Dutch blockchain LTO Community, at the moment introduced that Proofi by LTO Community will make its id information obtainable to the multi-chain DeFi ecosystem through Chainlink, the main blockchain oracle answer.
Chainlink is integral to this course of, as it is going to assist make id attestations on the LTO Community obtainable to the broader blockchain ecosystem. By enabling seamless id KYC/AML verification for DeFi customers, Proofi goals to make it simpler for protocols and personal corporations to onboard new shoppers.
Finally this can allow DeFi tasks to stay compliant with authorities rules with out having to retailer consumer information on their centralized servers.
LTO has chosen to deliver its information on-chain by means of the Chainlink Community as a result of its safe, future-proof, and is the usual for connecting information suppliers with good contract builders.
In Chainlink, Proofi is leveraging the most important oracle community within the blockchain trade, which allows Proofi to succeed in the widest doable vary of builders within the good contract ecosystem.
Identification verification and privateness necessities are a major value and burden for startups and firms alike. The highest 500 corporations 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 corporations are storing consumer information.
Proofi successfully allows DeFi protocols to outsource the price and burden of capturing KYC/AML data. As an alternative of getting to verify a consumer’s data straight, 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 permit a mission to verify a consumer’s age and nation of residence with out ever having to gather, view, or retailer that information. 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 affords oracle infrastructure, with options akin to:
- Credential Administration — nodes can securely handle API keys and account logins, resulting in seamless integration, with Chainlink nodes in a position to buy Proofi API subscriptions in the identical method that conventional customers do at the moment.
- Blockchain Agnostic — being blockchain agnostic, means information may be made obtainable on any present or future blockchain setting.
- Broadly Adopted — Chainlink is essentially the most broadly used oracle community within the blockchain trade, providing us entry to an enormous addressable market of potential information shoppers.
- Provably Safe — the platform is completely audited open-source software program designed in line with main educational analysis, and has a confirmed historical past of serving to safe tens of billions of {dollars} in worth reside in manufacturing.
“Turning into an information supplier on the Chainlink Community is vital for Proofi because it helps make our id 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
