Dutch blockchain LTO Community, in the present day introduced that Proofi by LTO Community will make its identification knowledge accessible to the multi-chain DeFi ecosystem through Chainlink, the main blockchain oracle answer.
Chainlink is integral to this course of, as it would assist make identification attestations on the LTO Community accessible to the broader blockchain ecosystem. By enabling seamless identification KYC/AML verification for DeFi customers, Proofi goals to make it simpler for protocols and personal corporations to onboard new shoppers.
Finally this may allow DeFi initiatives to stay compliant with authorities laws with out having to retailer person knowledge on their centralized servers.
LTO has chosen to deliver its knowledge on-chain by the Chainlink Community as a result of its safe, future-proof, and is the usual for connecting knowledge suppliers with sensible contract builders.
In Chainlink, Proofi is leveraging the biggest oracle community within the blockchain trade, which permits Proofi to achieve the widest potential vary of builders within the sensible contract ecosystem.
Identification verification and privateness necessities are a big price and burden for startups and firms alike. The highest 500 corporations worldwide have spent $7.8 billion to adjust to GDPR and infrequently see a 35% drop-off price when customers are required to finish time-consuming KYC/AML checks.
These compliance processes will be particularly irritating as necessities can fluctuate considerably primarily based on customers’ nation of residence. Nevertheless, many of those regulatory necessities solely emerge as a result of corporations are storing person knowledge.
Proofi successfully permits DeFi protocols to outsource the price and burden of capturing KYC/AML info. As a substitute of getting to test a person’s info instantly, they are going to have the ability to confirm an attestation on Proofi to see whether or not an individual is legally permitted to take part within the mission.
For instance, Proofi will enable a mission to test a person’s age and nation of residence with out ever having to gather, view, or retailer that knowledge. Whereas the attestation will probably be saved on the LTO Community, by integrating with Chainlink, these attestations will turn into accessible throughout the blockchain ecosystem.
The Chainlink Community provides oracle infrastructure, with options equivalent to:
- Credential Administration — nodes can securely handle API keys and account logins, resulting in seamless integration, with Chainlink nodes capable of buy Proofi API subscriptions in the identical method that conventional customers do in the present day.
- Blockchain Agnostic — being blockchain agnostic, means knowledge will be made accessible on any present or future blockchain atmosphere.
- Extensively Adopted — Chainlink is probably the most extensively used oracle community within the blockchain trade, providing us entry to an unlimited addressable market of potential knowledge customers.
- Provably Safe — the platform is completely audited open-source software program designed in keeping with main educational analysis, and has a confirmed historical past of serving to safe tens of billions of {dollars} in worth reside in manufacturing.
“Changing into an information supplier on the Chainlink Community is vital for Proofi because it helps make our identification answer accessible to the broader DeFi ecosystem in a extremely safe, decentralized, and environment friendly method.”
– Arnold Daniels, Chief Architect of LTO Community & Co-Founding father of Proofi
