Identity and Interoperability Take A Big Step Forward With GlobaliD Integration Into XDC Network

Self Sovereign ID will protect users of Layer 1 ecosystems, with future-proofing DeFi KYC compliance and carving a role for verified identify for NFT consumption and ownership of tokenized instruments

SINGAPORE / ACCESSWIRE / February 8, 2022 /XDC Foundation, the non-for-profit entity incorporated for supporting the growth, development and adoption of the XDC Network, has today announced an integration with GlobaliD, a decentralized identity solution, enabling users to privately and securely identify themselves when interfacing with blockchains, websites and apps.

As Layer 1 networks, like XDC Network, continue to roll out mainstream solutions, there is an increasing need for users to be able to bridge identity with on-chain solutions for fast and secure verification. This is where the GlobaliD integration can address today’s identification challenges by providing self-sovereign ID (SSI) for passwordless login to XDC Network’s leading dApps, protecting users from bots, scams, and bad actors. By combining GlobaliD’s reliable, trusted SSI with the XDC Network’s array of decentralized finance (DeFi) and dApps services, users now have a more safe and secure way to access XDC’s growing web3 ecosystem with a pathway for regulatory compliance.

GlobaliD users also gain access to the XDC Observatory – a new, user-friendly analytic and block explorer that offers users improved data management and accessibility. Graphs demonstrating network trends, together with innovative functions and features, usher in the next evolution for block explorers, especially helpful for record keeping and tax filing purposes.

Additionally, the XDC Observatory seamlessly connects to the XDCPay Wallet, an extension with thousands of users that can now create and manage their own identities via private keys and a local client wallet when accessing XDC’s XDPoS-enabled Dapps. XDC Observatory allows the XDC Network to deliver on its promise of giving retail users and institutions unprecedented ease of access to blockchain’s most valuable tools and analytics. Further demonstrated by the XDC DASL Crypto Bridge, which creates interoperability across DLTs via the public Corda Network.

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Billy Sebell, Head of Ecosystem Development at XinFin, said: “As Web3 matures, enabling users to roam across networks without constant identification holdups is going to be crucial. Mainstream users shouldn’t have to understand the complexities of safe IDs and network bridging – nor should they bear the responsibility of complex identity management. Integrating GlobaliD with our new XDC Observatory creates the foundation for a streamlined user experience and represents a big step forward towards chain interoperability.”

Decentralized identity and SSI solutions will become increasingly important in 2022, not only for helping DeFi projects to meet increasing Know Your Customer (KYC) compliance requirements, but also as a method to prove NFT ownership at the rapidly increasing number of NFT marketplaces. Verified proof of identity is, therefore, increasing in importance and providing new challenges for Layer 1 networks, which have traditionally emphasized anonymity. This joint partnership prepares the XDC Network for a future where proof of identity will be a key consideration on dApps and within DeFi ecosystems.

“GlobaliD integration provides the XDC Network ecosystem with trusted tools for users to build apps that are KYC enabled, while also ensuring DeFi projects can remain true to their core principles by avoiding identity stored on a single server that becomes a target for nefarious exploitations,” added Sebell.

Greg Kidd, founder and CEO at GlobaliD, comments: “At GlobaliD, we’re on a mission to bring decentralized identity to all people. For web3 leaders like XDC Network, self-sovereign identity can help prevent bot attacks, fraud, and bad actors, while preparing them for impending industry regulations. Partnering with XinFin and XDC Foundation takes us a long way towards that goal through XDC’s large user base, its outstanding ecosystem, and its leading position as a bridge between Layer 1 networks.”

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For more information, please contact:
Leo Park

Cryptoland PR
leo@cryptolandpr.com

About XDC

XDC Network is an enterprise-ready blockchain with a hybrid (public/private) architecture. The EVM-compatible network is equipped to meet the needs of enterprises seeking to build or scale their infrastructures within a blockchain ecosystem. Powered by XDC Delegated Proof of Stake (XDPoS), XDC Network offers low transaction fees, block finality, double validation and security. From interoperable smart contracts to frictionless payments, XDC Network offers every resource necessary to facilitate various blockchain use cases.

For more information, please visit: https://xinfin.org/

About GlobaliD

At GlobaliD, we believe that your identity is the key to unlocking your social and economic potential. Our mission is to bring decentralized identity to all people-a self-sovereign identity they can use to communicate, transact, and create value within any context. GlobaliD has offices in the U.S. and Europe and its digital identity framework has been recognized by the World Economic Forum and the Brookings Institute.

SOURCE: XinFin North America

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https://www.accesswire.com/687825/Identity-and-Interoperability-Take-A-Big-Step-Forward-With-GlobaliD-Integration-Into-XDC-Network