What is SocialKYC? KILT Protocol announced a decentralized identity verification service for regaining control over digital identity

KYC has long been a problem for the cryptocurrency market – especially for those who are extremely concerned about information security. To meet the needs of users, KILT Protocol has launched SocialKYC with an extremely simple new KYC method.

What is SocialKYC?

SocialKYC is a decentralized identity verification service to regain control of your digital identity. SocialKYC will allow users to manage, store and present their personal credentials, allowing users to choose which elements of their personal information are accessed by online services.

Accordingly, KILT is an open-source blockchain protocol for the issuance of decentralized identifiers and verifiable credentials. The KILT mainnet will launch later this year in the Polkadot ecosystem as a parachain on the Kusama network; SocialKYC will launch right after the KILT mainnet.

Developed by KILT in partnership with Galaniprojects, SocialKYC will be implemented by Polkadex, a decentralized cryptocurrency exchange; Fractal, a KYC and decentralized identity provider; Subsocial Network, an open protocol for decentralized social networks; GameDAO, a decentralized autonomous cooperative for video game creators and investors; and DeBio Network, the first anonymous platform for medical data and bioinformatics.

How the protocol works

SocialKYC” verifies a user’s internet identity by proving control of their social accounts (LinkedIn, Twitter, TikTok, Discord, Github, etc.), email address, or phone number. Unlike Web 2.0 sign-in processes, SocialKYC forgets about the user and the credential as soon as the credential is issued. Personal data is not stored, siloed, or shared.

The process goes as follows. SocialKYC sends a challenge such as posting a sentence on Twitter, clicking an email link, or confirming a code sent via SMS. SocialKYC then sends Verifiable Credentials to the user that remain in their sole possession and in their control. Users can present these credentials across many services – gaming, genetics labs, exchanges, media companies – when and how they prefer.

Ingo Rübe, founder of KILT Protocol said:

“In the real world, you have control of your credentials. You have credentials in your wallet at all times; you decide who to share them with, and for what purpose, and when. Ironically we have lost this control in the digital world. SocialKYC is designed to liberate consumers, putting their digital identity back in their hands.”

Earlier this year, KILT partnered with Fractal and Polkadex to create a decentralized KYC system for the exchange’s users. Polkadex and Fractal are implementing the KILT Protocol as the underlying infrastructure for managing KYC credentials as required by Polkadex to streamline the integration experience.

SocialKYC removes the need for users to trust the Polkadex platform. As they can be verified in a truly decentralized way. At this point, the KYC process on the exchange is still in place and users are free to choose and control what private data they want to share. It’s a real step forward for the DeFi industry.

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