Open-Standard for FEVM Verifiable Credentials
Trustify defines data models, protocol recipes, and open source software that links identity proofs to crypto finance experiences
ISSUE
One identity can attest to the authenticity and correctness of another identity's claims by issuing a cryptographic Verifiable Credential.
For example, Filecoin Plus notaries could submit an off-chain verification result of a client on-chain. They could use traits, such as FilRep’s reputation score, online reachability score, committed sectors proof score, and storage deals score.
CUSTODY
- People and institutions — the subjects of the credentials — custody their Verifiable Credentials in wallets just as they hold their own USDC and other crypto assets. Subjects may "self-custody" or rely on a trusted host to custody their credentials. The custodian is also called the holder.
VERIFY
People, institutions, and smart contracts can verify credentials without accessing the private information used in the issuance of the claim and without leaking information to the issuer. Trustify implements Presentation Exchange as its verification protocol.
For example, a DeFi undercollateralized lending protocol could verify the KYC/AML Attestation for a user without accessing any sensitive information such as social security numbers.
IDENTITY
- Issuers, subjects, and verifiers of credentials are identified by unique Decentralized Identifiers, or DIDs. DIDs leverage public-private key cryptography similarly to blockchain addresses. Just as in the physical world where individuals have several context-sensitive identities, in the virtual world people may have several DIDs, each with distinct credentials.