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Altme Launches The 1st Decentralized On-chain Compliance Solution For Tezos dApps And DeFi Platforms
Altme, a leading provider of decentralized identity solutions, is proud to announce the launch of its new product: The first decentralized on-chain compliance solution for Tezos decentralized applications (dApps), built on decentralized identity standards.
By: Lee Evans
25 May 2023
Disclaimer
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
Altme, a leading provider of decentralized identity solutions, is proud to announce the launch of its new product : The first decentralized on-chain compliance solution for Tezos decentralized applications (dApps), built-on decentralized identity standards.
Self-sovereignty, decentralization and privacy as core principles
This game-changing innovation introduces a new era of seamless and privacy-preserving compliance for the web3 ecosystem, particularly within the realm of Decentralized Finance (DeFi).
Altme’s on-chain compliance solution combines self-sovereign identity (also known as decentralized identity) verifiable credentials with non transferable onchain compliance NFTs, offering a unique approach that upholds the core principles of decentralization and user privacy.
Leveraging Self-Sovereign Identity to bring privacy-preserving on-chain compliance
With this solution, Altme empowers Tezos dApps to seamlessly verify user compliance without compromising sensitive personal data.
The key features of Altme’s groundbreaking solution include:
A self-sovereign identity wallet: Altme provides users with a non-custodial wallet, ensuring complete ownership and control over their personal data and assets. This aligns perfectly with the fundamental principles of web3, emphasizing decentralization, ownership, and privacy.
Off-chain verifiable credentials: To prove their compliance onchain, users undergo a rigorous built-in app KYC process and receive verifiable credentials such as proof of identity, proof of age, and proof of DeFi compliance. These credentials remain off-chain within the Altme wallet, safeguarding user privacy while enabling compliant interactions with Tezos dApps.
Compliance NFTs on the Tezos blockchain: After being verified, Altme enables users to mint compliant non-fungible tokens (NFTs) directly on the Tezos blockchain. These NFTs represent a unique binary compliance status associated with each user’s blockchain address. They are non-transferable and exclude any personal information, ensuring regulatory compliance while preserving user privacy.
Seamless compliance monitoring: Tezos dApps can effortlessly monitor user verification status by checking for compliance NFTs within user wallets. This streamlined process allows dApps to ensure compliance with regulations related to DeFi, anti-money laundering (AML), age restrictions, and more, without accessing any personal data.
The main advantages of Altme’s decentralized identity solution
Altme’s on-chain compliance solution offers unparalleled benefits to the decentralized web3 ecosystem:
Multi-chain capability: Verifiable credentials stored within the Altme wallet remain off-chain and can be utilized to mint non-transferable compliance NFTs on any blockchain. This flexibility enables seamless compliance across multiple protocols and ensures compatibility with various blockchain ecosystems.
Enhanced User Privacy: Altme prioritizes user privacy by keeping personal data securely off-chain and inaccessible to dApps. Users maintain full control over their data, ensuring their privacy is protected in an era of growing data breaches and privacy concerns.
Built on Open Standards: Altme adheres to the World Wide Web Consortium (W3C) decentralized identity standard, ensuring secure digital identity, interoperability, and compatibility across platforms. This commitment to open standards fosters trust, integrity, and widespread adoption within the web3 community.
Open-Source Approach: Altme follows an open-source philosophy, allowing for community review and auditing of the codebase. This commitment to transparency, security, and trust establishes Altme as a reliable and trustworthy compliance solution.
Creating a privacy-centric compliance experience for Web3 users and dApps
“We are thrilled to introduce the first on-chain compliance solution built on decentralized identity,” said Hugo MIR, CMO of Altme. “Our goal is to provide a seamless and privacy-centric compliance experience for web3 users and protocols.
With Altme, decentralized applications can ensure compliance without compromising the principles of decentralization, ownership, and privacy.”
Altme’s on-chain compliance solution marks a significant milestone for Tezos dApps and the broader web3 community.
By integrating self-sovereign identity, off-chain verifiable credentials, and compliance NFTs on the Tezos blockchain, Altme empowers users to navigate the regulatory landscape while preserving their privacy and data security.
Altme invites Tezos web3 dapps, platforms and protocols to explore this groundbreaking on-chain compliance solution and experience its benefits.
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
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