I am writing to submit a grant proposal on behalf of the HypersigniD team to seek support from the Secret Foundation to launch an on-chain identity (KYC) solution, in collaboration with KYC-Provider and ID Wallet Provider.
Project Overview:
We propose developing a groundbreaking on-chain KYC solution that leverages the strength of key contributors - HypersigniD and Secret Chain Names. Our vision is to establish a Cross-chain Zkpowered privacy Identity System.
Key Contributions:
HypersigniD: As the central driving force, HypersigniD will provide a comprehensive on-chain KYC solution, offering a secure data vault system with end-to-end encryption options through users' ID wallets. Additionally, HypersigniD will contribute a Smart Contract solution to mint on-chain ZKP-based Proof of Personhood (POPs) and Hooks for seamless integration into smart contracts.
Secret Chain Names: A significant contributor, Secret Chain Names will provide an easy-to-use namespace for users to reference KYC documents and for businesses to request user verification, enhancing the overall user experience.
Our approach aims to be flexible in KYC service integration, starting with one of our KYC Providers to provide a comprehensive KYC + AML API. KYC Provider’s advanced biometrics and Liveness check will enable fast and secure user onboarding, ensuring compliance with regulations for all DeFi applications. Moreover, we will seamlessly work with any decentralized identity (DID) Wallet Provider playing a crucial role in managing KYC credentials and acting as the interface between users and decentralized applications (dApps) for generating Zero-Knowledge Proofs (ZKPs) from their verifiable credentials.
Budget Request:
We seek a grant of 50,000 USD from the Foundation to facilitate the development, testing, and deployment of the proposed on-chain KYC solution.
Development Phase: Implementing KYC Provider’s KYC API, integrating Hypersign iD's data vault and encryption features, and adding ID Wallet solution from Wallet Provider to manage the KYC Document.
Testing Phase: Rigorous testing of the entire on-chain iD solution to ensure security, reliability, and user-friendliness.
Deployment Phase: Launching the on-chain iD solution on the Secret blockchain, offering users a secure and efficient way to manage their verified KYC credentials.
Expected Impact:
Implementing on-chain KYC on your blockchain can significantly elevate the user experience and community dynamics. Beyond regulatory compliance, it establishes a secure and trustworthy environment, fostering a community of compliant users. This initiative not only filters out non-compliant entities but also offers additional benefits:
Enhanced Security: Mitigate risks of fraud and identity theft.
Regulatory Compliance: Align with standards for broader acceptance.
Transparent Transactions: Ensure trustworthy interactions for users.
Community Integrity: Attract projects and users committed to ethical practices.
Access to DeFi Opportunities: Empower users to engage in diverse DeFi services.
Cross-Pollination of users: Since it's a multichain KYC DApp the users will be able to see different communities and try products from them.
Hypersign Appchain airdrops: We will allocate a fair amount of tokens for users who will be KYCed on the KYC portal, the final number is still to be decided.
This KYC solution lays the foundation for a resilient and reputable ecosystem, creating opportunities for genuine projects and ensuring the sustainable growth of Secret
On-chain KYC (Know Your Customer) using Proof of Personhood and Zero-Knowledge Proofs can introduce several use cases in the blockchain and cryptocurrency space. Here are some potential use cases:
Decentralized Finance (DeFi) Compliance: Ensure compliance with regulatory requirements for DeFi platforms by implementing on-chain KYC for users participating in lending, borrowing, and other financial activities.
Token Sales and ICOs: Implement on-chain KYC for participants in token sales and initial coin offerings (ICOs) to ensure that only authorized individuals can contribute.
Tokenized Real Estate Transactions: Facilitate on-chain KYC for users involved in tokenized real estate transactions, ensuring compliance with legal and regulatory requirements in the real estate sector.
Gambling and Gaming Platforms: Implement on-chain KYC to ensure responsible gambling and gaming practices, restricting access to individuals based on their verified identity.
