Digital ID in web3
The goal of the project is to provide a digital ID that on the one hand maintains the advantage of the user's anonymity in the web3 domain, and on the other hand enables services that normally require a KYC process.
To understand the problematic of this field, a viewpoint from the use and from the service provider has to be considered.
If a user’s identity is linked to the crypto wallet, all transactions and the current balance of the user's account can be viewed due to the transparency of the blockchain technology. Additionally, being anonymous is important for internet users
Problem service provicer
Without a KYC process being conducted, the services offered, which are based on a delay in payment, are very risky. If only the crypto wallet address of the customer is known, there is a risk that the customer simply changes the wallet and thus does not have to pay his debts. Consequently, currently offered services cannot be offered in the web3 space.
Idea: Digital ID as Soulbound token in combination with Zero-Knowledge Proof (ZKP)
A digital ID is created by a trusted party in the form of a Soulbound token and linked to a crypto wallet address of the user.
This token is encrypted and ZKP can be used to confirm that there is a verified real person behind the wallet address.
If the agreement in the form of a smart contract is violated, the identity of the person will be revealed only to the respective party and further action may be taken.
Users remain anonymous in the web3 area and are only deanonymized if they violate the smart contract. Furthermore, users always know who they (must) allow to view their data.
Companies can offer services to anonymous users in form of wallet addresses with the knowledge that there is a real person behind it, who can be held responsible in case of a violation
Patrick Neudegger (Sr New Business and Innovation Manager - Research, Riverty)
Julius Meltzer (Sr Venture Developer, Riverty)
Stephan Kalverkamp (Innovation & Venture Development Lead, Riverty)
Jessica Linneweber (New Business & Innovation Manager, Riverty)
Project Start Date
Top 3 Benefits
Offer current Riverty services in the web3 DeFi space
Enabling a new kind of identity with complete user control
The concept allows way more use-cases for the Bertelsmann concern
Top 3 Challenges
Interaction of several new technologies
On the market side, it remains to be seen how the concept will be accepted
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