13.1 C
Munich
Thursday, May 26, 2022

Digital ID cards project aims to build trust in cryptocurrency transactions

Must read



A new project is aiming to build trust in the web3 ecosystem through next-generation digital ID cards that will link crypto wallets with real-world identities and give users a new way to verify their identity.


Pfpid has developed a non-transferable NFT (non-fungible token) that can be locked to a user’s Ethereum wallet and can be bought only once the buyer has confirmed their identity through a “know your customer” process.

The Pfpid tokens can be used to verify the holder’s identity on social media, provide access to events, verify email senders and cut down on spam and signing in to different services.


Each pfpid is a digital ID card with two parts: the card itself, which includes your name, real-world profile picture, your pfpid type, a sequential ID and an issue date, minted to the blockchain and publicly available; and the background, which is a unique piece of digital artwork. The latter is randomly generated, with eight billion possible configurations, the project organisers said.

The project was founded by Conor Deegan, a software engineer currently completing an MSc in computer science; Frontline Ventures partner Finn Murphy; and Evervault engineer Nev Flynn.

While anonymity has allowed some sectors to grow, there are times when identity verification is needed, with Pfpid saying the “know your customer” wallets will play a significant role. On platforms such as Twitter, Facebook and Instagram, the “blue tick” has provided a measure of verification for communities; Pfpid originally started out aiming to become the blue tick for everyone else.


Verifiable identity

“There’s always been a need for verifiable identity on the internet. Facebook arguably rose to prominence due to its focus on ‘the real profiles’ which they initially validated using .edu emails. But a centralised internet identity source was never going to be the solution long term,” said Mr Murphy said. “We’re excited about pfpid because NFTs allow it to belong to the users. It’s their tool to prove they are a human behind the screen and attribute their online presence to that real self if they so choose.”


Pfpid initially launched on April 14th, with a the project’s roadmap including new features to help improve productivity and security online.

The pfpid project also demonstrates the ability of NFTs to move beyond the digital art world and become more of a utility.



Source link

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -spot_img

Latest article