Every time I do KYC at a new exchange, I feel like a sucker, handing over my ID photo, utility bills, and even a high-definition selfie.
These platforms pile our privacy data together, it's simply a buffet for hackers, and one day my information might just appear in a discounted package on the dark web. We, the Web3 folks, are always shouting about decentralization, yet we're proving "I am me" in the most centralized way possible; there's a bit of dark humor in this.
Now, a project called idOS @idOS_network wants to fix this problem. The logic it uses is actually quite straightforward: your identification data, you are in control. You just need to find a reliable place to authenticate once, and idOS will encrypt your information with a private key, then slice it into pieces and store it in a decentralized network.
In the future, if any app needs to verify your identity, such as confirming whether you are an "experienced driver", idOS will not directly send your driver's license, but will provide the other party with an encrypted "yes" or "no" stamp.
In this way, control goes back into our own hands; we can show it to whoever we want and withdraw the authorization at any time. This approach solves a rather tricky problem in Web3: satisfying regulations while not wanting to expose oneself completely. If this can truly work, we won’t have to worry about our passport copies being all over the place while surfing in the crypto world.
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Every time I do KYC at a new exchange, I feel like a sucker, handing over my ID photo, utility bills, and even a high-definition selfie.
These platforms pile our privacy data together, it's simply a buffet for hackers, and one day my information might just appear in a discounted package on the dark web. We, the Web3 folks, are always shouting about decentralization, yet we're proving "I am me" in the most centralized way possible; there's a bit of dark humor in this.
Now, a project called idOS @idOS_network wants to fix this problem. The logic it uses is actually quite straightforward: your identification data, you are in control. You just need to find a reliable place to authenticate once, and idOS will encrypt your information with a private key, then slice it into pieces and store it in a decentralized network.
In the future, if any app needs to verify your identity, such as confirming whether you are an "experienced driver", idOS will not directly send your driver's license, but will provide the other party with an encrypted "yes" or "no" stamp.
In this way, control goes back into our own hands; we can show it to whoever we want and withdraw the authorization at any time. This approach solves a rather tricky problem in Web3: satisfying regulations while not wanting to expose oneself completely. If this can truly work, we won’t have to worry about our passport copies being all over the place while surfing in the crypto world.