Blockpass today announced that it will build an ‘Identity NFT’ system on the Cronos blockchain to bring support for compliant transactions to the Cronos ecosystem.
In this regard, Blockpass and cryptocurrency exchange Crypto.com have formed a new partnership. According to this agreement, Crypto.com will display information and updates about Blockpass’ revolutionary KYC token ‘PASS’ via at https://crypto.com/price/blockpass, and the new PASStoken.org will incorporate Crypto.com’s seamless widget to display the latest PASS price. Blockpass will be launching PASS on Cronos simultaneously.
Cronos is an EVM compatible sidechain running in parallel with the Crypto.org Chain. Cronos runs on a Proof of Authority (PoA) consensus algorithm and is powered by Ethermint – a PoS chain interoperable with Ethereum. It aims to massively scale the Chain DeFi ecosystem by allowing developers to rapidly port apps & smart contracts from Ethereum and other EVM-compatible chains.
Blockpass offers a digital identity verification solution for businesses that participate in regulated industries, including crypto wallets and exchanges. It allows users to create, store, and manage a data-secure digital identity that can be used for an entire ecosystem of services, token purchases and access to regulated industries.
What is the Identity NFT system?
Blockpass ‘Identity NFT’ system leverages a zero knowledge proof (ZKP) approach to bring identity verification options to the crypto sphere. In this, Decentralized Identifier (DID) standards are used to verify that users adhere to certain categories of information (for example, that they are over 21 years of age, or that they don’t reside in a country on a prohibited list) without revealing the underlying user’s raw data.
Blockpass said that groundbreaking work on different forms and implementations of zero knowledge proof (ZKP) has been undertaken in the Blockpass Identity Lab at Edinburgh Napier University.
Adam Vaziri, Blockpass CEO, said:
“Bringing Blockpass to Cronos allows a whole new ecosystem of people to be able to conduct operations in a compliant manner whilst respecting their privacy, and at the same time many more will be able to enjoy the benefits of the PASS token.”
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