Cross-Border Transactions: Facilitate cross-border transactions by integrating on-chain KYC, enabling users to prove their identity without relying on traditional third-party verification.
Smart Contract Escrow Services: Enable on-chain KYC for smart contract-based escrow services, ensuring that parties involved have undergone identity verification before engaging in transactions.
Privacy-Preserving Identity Verification: Use Zero-Knowledge Proofs to allow users to prove their identity without revealing sensitive information, enhancing privacy while meeting KYC requirements.
NFT Marketplaces: Integrate on-chain KYC for users involved in high-value NFT (Non-Fungible Token) transactions, providing an additional layer of security and trust.
Supply Chain Finance: Use on-chain KYC to validate the identity of participants in supply chain finance, reducing the risk of fraud and ensuring transparency in financial transactions.
Charitable Contributions: Ensure the legitimacy of charitable contributions by implementing on-chain KYC for donors, creating a transparent and accountable process for fundraising on blockchain platforms.
Insurance and Risk Management: Implement on-chain KYC for users participating in decentralized insurance and risk management platforms, ensuring that insured parties have verified identities.
These use cases demonstrate the versatility of on-chain KYC in enhancing security, compliance, and privacy across various blockchain applications.
User flow :
Accessing the Interchain Pass Gateway:
User visits the "Interchain Pass" subpage on hypersign.id.
Clicks the "Launch App" button to begin the onboarding process.
Wallet Authentication:
Prompts the user to log in using their preferred wallet (Kepler or MetaMask).
Community Selection:
User lands on a dashboard where they choose their blockchain community (Secret, Osmosis, Niburu Chain, etc.).
Generate Proofs:
Guides the user through a KYC portal with the following steps:
Liveliness Check: The user performs a liveliness check (e.g., facial recognition).
ID Proof: User uploads necessary identification documents.
Once KYC is completed, the user's credential is securely stored on the user’s ID Wallet.
Choose On-Chain Name:
User is prompted to choose a subdomain or on-chain name for their identity.
Generate Zero Knowledge Proof:
When accessing a DeFi platform on a specific chain:
User selects the desired DeFi platform from the listed communities.
Clicks on the platform and generates a zero-knowledge proof attached to their chosen on-chain name.
This flow ensures a seamless and secure onboarding experience for users integrating with different blockchain communities and accessing DeFi platforms while maintaining privacy through zero-knowledge proofs.
Conclusion:
This collaboration between KYC-Provider, HypersigniD, and ID Wallet Provider will bring significant value to the Secret community. The requested grant will enable us to realize this innovative on-chain iD solution, contributing to the growth and success of the Secret blockchain.
The partner company information of two other companies, similar to KYC-Provider and ID Wallet Provider, can be shared privately via email as we have a Memorandum of Understanding (MoU) and a Non-Disclosure Agreement (NDA) in place.
Grant Proposal for Hypersign iD On-Chain Solution
I am writing to submit a grant proposal on behalf of the HypersigniD team to seek support from the Secret Foundation to launch an on-chain identity (KYC) solution, in collaboration with KYC-Provider and ID Wallet Provider.
Project Overview:
We propose developing a groundbreaking on-chain KYC solution that leverages the strength of key contributors - HypersigniD and Secret Chain Names. Our vision is to establish a Cross-chain Zkpowered privacy Identity System.
Key Contributions:
Our approach aims to be flexible in KYC service integration, starting with one of our KYC Providers to provide a comprehensive KYC + AML API. KYC Provider’s advanced biometrics and Liveness check will enable fast and secure user onboarding, ensuring compliance with regulations for all DeFi applications. Moreover, we will seamlessly work with any decentralized identity (DID) Wallet Provider playing a crucial role in managing KYC credentials and acting as the interface between users and decentralized applications (dApps) for generating Zero-Knowledge Proofs (ZKPs) from their verifiable credentials.
Budget Request:
We seek a grant of 50,000 USD from the Foundation to facilitate the development, testing, and deployment of the proposed on-chain KYC solution.
