Blue Biometrics and LTO Network Collaboration
Today, Blue Biometrics Pty Ltd (Blue) and LTO Network (LTO) have announced a partnership to provide a cross-chain proof-of-humanity solution. This collaboration aims to address the increasing need for identity and fraud prevention in the crypto space. By combining their technologies, customers will soon be able to use identiblue by Blue for biometric recognition of people and Proofi by LTO for recognizing wallets, ultimately proving that a wallet is being operated by a unique real person.
Addressing the Issue of Scalper Bots
The partnership aims to tackle the issue of scalper bots, which can disrupt NFT drops or DeFi participation by circumventing one-per-person rules and distorting the process. Additionally, with the EU’s MiCA legislation requiring effective KYC measures and fraud prevention in crypto companies, this collaboration becomes even more relevant.
LTO COO Shawn Naderi emphasized, “Proofi leverages Chainlink to deliver the cross-chain identity solution that DeFi has been crying out for. Adding identiblue provides the link from a wallet to the real person.”
Blue CEO Kenneth King added, “Cybersecurity takes a network, and the combination of Proofi and Identiblue will give blockchain businesses, DAOs, and crypto companies a suite of options to stop bad bots ruining the experience for good humans. It will make compliance easier while protecting privacy and security.”
Enhancing User Experience and Security
While identiblue and Proofi are standalone identity solutions, their combination offers greater flexibility for the blockchain world to improve user experience and security. The beta testing phase will commence soon, with applications being considered to join the beta. Both companies emphasized that while no solution is foolproof against bots and fraud, they are keen to support blockchain communities so they can thrive.
About LTO Network
LTO Network is a Layer 1 blockchain with Public and Private layers designed to bring real-world assets on-chain and offer solutions for digital ownership, decentralized identities, and privacy.
About Blue Biometrics Pty Ltd
Blue Biometrics (Blue) is a global leader in software that enables smartphones to function as contactless fingerprint scanners. The company will soon launch a multimodal digital identity service called ‘identiblue,’ which combines contactless biometrics and cybersecurity technology for privacy, ultra-security, and convenience.
Hot Take: Advancing Identity Solutions in Blockchain
The collaboration between Blue Biometrics and LTO Network represents a significant step forward in addressing identity verification challenges in the blockchain space. By integrating biometric recognition technology with wallet verification solutions, they are poised to enhance security measures while improving user experience within decentralized finance (DeFi) ecosystems. As regulations continue to evolve within the crypto industry, such innovative partnerships play an essential role in fostering trust and compliance while safeguarding privacy for users across various blockchain applications.
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