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Dutch blockchain LTO Community, right this moment introduced that Proofi by LTO Community will make its identification knowledge obtainable to the multi-chain DeFi ecosystem through Chainlink, the main blockchain oracle answer.
Chainlink is integral to this course of, as it’ll assist make identification attestations on the LTO Community obtainable 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 firms to onboard new purchasers.
Finally this may allow DeFi tasks to stay compliant with authorities rules with out having to retailer person knowledge on their centralized servers.
LTO has chosen to deliver its knowledge on-chain by means of 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 most important oracle community within the blockchain trade, which permits Proofi to succeed in the widest doable vary of builders within the sensible contract ecosystem.
Identification verification and privateness necessities are a big value and burden for startups and companies alike. The highest 500 firms worldwide have spent $7.8 billion to adjust to GDPR and sometimes see a 35% drop-off charge when customers are required to finish time-consuming KYC/AML checks.
These compliance processes may be particularly irritating as necessities can differ considerably based mostly on customers’ nation of residence. Nevertheless, many of those regulatory necessities solely emerge as a result of firms are storing person knowledge.
Proofi successfully permits DeFi protocols to outsource the price and burden of capturing KYC/AML data. As a substitute of getting to verify a person’s data instantly, they are going to be capable 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 verify a person’s age and nation of residence with out ever having to gather, view, or retailer that knowledge. Whereas the attestation shall be saved on the LTO Community, by integrating with Chainlink, these attestations will change into obtainable 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 right this moment.
- Blockchain Agnostic — being blockchain agnostic, means knowledge may be made obtainable on any present or future blockchain surroundings.
- Broadly Adopted — Chainlink is essentially 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 totally audited open-source software program designed based on main educational analysis, and has a confirmed historical past of serving to safe tens of billions of {dollars} in worth dwell in manufacturing.
“Turning 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
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