Quadrata launched Web3 passports on the ethereum network, handing out non-transferable ERC1155 NFTs granted after users complete Veriff AI identity checks.
The NFT allows users to prove their ‘humanity’ and KYC/AML status to help fight cybercrime and fraud and safeguard DeFi services. CEO Fabrice Cheng said the goal is to bring security to the space.
“The launch of mainnet marks Quadrata’s entry into blockchain identity following this year’s rise in use cases for DeFi, NFTs, the metaverse, and gaming,” Cheng said. “Quadrata’s goal is to provide a safer and more secure experience in this space and further mitigate risks.”
The firm calls it the Quadrata mainnet launch, signifying the importance of bringing verifiable identity on-chain by differentiating good user behavior from bad in a privacy-preserving manner.
After 10 months of development, the team said it built a suite of services that address the need for regulatory and identity compliance in the blockchain space.
Sybil-proof identity certification
The firm said that the Passport is Sybil-resistant by design and can link to a user’s decentralized identifier (DID), similar to an individual’s identification in Web2.
According to a Cambridge 2002 P2P network study, a Sybil attack is an event where a hacker creates an endless number of fake accounts within a system to get around a reputation or certification system.
Ask a Web3 builder or user, and they will likely say bots and fishing are a problem. To ensure their users are real people, Quadrata Application verifies users’ KYC/AML status through an Estonian ID startup called Variff state-issued ID.
After a short process and eth gas fee, the NFT sits irreversibly in a user’s wallet after approval. Quadrata plans to add access to Polygon, a Layer 2 with lower fees by the end of the year, and other chains soon.
In the future, the firm wants to add a credit reputation and accredited investor status, furthering mainstream adoption of Web3 for individuals and institutions.
dApps using AML on chain
The site boasts that trusted dApps can leverage Quadrata’s proprietary technology to allow users access to various services.
TrueFi, a San Franciso-based on-chain credit provider, said it would integrate passports for its portfolio managers. CEO and Co-Founder Rafael Cosman said it would help with identifying eligibility.
“The success of on-chain credit is critical to DeFi breaking into traditional global finance, but getting every element, from identity and underwriting to risk management and collections, is difficult. This is also why TrueFi is proud to partner with Quadrata on the key component of identity, to help TrueFi determine eligibility for incoming lenders or borrowers,” he said.
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IdentDeFi, a DeFi protocol, partnered with Quadrata for its Web3 compliance tech stack, CEO and Co-Founder Casper Yonel said.
“We’ll be leveraging Quadrata’s Passport technology to create a compliant liquidity network that will support both institutional and retail traders and unlock new use cases that have been waiting for identity infrastructure to be in place,” he said.
Quadrata is celebrating the mainnet launch with NFT sweepstakes for individuals interested in joining the network. Users can participate in the sweepstake to win highly acclaimed NFTs like Mutant Ape, Doodles, and much more.
