on the EVM Chain.
Hypersign DiD Real World Adoption
Hypersign’s decentralized identity solutions have been adopted in various real-world scenarios. For example, Hypersign played a crucial role in age verification for alcohol sales at the first MotoGP event in India. Additionally, Hypersign has signed an MOU with MIT Art Design and Technology University to shape the future of education through blockchain-powered solutions.
Road Ahead for Hypersign
Hypersign is preparing to launch its final testnet version, Prajna, showcasing significant advancements in technology. These advancements include enhanced digital security measures and improved accessibility and efficiency in credential management. Hypersign’s ecosystem is powered by its native token, $HiD, which will be used for governance once the AppChain goes live.
About Hypersign
Hypersign is an innovative blockchain network that manages digital identity and access rights. Built on the principles of Self-Sovereign Identity (SSI), Hypersign empowers individuals to take control of their data and access on the internet. It provides a secure verifiable data registry (VDR) based on SSI principles. The Hypersign Identity Network is built using the Cosmos-SDK and is recognized by W3C for promoting a secure identity management experience.
Hot Take: Revolutionizing DeFi with On-Chain KYC Verification
Hypersign’s collaboration with Chainlink represents a significant milestone in the evolution of decentralized finance. By integrating KYC processes into the blockchain and leveraging Chainlink’s functionalities, Hypersign is tackling the challenges of user privacy and regulatory compliance. This collaboration not only bridges the gap between traditional finance and DeFi but also paves the way for a decentralized and interconnected financial industry. With its upcoming launch of Prajna, Hypersign is poised to showcase groundbreaking advancements in technology that will further enhance digital security and streamline credential management. Hypersign’s commitment to self-sovereign identity and its use of decentralized identifiers position it as a key player in shaping the future of identity management on the internet.
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