Artem Militonian
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Artem Militonian

NFT ID (Closed Usage)

NFT ID lets end-users verify credentials through independent providers and mints a non transferrable nft, a.k.a badge, as proof of verification. This allows Service Providers to conduct KYC/AML verification of users, without accessing the user’s credentials and without the need for repeat verifications.

Role: Designed product from scratch.

Hypothesis: Our hypothesis is that allowing users to verify credentials through independent providers and minting a non-transferrable NFT badge as proof of verification will provide a secure, reliable, and efficient means of conducting KYC/AML verifications without needing to access the user's credentials and without the need for repeat verifications.

How does it work?

Each badge contains a unique hash of the user’s credentials, which means that it can serve as :

  1. A single source of truth for the verification of end-user credentials — our KYC badge is only minted for users who have passed compliance checks through certified providers.

  2. A proof-of-uniqueness or identity for preventing Sybil attacks — the owner of a unique set of credentials can only mint one badge for those credentials and that badge can only be with a single wallet at any given time.

Will this compromise the user’s identity?

We are big on anonymity and have taken provably secure measures to ensure that neither the developers, nor third party verification providers can access the user’s credentials or metadata in a way that would compromise the user’s identity. Information about verified data is not tied to the device and no additional crypto wallet is required to verify identity. All information is stored on Ethereum-compatible wallet in the form of an NFT token. Pseudonymous wallets stay pseudonymous.

What if the user can no longer access her wallet?

NFT ID badges can be recovered by a repeat verification of the end-user’s credentials. If the same set of credentials is sent for repeat verification from a different wallet, our smart contract will simply transfer the badge to the new wallet.

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