<aside> 💡 Icer Liang | [email protected]

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Idea

Standardize the ZK verification interface and the structure of KYC metadata to enable dApps to verify user identities seamlessly across different vendors.

Problems

As the Web3 ecosystem evolves, regulatory requirements for identity verification and KYC processes are becoming increasingly complex. Several Zero-Knowledge based KYC service providers have emerged, offering decentralized solutions for user verification. However, a significant challenge arises due to the lack of standardization among these providers' verification interfaces.

The lack of standardized interfaces makes it difficult for a single dApp to access multiple KYC providers. Since each KYC provider has its own unique interface, this creates significant challenges for dApp developers in integrating and managing multiple KYC solutions. This not only increases development time and costs but also results in a fragmented user experience. Users are required to undergo the KYC process multiple times, which can be both frustrating and time-consuming.

The issues can be summarized as follows:

• Inconsistent Verification Interfaces: Different KYC vendors implement varying verification interfaces, making it challenging for dApps to communicate across multiple KYC vendors.
• Fragmented User Experience: Users are often required to undergo multiple KYC processes across different vendors when switching between applications, leading to a fragmented and inefficient experience.
• Divergent Privacy Definitions: Each application defines privacy differently, resulting in varying levels of protection for user data. Users may struggle to understand these differences, leading to potential mistakes or extra effort to understand each dApp's privacy settings
• High Costs and Complexity: Implementing an in-house KYC process can be costly and complex for startups. Many opt for third-party services, which can be expensive and still lack standardisation.

By addressing these issues, we can facilitate a more streamlined and user-friendly KYC experience, enabling seamless identity verification across various DeFi projects and fostering wider adoption of decentralized applications.

Goals

By implementing standard verification interfaces, we aim to achieve the following goals:

• Interoperability: Enable dApps to verify user identities seamlessly across different vendors.