Architecture
Claiming the Web3 Identity Passport
Upon completion of the KYC/AML verifications, the wallet holder can claim a Web3 Identity Passport to share their attestation information on-chain.
Users/wallets that are identified as high risk will not be allowed to claim an Web3 Identity Passport.
KYB coming soon in Q2 2022.
Updating the Web3 Identity Passport Data
Once the Web3 Identity Passport is claimed, information is regularly verified and can be updated by one or more processors (specially-permissioned entities). For example, Spring Labs currently hosts a service which regularly checks users against AML sanctions and watchlists, and can update information (e.g. increase in AML risk from Low to Medium) on the ky0x smart contract.
Who can Interact with the Web3 Identity Passport?
Decentralized applications that want to only allow entities that have gone through KYC/AML verification to access its services can integrate with the ky0x smart contract and verify (within the context of a single smart contract invocation) that a given wallet has gone through the ky0x process. Wallet user privacy is maintained because sensitive information is kept obfuscated on-chain.
The goal of ky0x is to provide decentralized applications with an auditable compliance log within the context of a single Ethereum transaction, and thus not breaking their existing user experience (e.g. by introducing oracles or other off-chain processes).
In the future, any off-chain information can be corroborated in this way, including identity verifications, accredited investor status, credit scores, or business beneficial ownership.
Last updated
