After joining the API3 Alliance earlier this 12 months, Authenticating.com officially implemented API3 Airnode, giving Web3 applications with entry to extended KYC / AML providers.
The Authentication API excels at executing on the web verification providers and enables customers to meet KYC / AML prerequisites in many techniques, this kind of as scanning passports or uploading paperwork. The API will output the outcome Y or N based on the ID verification, so this ID can be stored in the clever contract devoid of revealing any individual data.
While traders frequently overlook AML / KYC, they assistance bolster the credibility of cryptocurrencies. The integration of AML / KYC in referrals is also relatively controversial in the sector, but they are now enjoying some significance in the transition in between Web2 and Web3, specifically as regulators are more and more thinking of the inclusion of digital assets in portfolios. institutional.
The transparent and extensible architecture of API3 offers an productive alternative that facilitates clever contracts to effortlessly entry the API. It was also mentioned that for the reason that Airnode serves on-chain API requests immediately from their cloud infrastructure to a clever contract, individual data are unable to be exposed to node operators. This eventually offers a far more safe and GDPR compliant Oracle alternative for digital identity equipment.
Ben Carvill, Head of API3 Ecosystem Development shared:
“As the decentralized finance sector continues to develop, it is turning out to be more and more important to mix AML and KYC equipment for DeFi applications or digital identity equipment. API3 is currently linked to quite a few digital identity APIs, amongst them we are delighted that Authenticating.com has selected to operate with us. “
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