DIVE — Decentralised Identity storage & verification.
Over the weekend Twitter has released a whitepaper for its planned decentralised bitcoin exchange, tbDEX. As long speculated, Twitter is consistently steering itself towards building infrastructure for a creator led economy. A mission that closely resonates with our ethos.
Coincidentally, we proposed a similar solution for decentralised identifiers[DID] in the now legacy, v0.1.0 of Open protocol whitepaper. You can read the proposal below. Read it here.
A decentralised know-your-customer[KYC] protocol. An innovative solution enabling decentralised user verification. This protocol is necessary to permit decentralized financial systems to process high-value transactions ensuring adherence to the AML regulations worldwide. DIVE can be built as a web application. Storing images on-chain is expensive. As a result, the DIVE web app stores the KYC data with renowned decentralized file storage service providers such as IPFS.
DIVE implements machine learning & OCR to autonomously verify a user’s know-your-customer documents with the relevant government authorities off-chain, & store the documents on IPFS. Any interested entity can request the user data from DIVE, off-chain and on-chain. To access the KYC data, a requester must have the authorization hashcode and an authentication token. The authentication token is generated when a requester registers on the DIVE. The authorization hashcode is provided by the user to the requester on the requester’s website or mobile application. A requester can be anyone, including centralised exchanges. To generate an authorisation hashcode, the user selects the requester from the available list, & the documents that the user intends to share.
Requesters can integrate DIVE on their decentralised and centralised financial services as a cheaper alternative to the expensive outsourcing that costs north of 30¢ per verification. The requesters can request KYC data on-chain by placing a request with the DIVE smart contract, and off-chain, through an API. In both cases, the data is transferred to the requester off-chain. Agnostic to the success or failure of a request, DND updates on-chain after every request.
DIVE is one of the few practical applications theorised at Hashstack, with an intent to solve the adoption problems of today’s decentralised finance.
We are hiring
We are looking to onboard amazing talent who can help us meet our goals quicker. Below are some of the open positions at Hashstack.
Qualified applicants can check out the detailed Job description at https://docs.hashstack.finance/openings
Hashstack provides low-latent autonomous financial solutions to accelerate the adoption and usabiltiy of decentralised finance.