Milestone:
Secret | Grant milestone
Project Milestones:
Development Phase: Implementing KYC Provider’s KYC API, integrating Hypersign iD's data vault and encryption features, and adding ID Wallet solution from Wallet Provider to manage the KYC Document.
Testing Phase: Rigorous testing of the entire on-chain iD solution to ensure security, reliability, and user-friendliness.
Deployment Phase: Launching the on-chain iD solution on the Secret blockchain, offering users a secure and efficient way to manage their verified KYC credentials.
Expected Impact:
Implementing on-chain KYC on your blockchain can significantly elevate the user experience and community dynamics. Beyond regulatory compliance, it establishes a secure and trustworthy environment, fostering a community of compliant users. This initiative not only filters out non-compliant entities but also offers additional benefits:
This KYC solution lays the foundation for a resilient and reputable ecosystem, creating opportunities for genuine projects and ensuring the sustainable growth of Secret
Demo :
Use-Cases:
On-chain KYC (Know Your Customer) using Proof of Personhood and Zero-Knowledge Proofs can introduce several use cases in the blockchain and cryptocurrency space. Here are some potential use cases:
Decentralized Finance (DeFi) Compliance: Ensure compliance with regulatory requirements for DeFi platforms by implementing on-chain KYC for users participating in lending, borrowing, and other financial activities.
Token Sales and ICOs: Implement on-chain KYC for participants in token sales and initial coin offerings (ICOs) to ensure that only authorized individuals can contribute.
Tokenized Real Estate Transactions: Facilitate on-chain KYC for users involved in tokenized real estate transactions, ensuring compliance with legal and regulatory requirements in the real estate sector.
Gambling and Gaming Platforms: Implement on-chain KYC to ensure responsible gambling and gaming practices, restricting access to individuals based on their verified identity.
Cross-Border Transactions: Facilitate cross-border transactions by integrating on-chain KYC, enabling users to prove their identity without relying on traditional third-party verification.
Smart Contract Escrow Services: Enable on-chain KYC for smart contract-based escrow services, ensuring that parties involved have undergone identity verification before engaging in transactions.
Privacy-Preserving Identity Verification: Use Zero-Knowledge Proofs to allow users to prove their identity without revealing sensitive information, enhancing privacy while meeting KYC requirements.
NFT Marketplaces: Integrate on-chain KYC for users involved in high-value NFT (Non-Fungible Token) transactions, providing an additional layer of security and trust.
Supply Chain Finance: Use on-chain KYC to validate the identity of participants in supply chain finance, reducing the risk of fraud and ensuring transparency in financial transactions.
Charitable Contributions: Ensure the legitimacy of charitable contributions by implementing on-chain KYC for donors, creating a transparent and accountable process for fundraising on blockchain platforms.
Insurance and Risk Management: Implement on-chain KYC for users participating in decentralized insurance and risk management platforms, ensuring that insured parties have verified identities.
These use cases demonstrate the versatility of on-chain KYC in enhancing security, compliance, and privacy across various blockchain applications.
User flow :
Accessing the Interchain Pass Gateway:
Wallet Authentication:
Community Selection:
Generate Proofs:
Credential Storage:
Choose On-Chain Name:
Generate Zero Knowledge Proof:
This flow ensures a seamless and secure onboarding experience for users integrating with different blockchain communities and accessing DeFi platforms while maintaining privacy through zero-knowledge proofs.
Conclusion:
This collaboration between KYC-Provider, HypersigniD, and ID Wallet Provider will bring significant value to the Secret community. The requested grant will enable us to realize this innovative on-chain iD solution, contributing to the growth and success of the Secret blockchain.
References:
Disclaimer:
The partner company information of two other companies, similar to KYC-Provider and ID Wallet Provider, can be shared privately via email as we have a Memorandum of Understanding (MoU) and a Non-Disclosure Agreement (NDA) in place.