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IOTA Foundation’s Web3 solution chosen for EU Blockchain Sandbox initiative

iota-foundations-web3-solution-chosen-for-eu-blockchain-sandbox-initiative
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IOTA Foundation’s Web3 solution chosen for EU Blockchain Sandbox initiative

The IOTA Foundation, in collaboration with its partners, has developed a Web3 Identification Solution that has been chosen for inclusion in the European Blockchain Sandbox.

Per a June 13 blog post, The IOTA Foundation, in partnership with wait.id, IDnow, Bloom Wallet, and HAVN has developed a web3 identification solution that has been chosen for the Europen Blockchain Sandbox.

The European Commission commenced this project in 2023 to provide a controlled environment for testing and validating new distributed ledger technology (DLT) solutions while collaborating with regulators across the EU.

The Web3 Identification Solution seeks to transform traditional Know-Your-Customer (KYC) processes, which have long been hampered by inefficiencies, high prices, and concerns regarding privacy.

By utilizing DLT and tokenization, the solution allows users to retain control over their personal data while also providing an efficient and privacy-preserving way to identify themselves across Web3 environments.

The identification procedure starts with users completing a remote identification with IDnow, Europe’s premier identity verification platform provider. This procedure meets EU Anti-Money Laundering (AML) and KYC criteria.

Following this, the identification is tokenized by walt.id, a leading provider of open-source decentralized identity and wallet infrastructure, and subsequently stored in the user’s Bloom wallet as a soulbound token.

The soulbound token can be recognized by Web3 decentralized applications (dApps) and other services to verify the user’s identity without disclosing personal information.

With this reusable token, the necessity for repetitive identification procedures is eliminated, thereby improving the user experience and privacy.

The reusable token enhances user experience and privacy by eliminating the necessity for repetitive identification procedures.

When requested by an authorized party, the identity details can be revealed, and the token can be revoked.
The identity information can be issued as a W3C Verifiable Credential, allowing for permissionless sharing in off-chain scenarios.

HAVN Network, an expert in integrating hybrid blockchain technology, provides the dedicated EVM-compatible KYC chain architecture that is linked to the Shimmer network. This ensures regulatory compliance and facilitates efficient interchain communication and transaction validation.

The selection of the Web3 Identification Solution for the European Blockchain Sandbox represents a significant milestone, facilitating regulatory discussions around KYC and privacy within the Web3 context. It is especially pertinent considering the authorities’ growing interest in decentralized finance (defi).

In addition to the Web3 Identification Solution, the IOTA ecosystem has been further enhanced through a partnership with Pyth Network, a leading provider of low-latency price oracles.

The integration, announced in a separate blog post by the IOTA foundation, brings Pyth’s oracle services to the IOTA EVM to improve data accuracy and security, supporting a thriving decentralized finance (DeFi) landscape.

This partnership is especially advantageous for decentralized exchanges (DEXs), lending protocols, and derivatives platforms.

Pyth Network, which provides price updates multiple times per second, supports over 300 applications and 50 blockchains, ensuring continuous availability of accurate data.