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Identity On The Cardano Blockchain Establishing identity verification and KYC on Cardano

Third Party Platform

A company wants to start a peer-to-peer lending platform. Any person seeking funding may use this platform and offer yields to investors.

The company wants be able to connect a wallet address to a user account in their system.

Their account system uses unique email addresses to identify users.

Using the Idano token, they can verify whether the email address of the account is in the wallet.

To receive such a token, the user signs in using any of the social sign in options, or fills in their email address and verifies their email through a code that is sent to them.

After sign up, the user transfers a specific amount of ADA to Idano. This amount is highly specific and therefore acts as a code. Any transfer made within a short amount of time after email verification, allows the NFT containing the email address to be minted and then sent to the wallet that made the payment.

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Decentralized Autonomous Organization

Idano can offer better user management and organisational structure to DAOs. Instead of providing voting power based on the amount of governance tokens a organisation member has, it can use identities. The organisation members can vote on which identities should have voting rights.

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Token Utility

Idano tokens allows users to connect an identity to their wallet. Idano will mint a non-fungible token that represents a person’s credentials. In the future we aim to provide full KYC credentials, verified by checking governmental documents such as passports and ID cards.

For now, credentials can represent:

  • Email address
  • Phone number
  • Twitter handle
  • Google account
  • LinkedIn account
  • Facebook account
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